Brazil’s central bank will roll out a new system for registering FX contracts in October to lower costs and make the current process simpler, The Wall Street Journal reports. The new registration system will initially be applicable to operations between financial institutions and their customers. It will then add interbank FX trading from July 2012.

Through the new system, the central bank will be able to reduce fees charged by the central bank for using its existing Sisbacen platform by 71% and also eliminate seven of the eight current FX contracts in the market. The system will also let firms appoint more than one agent per market.

Click here for the story from The Wall Street Journal.