March 25, 2013

Twenty-One Banks in Nepal Sign Up To Thomson Reuters Foreign Exchange Dealing Platform

Nepalese Rupee to trade on global platform for first time alongside major international currencies

KATHMANDU - Thomson Reuters, the world's leading source of intelligent information for businesses and professionals, today announced that 21 leading banks in Nepal have signed up to Thomson Reuters Dealing, the company’s industry standard trading platform for foreign exchange (FX) that enables trading professionals to connect with one another, hold conversations about different FX products and prices, as well as conduct FX transactions. This milestone will also mark the first time that the Nepalese rupee trades on a global trading platform alongside major international currencies.

"The start of the dealing platform marks a move towards the automation in management of foreign exchange reserve in Nepal,” said Dr. Y.R. Khatiwada, Governor of Nepal Rastra Bank who officiated at a ceremony marking the occasion with the Nepal Bankers’ Association and the Foreign Exchange Dealers Association of Nepal. “It provides the Nepalese banking sector with easy access to multiple counterparts at a time and helps to grasp the opportunities arising from changes in international financial markets. This will also maximize the efficiency of our people working in forex reserve management.”

Used by more than 18,000 trading professionals globally in more than 5,000 organizations across 120 countries Thomson Reuters Dealing is the industry standard for FX trading professionals for price discovery, trade execution and seamless integration with back office processes. Through Thomson Reuters Dealing users can quickly and efficiently contact their trading counterparties across a highly secure and reliable network, find liquidity in the instruments they are trading and get a clear view of where the FX markets are heading.

“Thomson Reuters Dealing serves the world’s largest professional trading community and we are delighted to welcome these 21 Nepalese banks into that community,” said Sriram Ramnarayan, vice president, Financial & Risk South Asia, Thomson Reuters. “This represents a new era in transparency, efficiency and automation in the way trades are executed in Nepal. The availability of real-time pricing information and automated trading processes will open up new opportunities for Nepal’s banks and enable them to tap into the global FX markets - the largest financial market in the world.”

Thomson Reuters has had a presence in Nepal for more than a decade working closely with the financial industry and the banking community and is the leading international financial provider to operate in the country in association with Nepal’s ICTC Group.

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