|
15th December 2008 NSE.IT is a 100 Percent subsidiary of National Stock Exchange (NSE) and provider of IT Solutions to the Capital Market, has partnered US-based
Omgeo to provide the programmes Omgeo OASYS global and Omgeo Central Trade Manager (CTM), that will process trade through NSE.IT's XpressSTP. Omgeo OASYS
Global is the global solution for brokers/dealers. investment managers and custudion banks and Omgeo CTM is the platform for central matching of fixed income and equity transaction for investment managers.
Omgeo, the global standard for post-trade efficiency, and NSE.IT, a provider of mission critical IT solutions to the Capital Markets Industry, today announced the availability of Omgeo OASYS GlobalSM and Omgeo Central Trade ManagerSM (CTM) to process trades via NSE.IT XpressSTPTM. Omgeo OASYS Global is the electronic trade allocation and confirmation solution for brokers/dealers, investment managers and custodian banks around the world and Omgeo CTM is the global platform for the central matching of fixed income and equity transaction for investment managers. NSE.IT XpressSTP is a messaging network for straight-through processing (STP). The links between NSE.IT's XpressSTP and Omgeo's OASYS Global and CTM provide increased straight-through processing for cross-border Indian trades, thus providing greater risk management, reduced costs and significantly fewer errors with trade processing. In 2002, the Securities and Exchange Board of India (SEBI) recommended that market participants replace paper-based communications on post-trade details with an accredited electronic service, such as NSE.IT, using ISO 15022 messages. This has contributed significantly to the reduction of trade settlement cycles in India to the period of T+1. Several entities in India and those trading with firms in India leverage Omgeo solutions in their post-trade processes. Prior to the partnership between Omgeo and NSE.IT, there were often two post-trade messages originating from the trading member resulting in inefficiencies and risks within the post-execution process. The link between the two companies automates and synchronizes the post-trade communications flow between the trading member, fund manager and custodian. Omgeo OASYS Global and Omgeo CTM messages are compliant with local SEBI requirements and trade details are either accepted or rejected through the Omgeo services so that only accepted messages are sent through NSE.IT XpressSTP for settlement. “We have made significant contribution over the past few years to help the Indian market move towards a T+1 settlement cycle through continuous innovation in our STP product,” said Ramesh Padmanabhan, CEO, NSE.IT. “By partnering with Omgeo, we are pleased to bring further efficiency by reducing the need for clients to send two similar, yet separate, messages. By receiving messages that are already agreed between counterparties, we are confident that fewer failed trades will result and operational risk will be significantly reduced.” “The Indian market has made tremendous strides in efficiency over the past 5 years,” said Tim Keady, managing director, sales and relationship management, Omgeo. “Our partnership with NSE.IT provides even greater streamlining of post-trade operations so that the sell-side can provide the community with better operational risk reduction through the elimination of redundant steps in communicating with investment managers and the CDSL.” About Omgeo Omgeo creates certainty in post-trade operations through the automation and timely confirmation of the economic details of trades executed between investment managers and broker dealers. Every day Omgeo enables an efficient community of more than 6,000 financial services clients in 45 countries to manage matching and exception handling of trade allocations, confirmations, and settlement instructions. Leading organizations rely on Omgeo to help manage an increasingly complex investment industry by providing operational stability and solutions that complement the focus on profitability in an era of escalating trade volumes. Across borders, asset classes, and trade lifecycles, Omgeo is the global standard for operational efficiency across the investment industry. Formed in 2001, Omgeo is jointly owned by the DTCC and Thomson Reuters. For more information about Omgeo, please visit www.omgeo.com.
The Tea Board of India has penned an agreement with NSE.IT, a subsidiary of the
National Stock Exchange, for implementing electronic tea auctions by the end of
2008. Source: Tea & Coffee Asia Bangkok (www.teacoffeeasia.com)
KOLKATA: The Tea Board on Wednesday kicked off e-auction, paving the way for putting an end to the age-old ‘outcry system’ in tea auction which started back in 1861 in India. E-auction of tea was formally launched by the Union minister of state for commerce Jairam Ramesh at Nilhat House, which is the headquarters of the country’s largest tea auction firm, J Thomas & Co. Addressing the members of the tea industry, Mr Ramesh said: “The e-auction of tea will be launched in a phased manner across all the seven auction centres of the country in December. We are hoping that by January 27, all auction centres across the country will be connected through an electronic platform.” Incidentally, the country has seven auction centres located at Guwahati, Siliguri, Jalpaiguri, Kolkata, Coimbatore, Coonoor and Kochi. The e-auction system is an outcome of a study carried out by AF Ferguson in 2002, which had suggested the electronic platform to bring in transparency in the auction system so that tea sellers get a fair price. Tea Board chairman Basudeb Banerjee said that Mombasa and Colombo auctions are also shifting to e-auctions. “Even the Tea & Coffee Board of Nepal is extremely keen to participate in the Indian e-auction process. So we firmly believe that e-auction will usher in a new era in the Indian tea industry,” he said. The software for e-auction has been provided by NSE.IT, the IT arm of NSE. “The key issue in the e-auction is the settlement of payment. This is being looked after by NSE and will be put in place by January 27,” Mr Ramesh said. At present, only 50-55% of the 945 million kg produced in the country comes to the auction. “We are hoping that this entire quantum of tea produced will be sold through the e-auction route. Once this takes off, we expect that another 5-10% of the private sales will also be sold through e-auction route,” the minister said. Deputy chairman of Tea Board Roshni Sen added that Deloitte Touche Tohmatsu has been assigned the task of working out a sustainable business model for the e-auction system. Commenting about the trend in tea exports in 2008-09, the minister said: “The impact of the global meltdown is yet to have an effect on tea exports. We had kept a target of achieving 210 million kg exports in FY09. Even if the global meltdown affects it, we are confident to achieve an export of 200 million kg with major gains in Egypt, Iraq, Iran and Pakistan. In fact, I am leading a team to Pakistan in the first half of next month to have another round of dialogue with Pakistan tea trade. Source: The Economic Times
KOLKATA: Union Minister of State for Commerce Jairam Ramesh on Wednesday launched the electronic auction system, signalling a paradigm shift in the 150-year old tea industry.
NSE.IT, a 100% subsidiary of National Stock Exchange of India Limited (NSEIL) announced that former MphasiS executive Ramesh Padmanabhan has been named Chief Executive Officer. Ramesh will replace the former CEO Mr. Satish Naralkar who has decided to move out of NSE.IT. Ramesh was with MphasiS in various senior management roles prior to joining NSE.IT and comes with 25 plus years of rich experience in the Information Technology industry. A veteran in the financial services outsourcing domain Ramesh has prior experience in building organizations, growing them and taking them to the international markets. Ramesh has played various roles in senior management across business functions and has worked with organizations like IBM, Kanbay, and TCS. The National Stock Exchange India Managing Director, Mr. Ravi Narain and Chairman NSE.IT said,"We welcome Ramesh to NSE.IT and with his global experience we see NSE.IT reaching greater heights. NSE.IT has been a successful technology player in the Indian securities market and we plan to take this expertise and penetrate the global markets in the coming years” said Mr Narain. “I am delighted to be part of NSE.IT and see a bright future with the rich mix of domain focused products and technology services spanning infrastructure and software” said Ramesh.
|