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Thursday, Jun 20, 2002

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New forex trading platform launched

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Mr Jignesh Shah, Managing Director & CEO, Financial Technologies (right), and Mr Gautam Ashra, Director, IBS Forex (P) Ltd, at a press conference in Mumbai on Wednesday.

MUMBAI, June 19

IBS Forex (P) Ltd has launched an indigenously developed foreign exchange trading platform for the inter-bank forex market `FXDirect'.

FXDirect offers a online matching and dealing platform for foreign exchange trading that supports real time anonymous deal matching system for Spot USD/INR between banks in the inter-bank forex market in India.

It also provides the inter-bank foreign exchange market a separate system for negotiated dealing between banks on a one-to-one basis. The company is promoted by Financial Technologies (India) Ltd, a company engaged in STP (straight through processing) technologies, and Mr Gautam Ashra of Kanji Pitamber and Co and Mr Parag Mehta of F.R.Ratnakar and Co. Mr Ashra and Mr Pitamber are also `forex intermediaries' for banks.

Addressing a press conference here, Mr Jignesh Shah, Managing Director and CEO, Financial Technologies, said IBS Forex has taken on 15 banks as customers so far who will trade in the foreign exchange market using this platform and is looking for such tie-ups with more banks.

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