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.