Source: Business Wire
Friday, March 13, 2009 10:11 AM IST (04:41 AM GMT)
Editors: General: Consumer interest; Business: Advertising, PR & marketing, Banking & financial services, Business services, Financial Analyst, Information technology, Stock exchanges; Technology
Release no: 19449
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(BW)(CT-INTERACTIVE-BROKERS)(IBKR)Interactive Brokers Announces Launch of Online Indian Brokerage Unit
Greenwich, Connecticut, United States, Friday, March 13, 2009 -- (Business Wire India) --
Interactive Brokers has announced that its recent regulatory approval by the National Stock Exchange of India (NSE) allows it to offer private Indian national residents and non-Indian national residents (in conformance with the FEMA Act 2000) market access through its online brokerage platform known as Trader Work Station (TWS).
Interactive Brokers (India) Pvt. Limited, from its Mumbai offices, will allow Indian residents the ability to access more than 80 electronic bourses in 17 countries to which Interactive Brokers Group affiliates have membership. Indian customers will have immediate access to trading futures and options on the NSE, and IB India expects to offer trading in stocks soon. Clients will be able to trade these products from a single screen using IB's technology. The minimum account balance is the Indian rupee equivalent of USD 5,000.
Gerald Perez, Managing Director of IB's London office said, "We will be focusing on offering our online brokerage services to sophisticated individual investors. Our clients will be allowed not only to trade internationally and on the local NSE market on the same trading platform. The experience for our Indian clients will be high speed online trading to global markets, through our international award-winning trading platform (the IB TraderWorkstationSM), and at ultra-low commissions."
Resident Indians' overseas investments are currently restricted to $200,000 per annum by the Reserve Bank of India and investors are currently limited by regulations as to where they can invest. The costs of doing business abroad through a chain of several brokers can be costly. IB delivers a far more efficient trading solution drawing multiple global asset classes together and providing low-cost, superior trading technology with real-time risk-management.
Interactive Brokers, established in 1977, has built its own trading and risk-management technology resulting in lower trading costs for its customers. Commission minimums for Indian options contracts will be INR100 and INR60 per contract + costs (e.g., securities transaction costs, exchange charges, stamp duty and service tax). Minimum futures commissions will also be INR100 and 0.035% of the overall trade value + costs.
About Interactive Brokers
Interactive Brokers Group, Inc., together with its subsbidiaries, is an automated global electronic market maker and broker specializing in routing orders and executing and processing trades in securities, options, futures, foreign exchange instruments, bonds, and funds as a member of more than 80 electronic exchanges and trading venues around the world. The company provides professional traders and investors with direct access to stocks, options, futures, forex, bonds and funds. Employing proprietary software on electronic exchanges worldwide, Interactive Brokers is continuously integrating its software with a growing number of exchanges and trading venues into one automatically functioning, computerized platform that requires minimal human intervention.
Supporting documentation for any claims and statistical information will be provided upon request. Interactive Brokers (India) Pvt. Ltd is a member of NSE, Member code 12880, SEBI; Regn. No. INB 231288037 (CM), SEBI Regn. No. INF 231288037 (F&O).
CONTACT DETAILS
CONTACTS :
Press:
Interactive Brokers Group, Inc.
Gerald Perez - Managing Director
+44 20 7 776 7801
gperez@interactivebrokers.com
KEYWORDS
CONSUMER, MARKETING, BANKING, BUSINESS SERVICES, Financial Analyst, IT, STOCK EXCHANGES, TECHNOLOGY
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