The State Bank of Vietnam and Thomson Reuters have launched a real-time trade monitoring and post-trade system for the collection and extraction of information in Vietnam’s interbank foreign exchange market.
The system will use Thomson Reuters Dealing, a platform that enables traders to connect with one another, hold conversations about different FX products and prices, as well as conduct transactions.
It will operate on a footprint of over 60 local and foreign financial institutions that are signed up to Thomson Reuters Dealing in Vietnam.
Pham Bao Lam, the director general of the central banking department at the State Bank of Vietnam, said that the introduction would help modernise the way in which the State Bank of Vietnam monitors foreign exchange transactions and would increase transparency across the industry. In addition he believed it would promote the long-term growth of the interbank foreign exchange market.
In 1995 Thomson Reuters was the first organisation to introduce electronic trading of the Vietnamese dong against the US dollar, via its electronic Reuters Dealing Direct service.