Financial Technologies India Ltd (www.ftindia.com),
India''s leading provider of mission-critical technologies
for the financial services industry, recorded the highest
turnover of $100 million in a single day of trading. Currently
there are over 20 participating banks that are actively
trading on the exchange, such as SBI, Canara Bank, PNB,
Bank of India, HDFC, Citibank, HSBC and American Express.
Exchange platform has the distinction of being the country''s
first indigenously developed FX Digital Financial Exchange.
The platform service is deployed and offered through
IBS Forex Pvt Ltd, a company promoted by leading market
experts in the foreign exchange market along with FTIL.
The platform has already witnessed over $6.0 billion
worth of cumulative turnover since its introduction
in June 2002.
FTIL managing director Jignesh Shah: "FXDirect
has successfully revolutionised the inter-bank 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.
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."