Thomson Reuters Unveils TRFXT Platform for Forex Market

Thomson Reuters, the world’s leading source of intelligent information for businesses and professionals, has announced a new fully automated foreign exchange trade platform technology tagged TRFXT to empower currency traders in Nigeria.

This bold step is part of strategic plans to offer enabling platform for Africa to actualise its huge potentials and bring to bear the Thomson Reuters global heritage across 100 countries and many decades of providing customers with platforms and technologies that give competitive edge in business, forex trading, governance, tax and accounting, financial and risk analysis, science and intellectual property markets.

Phil Weisberg, Global Head of Thomson Reuters Foreign Exchange, speaking to business editors in Lagos on Tuesday said, “Nigeria is a key frontier market in Africa with a huge potential for growth and technology platforms can aid the market to leap ahead and grow rapidly by creating and sustaining a transparent and robust system, guide regulators, increase efficiency and liquidity and generate electronic multilateral conversations among key financial players; Thomson Reuters is in the market to enable this and the African success story.”

Our desire is to help Nigeria develop a more efficient foreign exchange market.

Transparency creates more liquidity. When everybody can see the liquidity it reduces market nervousness and boost investors’ confidence.

We believe we can make a difference through our innovative platforms that combine global knowledge, cutting edge technology and can be customized to meet local market and regulatory demands.”

“Our TRFXT platform gives customers access to specialist data and the right suite of tools to manage trading risk, identify new opportunities and differentiate forex trading strategies. Our intelligent information is a unique synthesis of human intelligence, industry expertise and innovative technology that equips decision-makers with the knowledge to act and enable them make better decisions faster, said Weisberg.”

As the Nigerian forex market is growing we see opportunity for the market to move from bilateral conversations to multilateral conversations. We will introduce platforms like the "Central limit order book technology" that will boost the market and increase liquidity. We strive to support local financial regulators keep track of daily business trends and industry flows through technology.

We have collaborated with other advanced economies like Singapore and London to deploy such platforms. Generally, markets that have introduced this platform have recorded success stories in multiples of 2.5 in 10 years. Nigeria has more growth potential than some of the markets and can record higher success rate and at the end creating a market where it is less expensive to transact with increased transparency and attract more investors.

“Our strategy is to seek partnerships and collaborations as the industry grow towards creating sustainable business in Africa. We are passionate about growing local economies and creating business hubs in Nigeria and other key countries. We will develop global platforms to meet the local needs.

“We are going to grow with the Nigerian market, enable Nigeria become attractive business destination, and support the national vision by providing the necessary technology platform and support.

With a history dating back to over six decades in Nigeria, Thomson Reuters aims to further strengthen and support the Nigerian market with global solutions that meet local requirements. The company’s Finance and Risk business serves the financial community, providing information, analytics, real-time data and technology for the trading floor activities of customers in foreign exchange and money market instruments.