Pakistan Mercantile Exchange signs with Catalyst IT Solutions

Pakistan Mercantile Exchange (PMEX), the first technology-driven, web-based, de-mutualised Commodity Exchange in Pakistan, recently signed an agreement with Catalyst IT Solutions to provide them with a technology platform whereby PMEX brokerage houses will be able to offer multi asset/multi exchange online trading platforms, mobile trading platforms and SMS alert services to their clients.

Under this agreement, Catalyst IT Solutions has integrated "Kinetic", its own front office trading software with the Electronic Trading System (ETS) of PMEX in a manner that would enable brokers of PMEX to use this software as well as offer it to their clients. The companies have agreed to establish a technological link whereby the front end trading system of PMEX ETS will integrate with Kinetic. The main components of Kinetic include: Trade Cast (an online Trading Platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term), Tick (a mobile trading platform for iPhone, Android and Blackberry) and Flux (for SMS alerts).

The Pakistani rupee is currently trading at 94.50 against the greenback.

Once the process of Integration is complete all orders of PMEX brokers can be placed and executed via the platform provided by Kinetic. This service will be available to all PMEX Brokers who opt to avail this facility via Kinetic for PMEX registered futures contracts.

"This initiative will expand the reach and scope of Business Activity of PMEX and is in line with the growth objectives and technology driven nature of the organization, said Mr Amjad Khan, COO of Pakistan Mercantile Exchange. He further added that, "Integration with Catalyst services will equip the PMEX brokers to offer investors the option to trade through an integrated channel"

The current year 2011- 2012 has seen Pakistan Mercantile Exchange grow 151 % in volumes vis a vis last year 2010- 2011. To keep up with business projections and visible growth potential in the coming years, the Board of the Exchange has recently approved a major enhancement in IT infrastructure including hardware, software and connectivity to take PMEX to the next level. The agreement with Catalyst is the first step among many that the Exchange will take in the coming year to meet the outlined requirements and offer a world class experience to its customers.

Pakistan is one of the largest markets for margin FX trading in the South Asia region. The PMEX exchange was launched to facilitate the growing demand for commodities trading in Pakistan.

Pakistan's central bank regulates FX transactions, banks are permitted to trade in selected derivatives products including FRA, interest swaps and cross currency swaps.

Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term Magnates team wrote a detailed analysis on the state of FX in Pakistan, available in the Q1 quarterly report. The report provides useful insight into how brokers can take advantage of the significant Pakistan margin FX and CFD market.