Financial Daily from THE HINDU group of publications
Friday, Oct 07, 2005
Financial Daily from THE HINDU group of publications Friday, Oct 07, 2005 |
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Agri-Biz & Commodities
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Commodity Exchanges Twincity Tradecom in pact with UK co Our Bureau
Hyderabad , Oct. 6 TWINCITY Tradecom Pvt Ltd (TTPL), the Hyderabad-based commodities broking and advisory services company, has announced an alliance with the UK-based broking major - Stockcom Tradez Inc, to offer online trading services in the global commodities market for retail investors. Addressing newspersons here on Wednesday, the TTPL Chief Executive Officer, Mr John Peter, said under the agreement, TTPL would become the direct service associate of the overseas principal company - Stockcom Tradez Inc. In alliance with the UK company, TTPL has introduced deep discount broking model, which undercuts prevailing brokerage rates and passes on the benefits of lower rates to the online trading customers, Mr John Peter said. "As TTPL would charge only $50 per transaction irrespective of the size of the order, the brokerage rates work out to as little as one-tenth of the prevailing industry brokerage per transaction," he said. According to him, TTPL is currently offering commodities broking services to around 600 customers, of which 65 per cent were retail investors. During the last fiscal, the company handled transactions worth Rs 1,000 crore involving a margin amount of Rs 6 crore, he said. In India, TTPL operates through Altos Advisory Services Pvt Ltd, a trading and clearing member in the National Multi-Commodity Exchange (NMCE) and Multi-Commodity Exchange of India Ltd (MCX). Apart from commodity trading services, TTPL also offers forex and forex derivatives advisory and broking services through its principal company - Stockcom Tradez Inc, Mr John Peter said. The range of commodities trading currently being offered includes silver, gold, crude oil, coffee, copper, cotton, lumber, sugar, orange juice, soyabean and wheat.
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