Morgan Stanley (NYSE:MS) today announced that it has executed the first Direct Market Access (DMA) trades in India through its electronic trading platform.
The first customer DMA trade was completed on Friday, July 11, 2008.
"We are proud to offer DMA on the Indian exchanges," said Scott Field-Marsham, Managing Director, Head of Electronic Trading in Asia, Morgan Stanley. "Having DMA capability in this important market further enhances Morgan Stanley Electronic Trading's global footprint, which is of critical importance to our clients."
Morgan Stanley executed the first DMA trades after receiving formal approval to deliver DMA to FII (Foreign Institutional Investor) registered firms for both equities and listed derivatives on the National Stock Exchange, and for equities on the Bombay Stock Exchange. In addition to FIX approval, Morgan Stanley's proprietary electronic trading application, Passport Windows, has been certified by both the NSE and BSE.
"Today's announcement not only highlights Morgan Stanley's leadership in electronic trading, but it also underscores our commitment to offering our clients best-in-class execution services in India," said Parag Gude, Managing Director, Co-Head of Equities in India, Morgan Stanley. "We believe the DMA product will be a strong compliment to our existing market leadership in sales trading and research."