Markets

Clearcorp to launch forex trading platform for bank customers on Aug 5

Our Bureau Mumbai | Updated on August 03, 2019 Published on August 03, 2019

Representational image File Photo   -  Reuters

Clearcorp Dealing Systems India Ltd (Clearcorp), a wholly owned subsidiary of Clearing Corporation of India Ltd (CCIL), will launch its forex trading platform, FX-Retail, for the customers of banks on Monday (August 5).

The FX-Retail platform will provide an anonymous and order driven dealing in US Dollar (USD) / Indian Rupee (INR) currency pair for bank customers -- individuals, sole proprietorship firms, partnership firms and corporates, Clearcorp said in a statement.

The web portal (www.fxretail.co.in) was made available for customer registration from July 1 this year. At the time of registration, customers are required to provide their details, relationship bank details and user information. On successful registration, the customer’s details would be forwarded to the relationship bank for verification and approval.

On approval, the platform can be accessed through the internet wherein customers can directly place buy/sell orders as per their requirement. These orders will be matched on the basis of price time priority with other orders in the platform.

Clearcorp said customers will have access to current rates and directly place, hit, modify, cancel orders on the platform. Cash, Tom and Spot instruments will be available to trade on the platform. Customers can place orders and trade based on the limits set by the respective relationship banks.

The relationship bank can set Customer-wise mark up in paise or percentage terms which would be displayed to the customers on the platform.

On trade execution, the counter-party for the customer would always be the relationship bank selected at the time of order placement. The trades executed by the customer on the platform need to be settled bilaterally with the relationship bank.

Clearcorp said the platform would provide for transparency and better pricing to the customers. They would get a dealing platform which would facilitate automatic price discovery in addition to other qualitative benefits.

Published on August 03, 2019
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