Vietnam to get Telerate system<\/p>\n
HANOI (Reuter): The State Bank of Vietnam is to sign a deal
\ntoday with U.S. firm Dow Jones\/Telerate for a domestic dealing
\nsystem for the Southeast Asian country's nascent foreign exchange
\ninterbank market.<\/p>\n
The on-screen system, which allows for both communications and
\nbusiness transactions, will be used by members of the foreign
\nexchange interbank market in Vietnam, a Dow Jones\/Telerate
\nexecutive said on Saturday.<\/p>\n
\"We are very pleased we've been able to get the confidence of
\nthe State Bank and we're looking forward to supporting Vietnam's
\nfuture development in the banking sector,\" said Wong Quai Chin,
\nsales manager for Dow Jones\/Telerate in Hanoi.<\/p>\n
A similar Dow Jones\/Telerate system has been operating for the
\nlast three years in the Philippines.<\/p>\n
An official at the State Bank, Le Duc Cu, said Vietnam's State
\nBank was looking at other systems for international dealing.<\/p>\n
\"It's very simple. It's for the local bank market. At present
\nthe volume of transactions is not so big. But we also have other
\nsystems such as Reuters.\"<\/p>\n
The State Bank said the system would initially be used for
\nfixed format spot foreign exchange deals.<\/p>\n
It will be upgraded at a later stage to support the trading of
\ndebt instruments such as treasury bills, inter-bank money market
\ntransactions, and forward transactions.<\/p>",
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