ANZ goes electronic for currency trades
ANZ Bank has implemented a new customised foreign exchange platform that aims to automate how the bank handles currency flowing into Australia.
(Above image by Mr Harrington, CC2.0)
The Progress Apama platform will move the bank away from manual processing for currency trading. It aims to provide ANZ traders with instant information on the best currency prices around the world.
"ANZ Bank is committed to an aggressive foreign exchange growth strategy and, put simply, the Progress Apama platform gave us the best tools available to support our goals for global growth," ANZ's global head of FX Options Luke Marriott said in a statement. "The improved visibility of liquidity and the ability to support a significant increase in trade volume will lead to a full return on our investment by the end of the year."
The bank first deployed the Apama platform in Australia and will begin roll-outs to New Zealand, Singapore and London over the next few months.ANZ completed a major IT transformation program on 31 July 2010 following the acquisition of several Royal Bank of Scotland subsidiaries in 2009.