Making it clear that the proposed Target internal payments system is unlikely to be the cheapest way to trade the Euro when the political currency arrives, Currency Management Corp has launched a 24-hour live on-line foreign exchange dealing service on the Internet. Customers download a software package from the Internet, receive currency price quotes from the company’s dealers and a real-time news service from news supplier Cable News Network and can then place their order via the screen, the London company said. They can buy or sell 27 currencies, trading in major pairs such as dollar/mark and dollar/yen, as well as crosses such as mark/yen and sterling/mark. The company is targeting corporates, investment managers, private individuals and small and medium-sized banks; dealers currently quote only spot and forward rates, but the service will also eventually expand to futures and options.
