The Sydney-based bank's institutional arm says it will deploy Broadway's high-performance TOC software platform to back increased trading activities in Australian (AUD) and New Zealand (NZD) dollars, key Asian currencies, and the mainstay G3: US dollars, euro, and Japanese yen.
The deal is part of Broadway's broader strategy to pursue the foreign exchange space, with recent implementations with Goldman Sachs, a strategic investor in the technology provider, and other leading investment banks and hedge funds. The move with Westpac comes as flows in Australasian currencies are expected to increase five-fold over the next three years.
"As the clear leader in Australian dollar and New Zealand dollar FX products, Broadway's superior technology helps us provide deeper support for both international and domestic customers as their trading volumes in these currencies increases," says Westpac managing director and global head of FX, Hugh Killen.
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