KUALA LUMPUR: Hong Leong Bank Bhd's (HLB) wholesale banking division yesterday launched the Reuters Electronic Trading and Automated Dealing system (RET-AD) to distribute live streaming foreign exchange (forex) rates to its branches. Chief operating officer of wholesale banking Kua Wei Jin said the system had been implemented in 20 branches, mainly in the Klang Valley. During the progressive roll out in the past six months, the volume of transactions in the 20 branches had picked up, he told reporters after the launch yesterday. “Further roll-out will depend on supply and demand over two to three years,” he said. Reuters Malaysia managing director Simon Soo Hu said HLB would be among the first five major banks in Malaysia to adopt the RET-AD system. Two banks in Malaysia had gone “live”, and apart from HLB, two more banks would be coming online soon, he added. Among the system's multinational users are financial institutions such as JP Morgan and UBS. In his speech, Soo said RET-AD allowed financial institutions such as HLB and their customers to conduct real-time online foreign exchange and money market transactions. According to a Reuters estimates statement, the majority of the daily volume of foreign exchange transactions totalling US$5bil was predominantly trade related.
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