Thomson Reuters today announced that the Trade Bank of Iraq (TBI) will become the first bank in the country to connect to the international foreign exchange and money market community using the Thomson Reuters Dealing trading service.
By joining the professional international foreign exchange community through Thomson Reuters Dealing, TBI will for the first time be able to access liquidity and counterparties across global money markets electronically. Until now, TBI has been managing its foreign exchange (FX) and funding needs by telephone.
TBI traders will also use Reuters 3000 Xtra, a high-performance desktop system that delivers real-time data and analysis tools for financial professionals. The dealing code for the bank will be TBIB.
“This deal reinforces Thomson Reuters strong global position in foreign exchange dealing but, more significantly, it also marks a major advance in Iraq’s return to the international financial community,” said Basil Moftah, Managing Director of Thomson Reuters in the Middle East and Africa.
Zaid A. Mahdi, Vice-President, Business Development at Trade Bank of Iraq, said: “This connection to the international foreign exchange community via the world’s leading source of intelligent business information is a milestone for Iraq and for the bank.
“The deal means that TBI will be able to widen the range of financial services it provides to help Iraqi businesses to trade internationally and grow. It is further evidence that business in Iraq is gradually returning to the international financial markets.”
TBI, a state-owned bank, was established in July 2003 to facilitate international trade and reconstruction after the expiry of the UN oil-for-food programme. TBI has since built relationships with a network of 120 banks covering 63 cities in 39 countries.
TBI announced record profits for 2008, reflecting increased business volumes stemming from the growing need for trade and project financing in Iraq’s reconstruction. TBI was one of the first Iraqi banks to receive lines of credit from major international financial institutions.
Moftah added: “Thomson Reuters has maintained a strong presence in Iraq over the last 10 years and we are delighted to support the development of its financial markets by equipping TBI with the right tools and information to trade with the wider world. We look forward to working with them to open further opportunities as their banking systems develop.”
Moftah said the deal was a landmark achievement in strengthening the Iraqi economy by providing vital links to and from Iraq and the global financial markets. “Transparent links to the international markets are of crucial importance as Iraq rebuilds its economy and attracts increasing interest from foreign investors,” he added.
Thomson Reuters Dealing is used by nearly 18,000 professionals worldwide across 5,000 organisations to trade foreign exchange spot and forwards, as well as money market, fixed income, commodities and derivatives in more than 120 countries.
© 2009 Al Bawaba (www.albawaba.com)