NEW DELHI: In a bid to mitigate forex risk for large corporates, ICICI Bank has developed a customised online trading platform that would enable companies to cover their market risk in different currencies and assist in taking financial decision.
“ICICI Bank E-Dealz through the full-fledged customised system, can now book the forex deals in less than 5 minutes, something that took a day earlier,” ICICI Bank Head Global Markets Group, Ms Shilpa Kumar said.
The system has the capability of booking the trades from centralised or decentralised client location, she said, adding it provides the real time deal log with complete deal history and captures the efficiencies of straight through processing.
To begin with, the customised solution is subscribed by the ABB Ltd, a global leader in power and automation technologies, she said.
With this particular forex solution, Kumar said, the bank is targeting customers who do significant number of forex transactions on daily basis.
Commenting on the solution, ABB Ltd said it is efficient, transparent and has focus on treasury management rather than treasury administrative work.
The consolidated portfolio view makes the trade execution very efficient and now the company can track its cash flows from export and import remittances from different location on a real time basis, ABB Ltd country Treasurer Mr Sundaram Nagasamy said.
These remittances were earlier exposed to market risk due to high volatility in currency market, he said. - PTI
No comments:
Post a Comment