12 Banks Test Quotron System For Foreign Exchange Trading

Twelve major banks and Quotron Systems Inc. announced yesterday a joint project to develop a computer system that automatically matches and executes foreign exchange trades.

The system would let banks maintain anonymity until a trade was executed.

Product development has begun, and traders at a number of institutions are testing a prototype system. The banks participating in the beta test are: Bank of America, Barclays Bank, Chase Manhattan Bank, Chemical Bank, Citibank, Credit Suisse, Lloyds Bank, Midland Bank, Morgan Guaranty, National Westminster, Swiss Bank Corp., and Union Bank of Switzerland.

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