Orc, a leading provider of technology and services for the global financial industry, today announced new market gateways to the Bombay Stock Exchange and National Stock Exchange of India Ltd.
With India’s two major stock exchanges now supported via Orc’s trading technology, both domestic and international trading houses will be able to leverage Orc’s leading solutions to trade on both NSE and BSE from a single user interface. Orc is registered as a Foreign ISV with the NSE and is an Empanelled Vendor of the BSE.
From an international perspective, Orc’s trading technology is now available to assist firms, without an Indian presence or membership on the exchanges to gain access and start trading via brokers who can offer Orc´s sponsored access to them.
For members of the exchanges, Orc has taken a first mover advantage amongst equity options market makers who have recently become active in the Liquidity Enhancement Programs launched by the exchanges following regulatory changes announced by the Securities and Exchange Board of India (SEBI).
“Orc was the obvious choice for our trading solutions when we registered for the market making program with the BSE,” comments, Rajesh Baheti, Managing Director, Crosseas Capital Services Pvt. Ltd., a joint client of Orc and E2E Infotech (E2E). “In addition to the speed, Orc’s trading front end offers the rich functionality that our business needs for making markets on listed derivatives.”
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“Establishing connectivity to the BSE and NSE reflects Orc’s continued commitment to expand in the Asia Pacific region,” says Greg Chambers, President Asia Pacific, Orc. “We recognize the efforts made by the Indian exchanges to enhance liquidity in their listed derivatives products and to make their exchanges internationally available, and we are excited to play our part in this process. Orc’s offering provides our clients with the ability to trade both cash and listed derivatives on both exchanges simultaneously.”
Apart from product and technology developments, Orc has also strengthened its relationship with E2E Infotech (E2E), a subsidiary of India-based AurionPro Solutions, and a global integration and services partner of Orc since 2001. Together the companies have established a local sales and support channel to service the fast-growing domestic customer base and to assist international firms, facilitating their access to the Indian markets. Orc and E2E will focus on delivering solutions to advanced options traders, arbitrageurs and market makers.
“Orc is a leading global provider of sophisticated trading technology. We are really pleased to continue working closely with Orc, and to provide solutions and services required by our clients in India,” says Maneesh Mehra, Chief Operating Officer, E2E Infotech, Capital Market Software unit of AurionPro Solutions. “E2E has maintained a successful and strategic global partnership with Orc since 2001. We believe with our local expertise and deep understanding of Orc’s products that we can contribute to Orc’s expansion in the Indian derivatives trading space as well as the general development of the market from a technology perspective.”
Orc Trading solutions are used by leading financial firms worldwide for advanced trading of electronically traded derivatives. It encompasses both screen-based trading and algorithmic trading for firms to trade any listed instrument, across all asset classes, on 100+ markets.
India launched currency futures in 2008, current daily trade volume on FX futures is believed to be around $12-$14 billion a day.