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Reuters, Northern Trust In Web Forex Deal

Reuters and Northern Trust Company (Chicago) are to supply a web-based foreign exchange dealing system to clients of Northern Trust.

The new service will be available to investment management firms around the world from the third quarter of this year.

Co-branded as a joint offering from the two firms, the service will operate on any TCP/IP network and will use the latest trading technology from Reuters.

"The rapid growth of cross-border investments has made foreign exchange trading an intrinsic component of the investment management process," said Patrick McDougal, executive vice-president and director of foreign exchange at Northern Trust

"Northern Trust, with more than $1.3 trillion of custody assets and a leading foreign exchange presence worldwide and Reuters, with its strong presence in the global foreign exchange market and cutting edge technology, will make for a tremendous strategic partnership."

Northern Trust has offices in Toronto, Montreal, London, Hong Kong and Singapore.