MarketAxess has become the first firm to offer electronic trading in India with the launch of an Indian Government Bond (IGB) trading solution for foreign portfolio investors.
E-trading uptake by offshore investors has been hindered by a lack of licensing for trading platforms in India, despite the country’s recent addition to emerging markets indices, which increased investment activity. Buy-side traders have said they expect trading to increase significantly as result of the new platform launch.
Riad Chowdhury, head of APAC at MarketAxess, commented, “our solution is designed to increase efficiency across the entire trading workflow, from pre-trade allocation to post-trade reporting.”
The service is integrated with the Reserve Bank of India’s Negotiated Dealing System – Order Matching (NDS-OM) system, which is operated by the Clearing Corporation of India.
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