Indian Exchange Deploys First Derivatives’ Algo Testing Software

The National Stock Exchange of India's deal adds a flagship global Exchange to FD's customer base in a strategically important

According to a filing by First Derivatives plc (AIM:FDP) to the LSE where it is listed, the provider won a contract with the National Stock Exchange of India Limited (NSE) to supply a range of trading services.

The solution is based on FD’s kdb+ software platform and has already undergone a successful user testing. The system is now switched online and as a result NSE is now able to provide its clients with the capability to test their algorithms before they are made live.

Under the terms of the contract, FD will provide an Algorithmic Testing Facility which will allow NSE market participants to test the impact of their algorithms before they are deployed in production, using trade simulators to replay historical data, create market “noise” and generate extreme market shocks to explore the robustness and efficacy of new algorithms.

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Ravi Varanasi, Chief, Business Development, NSE commented: “The system is expected to deliver value added services to the market participants. We can now provide Algo Test facility and accompanying data analytics to the market participants when they want it. Through individual, group and crowd tests the market participants may track an algorithm’s efficiency within and across clients.”

Brian Conlon, Chief Executive Officer of FD, commented: “This is an important win for FD, once again referencing our software’s ability to manage large volumes of real time data and, in this case, help Exchanges protect their integrity while allowing their market participants to deploy algorithms quickly and safely. We are delighted to welcome NSE as a client.”

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