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Nokia Executes First Multibank Electronic Forex Deal in Asia
May 03, 2001
Singapore, 3 May 2001 -- Nokia today executed its first electronic foreign exchange transaction via Currenex. This was also the first multibank electronic deal in Asia. Treasury Manager Johnny Khoo expressed satisfaction with the e-dealing process but noted that the quoting times could be improved. "This is a very new thing, and as the banks become more familiar with e-dealing it should run smoother."
Traditionally, foreign exchange (which is the single largest market on the planet by daily trading value) was executed by dealers talking to each other on the phone. e-Dealing takes the process off the phone and onto the internet, securely and seamlessly connecting corporate and institutional foreign exchange dealers with their bank counterparts. It enables corporates to get quotes from several banks at once. e-Dealing delivers greater transparency and lower costs for all parties, and eliminates the substantial risks and inefficiencies involved in phone dealing.
Currenex is an independent VC funded service provider who launched their e-dealing platform in 2000 (www.currenex.com). Two bank consortia will launch e-dealing platforms (Atriax, of which Nokia is an advisory board member, and FXAll) in 2001.
Nokia is the world leader in mobile communications. Backed by its experience, innovation, user-friendliness and secure solutions, the company has become the leading supplier of mobile phones and a leading supplier of mobile, fixed and IP networks. By adding mobility to the Internet Nokia creates new opportunities for companies and further enriches the daily lives of people. Nokia is a broadly held company with listings on six major exchanges.
You can visit the Nokia Group website at www.nokia.com or Nokia Asia Pacific website at
www.nokia-asia.com
Further information:
Nokia Treasury Asia Ltd
David Blair, Managing Director
Tel. +65 7231030
Fax:+65 7231044
www.nokia.com
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