Financial Technology

Financial Technology

October 22, 2012

Bank of Uganda Gets Trade Reporting Solutions from Thomson Reuters

In order to tap numerous opportunities available in the financial markets, and regulate, organize and formalize Money Market (MM) trades, the Bank of Uganda has selected Thomson Reuters (News - Alert) Trade Reporting solution.

This announcement has been made by Thomson Reuters, a source of intelligent information for businesses and professionals.

To see greater automation and transparency across the entire trade lifecycle, the bank will utilize both Thomson (News - Alert) Reuters Deal Tracker and Thomson Reuters Trade Notification services.

“The volatile currency market demands a clear visibility of Foreign Exchange (FX) and Money Market (MM) trades in Uganda,” said Dr. Louis Kasekende, deputy governor, Bank of Uganda. “Following strong currency depreciation, the Central Bank of Uganda decided to target inflation and therefore Thomson Reuters (News - Alert) Trade Reporting solution was a natural fit for us.”

The core of the money market depends on monitoring and processing FX trades.

Thomson Reuters Deal Tracker offers tools to monitor and process FX trades from the front to the back office, enabling the automatic review of conversational deals, confirmed tickets and post-trade notifications before, during and after trading.

Thomson Reuters Trade Notification, a neutral, independent platform, works on Thomson Reuters’ extensive post-trade network and currently services more than 500 institutions across 70 countries worldwide.

 Speaking about this deal with the Bank of Uganda, Basil Moftah, managing director of offices in the Middle East, Africa and Russia, said in a statement, “Thomson Reuters has a key focus on expanding its business into Central Banks across the Middle East and Africa region. This agreement supports this vision and positions Thomson Reuters as the go-to firm to enable central banks and governments with the tools they need to enhance supervision over market activity and be better informed of when intervention is needed. Furthermore, this deal will strengthen our desktop content as all traded data in Uganda will be fed into Eikon."

Edited by Braden Becker

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