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Reuters, RiteChoice offer e-broking service in Asia

Our Bureau

CHENNAI, Dec. 13

REUTERS and RiteChoice Technologies have launched their e-brokering service in Asia at stockmarkit.com, the financial services trading Web site of Apeejay Surrendra group.

The Reuters Electronic Broker (REB) is an hosted online trading solution developed by the Reuters Retail Solutions group in Palo Alto. It provides brokers with a functional front-end trading engine which has been tested in over 40 sites in the US. This s olution has been modified to meet the Indian trading requirements and the standards established by the NSE.

Mr Asoka Markandu, Marketing Manager, Reuters India Ltd, said the Reuters solution offered the security and stability that a rapidly growing market would need. Apart from hosting and managing the online trading solution, Reuters will also deliver real-t ime and historical equity prices and news to the retail clients.

Mr I.P.Morris, Director, RiteChoice Technologies, said the hosted MTEX (managed trade execution) service provided cost-effective management and trade completion facility to stockbrokers using REB. RiteChoice will be enhancing the risk management feature s in the next few months, adding margin trading and wider spectrum of trading products such as ALBM and index futures as and when these are permitted and supported by NSE.

RiteChoice Technologies' MTEX service provides a complementary middle and backoffice to REB, offering order execution and trade completion till client-side settlements and accounting.

To trade online, a client must first register on the site. Registered clients will then be assisted by Stockmarkit executives to open trading, demat and bank accounts in either Citibank N.A., Standard Chartered Bank or HDFC Bank. The client receives th e trading pin from the backoffice and is ready to start trading. There will be no physical delivery of shares or cash and his accounts will be credited or debited automatically after sales or purchase of the scrips.

Pic.: Mr I.O. Moris, Director, RITE Choice Technologies, and Mr Sarvadaman Ray, Director, stockmarkit.com, at a press conference in Chennai on Wednesday.

Picture by Shaju John