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Financial Technologies reports National Multi-Commodity Exchange deal

03 December 2009  |  1922 views  |  0 Source: Financial Technologies

National Multi-Commodity Exchange (NMCE), India's pioneer online commodity exchange which became the first national exchange to complete its 7 years of operations recently, is ready for launch of its segment integrated on ODINTM - brokerage solution of Financial Technologies India Ltd. (FTIL).

FTIL is among global leaders in providing technologies to create and operate new generation multi-asset fully electronic exchanges and to trade on them.

This integration comes within five months of the agreement signing between the two national organizations. NMCE segment has been integrated in Financial Technologies' flagship product ODINTM, which enjoys more than 80% market share in front-end exchange trading solutions used by brokers, banks and institutions. ODINTM is one of the most preferred CTCL (computer-to-computer link) solutions, and in the last 10 years since it revolutionized exchange trading in India, FTIL has sold over 4,00,000 trading terminal licenses to service over 1000 Indian institutions and brokerage clients, including top 30 Indian banks.

Mr. B.C Khatua, Chairman, Forward Markets Commission, said "I am delighted to know that NMCE's integration on ODINTM has been completed and is ready for release. This would help NMCE to expand its reach significantly. Now even small franchisee in Tier 2 towns with limited computer savvy manpower can participate. Reaching commodity exchange to the masses with the help of technology is our mission"

Mr. Kailash Gupta, Founder & MD, NMCE, said, "We appreciate that FTIL has successfully integrated NMCE segment on ODINTM to help the masses for inter-exchange risk management." He added, "This will enable NMCE to reach out to the hinterland. With the help of a single platform, we can take the exchange to the Tier II and Tier III cities where there is less availability of resources."

Mr. Jignesh Shah, Chairman & Group CEO, Financial Technologies Group, said, "Efficient and cost effective distribution is one of the major drivers of success for any electronic new generation exchange. By offering ODINTM front office solution to its members, NMCE has ensured that the its market can be accessed by Indian market participants at large through their default trading platform. NMCE willl benefit from the familiarity and trust that ODINTM has build with the trading community through its open and scalable technology platform, robust risk management and best-in-class price / performance value proposition over past ten years. NMCE integration also demonstrates FTIL's commitment to partnership with all leading players in the Exchange space and its technology leadership for which it continues to get selected as 'partner of choice' by other exchange players such as NMCE.

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