Refinitiv announced the adoption of its auction and market tracker solutions by the Central Bank of Hungary. The partnership will facilitate the automation of the central bank’s local FX bidding activity and enhance trade reporting effectiveness in Hungary.

Central banks are increasingly focused on monitoring currency activity in their respective local markets. With the introduction of new regulation on reporting, visibility over changing liquidity positions is becoming crucial for swift market interventions by central banks.

“We are proud to be part of the Central Bank’s automation and market reporting strategy,” said Antonio De Gregorio, Managing Director for Central and Eastern Europe at Refinitiv.

“Our partnership will facilitate the implementation of the bank’s digital transformation vision and also mitigate risks of a conventional manual bidding process. The Central bank will be running a transparent and compliant auctions operation across multiple asset classes including FX and money markets. The central bank will also leverage a rigorous reporting tool that provides a real-time insight of dealing transactions and trends,” he added.

Refinitiv Auctions has seen rapid growth in 2020 with transactions totalling $ 2 USD trillion. The solution is now used by central banks in Europe, the Middle East, Africa and Asia.