Financial Daily from THE HINDU group of publications
Sunday, Dec 14, 2003
Financial Daily from THE HINDU group of publications Sunday, Dec 14, 2003 |
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Money & Banking
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Information Technology FXDirect to go national shortly Preeti Pandey
Mumbai , Dec 13 FXDIRECT, the inter-bank foreign exchange trading system developed by Financial Technologies and deployed and offered through IBS Forex Pvt Ltd, will go national shortly. The company plans to cover Delhi, Bangalore, Chennai and Kochi, thereby seeking to connect over 50 banks on the FX Digital financial exchange by March 2004. Transaction volume of $250 million per day is estimated once the national coverage is complete. "In the first phase we are targeting mid-sized and small banks for trading on the exchange. Since this platform allows trading in smaller lots and transparency in trading, we expect more banks to participate," MrGanesh Rao, CEO, IBS Forex told Business Line. The FXDirect platform comprises real time matching system that enablers real matching of currency pairs for immediate execution in spot market. It also supports the forwards market with an online matching platform. Standard lot sizes of $ 1 million deals and a window for deals in $0.25 million, $ 0.50 million, $0.75 million lots are also supported to encourage smaller banks to participate in the forex trading system. Currently there are 20 participating banks on the exchange; IBS Forex expects to grow the number of banks to 30 by December this year with Standard Chartered Bank and Central Bank of India expected to participate on FXDirect soon. As of now, the exchange records $40 million in transaction volumes per day with peak transaction of $100 million on one single day. In the second phase, IBS Forex would take the exchange to smaller markets abroad like Karachi and Colombo. Once substantial volumes of transaction are generated, the company plans to offer the FX Direct platform to established international markets like Singapore and Hong Kong, added Mr Rao.
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