Payment news, September 28

Standard Chartered migrates to new foreign exchange platform through Solace, while Clearstream offers renminbi settlement.

Solace to provide messaging infrastructure for Standard Chartered

Standard Chartered Bank (SCB) has chosen Solace Systems to provide the messaging infrastructure for its next generation foreign exchange trading platform. Solace will be deploying its 3,260 message routers in Kuala Lumpur, Singapore, London and New York to begin with and additional routers will be implemented as more of SCB’s applications migrate to the new trading platform.

“As an organisation in the midst of managing rapid growth across a large geography, Standard Chartered knows that investing in a long term strategy for messaging infrastructure is crucial,” said Anthony Hodge, head of infrastructure solutions at SCB, in a statement.

“Standard Chartered’s vision for the future of international banking positions them well for continued success,” Craig Betts, chief executive of Solace Systems, said in a statement. “We are pleased to be adding one of the premier global banking institutions as a partner in building a robust global backbone for trading on the foreign exchange market.”

Standard Bank implements Patsystems’ trading solution

Patsystems’ trading solution, which provides market connectivity, pre-trade risk management and use of the J-Trader and Pro-Mark front-end trading platforms, has been implemented by Standard Bank in Hong Kong. Standard Bank is live on the trading solution to support its base metals business in Asia-Pacific through a direct and low latency connection to the London Metals Exchange.

“Trading technology is an increasingly important tool in this market where Standard Bank provides a global 24-hour base metal service,” said Victor Yu, Asia vice-chairman of commodities at Standard Bank, in a statement. “We are very pleased to be adding further value to our base metal customers in this area during the Asia time zone.”

Renminbi settlement available via Clearstream

International clearing and settlement organisation Clearstream now allows renminbi (Rmb) held outside of mainland China to be a full settlement currency. Bank of China International is the first participant to issue securities in Rmb, which can be safe-kept by an International Central Securities Depository.

“Our customers will be allowed to buy and hold Rmb in Hong Kong. These developments mark a new milestone for the ongoing evolution of the Asian markets in the international financial environment,” said Philippe Metoudi, Asia-Pacific, Middle East and Africa head of client relations at Clearstream, in a statement. “Clearstream is delighted to help facilitate the Rmb’s adoption as an international investment currency.”

Standard Chartered Bank, Hong Kong, will be another key issuer of Rmb securities.

Financial Technologies provides mobile trading for India's brokers

Financial Technologies India (FTIL), a trading solutions provider in India, has launched two new applications, iWin and, to facilitate mobile trading. The new mobile solutions are compatible with the Multi Commodity Exchange (MCX) of India and the MCX stock exchange. Brokers will also be able to trade on the Bombay Stock Exchange and the National Stock Exchange through the innovative solutions.

iWin is available on all popular handsets and offers equity, currency derivatives and commodity trading capabilities while is a low bandwidth trading portal.

“There are about 652 million mobile users, as compared to 9.45 million broadband users [in India], which offers huge potential for mobile trading,” said Dinesh Thakkar, chairman and managing director of Angel Broking, in a statement. “As mobile phone penetration in India grows exponentially so will be the growth of services offered through the mobile. Mobile banking and mobile payments have already commenced and now mobile trading.”

Brokerage houses, SMC, Angel Broking, Ashika, Enam, Mangle Keshav, Marwadi Group and Sushil have launched mobile trading on FTIL’s platform.

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