25/09/2006 Reuters and London Stock Exchange’s Proquote in product collaboration
25 September 2006
Reuters and London Stock Exchange’s Proquote in product collaboration
London – Reuters and Proquote, the London Stock Exchange’s market data and trading terminal business, have agreed a collaboration whereby Proquote licenses its technologies for use in Reuters products.
Under the terms of the agreement users of the Reuters Trader UK product can now receive Proquote functionality that enables direct trading on the SETS order book of the London Stock Exchange and allows access to Proquote’s Retail Service Provider Network and Order Management System. The SETS trading system and order management system will also be available on Reuters 3000 Xtra, the company’s premium product.
Reuters will use Proquote’s permissioning system, known as ‘contention’, which enables the client company to control the number of users accessing the Trader UK service at a given time rather than each user having their own unique access. This allows companies to manage their Exchange fee costs by providing a charging structure for a pool of licenses as opposed to each user needing their own license.
The new offering has received the support of Charles Stanley, one of the UK’s largest independently-owned, stockbrokers, with the announcement today that it has signed an agreement to use Reuters Trader UK in its London head office and a number of regional offices.
Stephen Wilson, Global Head of Exchange Traded Instruments at Reuters, commented: “The addition of the Proquote capabilities to Reuters Trader UK make it a very attractive proposition. It is a cost effective, hosted service which includes a contention capability. It is also sophisticated, combining a quality user interface with the breadth and depth of data and news coverage you would expect from a Reuters product. I’m particularly pleased this has been endorsed by Charles Stanley, which has decided to take on Reuters Trader UK.”
Karen Young, Head of Business Development, Information Services at the Exchange, added: “We are committed to using open standards in our product development so that our trading technology can be easily integrated with systems like Reuters Trader UK as well other back and middle office and portfolio management systems. This agreement will also benefit Proquote’s Retail Service Providers because it offers them an additional channel to market.”
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