Financial Technologies (India) Ltd. (FTIL), India's leading provider of mission-critical technologies for the financial services industry, announced significant market developments of its inter-bank, Foreign exchange trading system FXDirect.
The platform service is deployed and offered through IBS Forex, a company promoted by leading market experts in the foreign exchange market along with FTIL.
FXDirect Exchange platform has the distinction of being country's first indigenously developed FX Digital Financial Exchange. Already the platform has witnessed over US$6.0 Billion worth of cumulative turnover since its introduction in June 2002, with its peak turnover being US$100 Million in a single day. Currently there are over 20 participating banks who are actively trading on the Exchange.
Talking about the unique positioning of this subscription offering, Mr. Jignesh Shah Managing Director FTIL said, "FXDirect has successfully revolutionized the interbank FX market resulting in expansion of the participant base through its most optimal offering. With a committed user base and a recurring revenue model on a percentage drawn straight from the topline of FXDirect Exchange Business, FTIL has put in place long term revenue growth and visibility through this offering."
He further added: "With our strong technology and deep business understanding we are confident of further expanding our market share in the coming years. The smaller deal lot size has been a significant hit with banking participants, especially for players who so far have not had access to online deal matching system."
FXDirect supports both SPOT and Forwards market for an end-to-end automated environment for seamless transaction processing. It provides a state-of-the-art online matching platform, based on the 'shared service' model. In addition to its recently introduced 'Month-end Swaps', FXDirect is set to implement 'Rolling Swaps' very soon, the first of its kind in the Indian markets.
Mr. V Hariharan, Chief Technology Officer, FTIL added, "The FXDirect platform, built around the high-end STP Technologies of FTIL, has set very high benchmarks for operating such a critical exchange business in a sensitive market segment. Our systems have shown over 99.99% uptime since trading started with no major disruptions, a testimony to the robustness and integrity of our platform."
FXDirect has once again underscored FTIL's leadership in delivering mission-critical technologies for the transaction intensive global securities industry.
With the success of the Indian initiative, FTIL is now all set for introducing this cutting-edge technology platform in the international markets. Its high end functionality combined with the optimal deployment cost, would be the key differentiators for introducing this service. Globally, the FX market stands at a staggering US$1.5+ Trillion worth transaction value on a daily basis.
FXDirect supports standard lot sizes of $1 million deals and also provides a window for deals in $0.25/0.50/0.75 million lots. It offers complete trade anonymity, three tier risk monitoring system, advanced decision support tools like Best Five and VWAP and most importantly a PC Based Trading, which does not require high-end servers.