Chicago-based Northern Trust Co. has installed a new foreign-exchange dealing system from ADS Associates, Inc.
Northern Trust, with $16 billion in assets, converted 15 foreign exchange dealer workstations to the new ADS software, called Global Trader Foreign Exchange, in September, ADS officials said.
Northern Trust joins a number of other banks that have been upgrading their foreign-exchange trading technology recently as profits from this business have risen dramatically.
"Global Trader gives us the capability to deliver better information in real-time to our FX traders for managing positions, performing analytics and observing trade limits," said Patrick J. McDougal, senior vice president of the bank's foreign exchange dealer group. "The system also eliminates the need to write deal slips on completed trades by hand."
The foreign exchange software from Calabasas, Calif-based ADS is part of the multimodule Global Trader product line that automates trading of various investment instruments, company officials said.