Tradition, an inter-dealer broker, is starting an electronic currency trading platform backed by banks including Deutsche Bank AG and Barclays Plc.
The platform will provide electronic execution for all spot transactions of currencies that are accepted by CLS Bank, the operator of the world’s largest currency-trading settlement system, Tradition said today in an e-mailed statement. Banks that also support the project include BNP Paribas SA, Royal Bank of Canada, and UBS AG, it said. The company didn’t say when the new trading product will be available.
Tradition, an inter-dealer broker for over-the-counter financial and commodity-related products, is a unit of Lausanne, Switzerland-based Cie Financiere Tradition SA.