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Mumbai,
May 22, 2000 - NSE.IT, the technology arm of the National Stock
Exchange of India and i-flex solutions limited today announced the
formation of DotEx International Limited (DIL) - a new e-trading
joint venture partnership company. The company will launch a
vertical portal that will offer a comprehensive range of products
and services to both market participants and investors. The initial
suite of services includes anytime, anywhere equity trading over the
Net using standard PCs, mobile phones and WAP-based devices.
DIL offers readymade technology and
processing infrastructure for market intermediaries to expand their
reach and service capability. For the first time in the country,
online investors will enjoy transparency and one-click convenience
with the integration of multiple market intermediaries such as
brokers, depositories, banks and investment consultants onto a
single platform. This model ensures complete freedom and flexibility
for investors across the country to deal with their preferred market
intermediaries.
A Board of Directors represented by
both partners will independently manage DotEx International Limited
(DIL). NSE.IT will hold 51% in DIL with i-flex holding 49%. The
company will announce its launch plans soon.
"DIL, without being an
intermediary, will bring together business entities and offer them a
splendid opportunity to realize the tremendous potential of the
Internet as a business enabler," said Satish Naralkar,
Executive Director, NSE.IT.
Deepak Ghaisas, Chief Financial
Officer, i-flex solutions limited said, "DotEx International
Limited will make the National Stock Exchange the first stock
exchange in India and among a few in the world to introduce an
e-trading model for its brokers and investors. We, at i-flex, are
proud to participate significantly in this initiative." He
further added, "The scope of the solution implemented is vast
and can easily be extended to include other stock exchanges into the
business framework. Its successful deployment and adoption will
serve as a proof of concept for other business communities."
According to Rajesh Hukku,
Chairman, i-flex solutions limited, "This initiative with
NSE.IT signals the arrival of i-flex in the e-commerce market in
India. i-flex not only brings to the table rich experience from
operating in 68 countries globally but also its strengths in
Internet and web technologies."
"We believe that this brokers
plaza model, will make leading-edge web-based stock trading a
reality in India. Over time, we will expand the services offered to
online book building, demat operations, derivatives trading and
other facilities in line with customer feedback and market
maturity" said Dr. R. H. Patil, Chairman, NSE.IT.
DIL brings together teams with
proven capability in establishing state-of-the-art trading systems
and extensive experience in successfully deploying e-commerce and
online trading solutions in advanced markets.
With this strategic initiative,
NSE.IT continues to redefine the market standards. The dot.com
paradigm promoted by NSE.IT and i-flex is driven by solid business
processes aimed at enhancing customer value. We are confident that
the success of this model can be replicated in markets outside the
country.
For NSE members, DIL makes the
concept of brick-less brokerage a reality. The existing
infrastructure used by Members to interact with the Exchange gets
augmented with a lower-cost, anytime-anywhere channel. Members can
expand their customer base and target specific segments of the
investment community. Additionally, this vortal is key to providing
connectivity to Members over multiple devices (mobile phones,
hand-held PDAs, etc).
Large brokerage houses already
having a presence on the Web will realize the benefits of a reliable
outsourcing partner. The extended capabilities planned for brokers
plaza, such as data warehousing and mining will enable Members to
extend their relationships and achieve customer intimacy.
For the common investor, this
initiative provides the ability to control and plan their investment
strategies to suit their investment objectives. Using a ubiquitous
medium, the investor can make informed and intelligent investment
decisions, and act on them immediately. This presents NSE with an
excellent strategy to leverage the Internet and web technology for
business. NSE.IT can offer a uniform mechanism for integration with
Member trading systems by introducing the concept of collaborative
brokering.
NSE.IT : - NSE.IT, a 100%
subsidiary of NSE, is the information technology arm of the leading
stock exchange in the country. A leading edge technology user, NSE
houses the state-of-the-art IT infrastructure and skills. NSE.IT was
set up with a view to bring together the unique understanding of the
securities industry that NSE possesses and the wealth of IT
expertise acquired over five years as the Exchange has leveraged
technology to assist in the growth and reform process of the
securities business.
Amongst the first products launched
by NSE.IT are NeatXS, an order routing system and Neat iXS, an
Internet trading system, for brokerage houses. Till date close to
100 copies of NeatXS / iXS have already been sold to brokers,
capturing major market share. NSE.IT has already been registered as
an Export Oriented Unit with STP and plans to go global for various
IT services in due course of time. In the near future it plans to
release new products for brokers' back office operations and enhance
NeatXS / iXS to support Straight Through Processing (STP), on the
net.
i-flex :- i-flex solutions limited,
formerly Citicorp Information Technology Industries Limited (CITIL),
specializes in providing state-of-the-art information technology
solutions to the Banking and Financial Services industry across the
globe. An SEI CMM Level 5 company, i-flex solutions is among the top
2% of companies in the world to be so assessed. i-flex is a global
player with over 240 financial institutions as its customers
spanning 68 countries. More information on i-flex's products and
services are available at www.iflexsolutions.com
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