Financial Tech posts $100-million trading turnover in one day
By Our Markets Bureau | 10 Dec 2003
Mumbai:
Financial Technologies India Ltd (www.ftindia.com),
India''s leading provider of mission-critical technologies
for the financial services industry, recorded the highest
turnover of $100 million in a single day of trading. Currently
there are over 20 participating banks that are actively
trading on the exchange, such as SBI, Canara Bank, PNB,
Bank of India, HDFC, Citibank, HSBC and American Express.
FXDirect Exchange platform has the distinction of being the country''s first indigenously developed FX Digital Financial Exchange. The platform service is deployed and offered through IBS Forex Pvt Ltd, a company promoted by leading market experts in the foreign exchange market along with FTIL. The platform has already witnessed over $6.0 billion worth of cumulative turnover since its introduction in June 2002.
Says FTIL managing director Jignesh Shah: "FXDirect has successfully revolutionised the inter-bank FX market resulting in expansion of the participant base through its most optimal offering. With a committed user base and a recurring revenue model on a percentage drawn straight from the topline of FXDirect Exchange Business, FTIL has put in place long-term revenue growth and visibility through this offering.
"With our strong technology and deep business understanding we are confident of further expanding our market share in the coming years. The smaller deal lot size has been a significant hit with banking participants, especially for players who so far have not had access to online deal matching system."