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SAO PAULO (Dow Jones)--Brazil's central bank will launch a new system for registering foreign-exchange contracts in October, aiming to lower costs and simplify the current process.
Initially, the new registration system will apply to operations between financial institutions and their customers, the central bank said in a statement. From July 2012, the new process will be extended to include interbank foreign-exchange trading, it said.
The central bank said that the new system would cut the fees charged by the central bank for using its existing Sisbacen platform by 71%.
The central bank will also eliminate seven of the eight foreign-exchange contracts that are used in the market today, as much of the information is no longer needed.
The authority is plans to open the foreign-exchange market by allowing companies to hire more than one agent, according to the statement. At the moment, companies are only allowed to hire one agent per market, it said.
The central bank said that 175 institutions in Brazil are authorized to operate in the foreign-exchange market, generating some $5.6 billion per day in transactions between banks and customers, and a further $7.4 billion among the banks themselves.
-By Matthew Cowley, Dow Jones Newswires; +55 11 3544 7082;
Initially, the new registration system will apply to operations between financial institutions and their customers, the central bank said in a statement. From July 2012, the new process will be extended to include interbank foreign-exchange trading, it said.
The central bank said that the new system would cut the fees charged by the central bank for using its existing Sisbacen platform by 71%.
The central bank will also eliminate seven of the eight foreign-exchange contracts that are used in the market today, as much of the information is no longer needed.
The authority is plans to open the foreign-exchange market by allowing companies to hire more than one agent, according to the statement. At the moment, companies are only allowed to hire one agent per market, it said.
The central bank said that 175 institutions in Brazil are authorized to operate in the foreign-exchange market, generating some $5.6 billion per day in transactions between banks and customers, and a further $7.4 billion among the banks themselves.
-By Matthew Cowley, Dow Jones Newswires; +55 11 3544 7082;
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