Financial Technologies (India) Ltd
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| Financial Technologies (India) Ltd | |
| |
| Founded | 1988 |
|---|---|
| Headquarters | Mumbai, with global offices including New Jersey in the U.S. |
| Key People | Jignesh Shah, chairman and CEO; Dewang Herala, director, technology |
| Employees | 2,347 |
| Web site | http://www.ftindia.com |
Financial Technologies (India) Ltd. is the country's largest provider of exchange and trading software and founder and principal shareholder of the Mumbai-based Multi Commodity Exchange of India. Its business extends across asset classes including equities, commodities, currencies and bonds.
As of March of 2008, Financial Technologies was a $1.84 billion global player in the area of creating and operating technology-centric financial markets. The firm has gotten press for its work with new asset classes and new investor classes that are either not adequately served or not economically viable to be served by traditional markets.
MCX Africa operates under the support of Financial Technologies. Financial Technologies has also established other successful exchanges in India - including for foreign exchange and for the perishables sector. Financial Technologies has worked to establish the Dubai Gold & Commodities Exchange, the Middle East’s first commodities and derivatives exchange in partnership with the government of Dubai, in addition to exchanges in Singapore and Mauritius.[1]
Contents |
History and Ownership
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FTIL was started in 1995 by Jignesh Shah and Dewang Neralla, two former colleagues at the Bombay Stock Exchange, and has expanded into a major provider of trading software and exchange technology and promoted the creation of new exchanges in India, Dubai and Mauritius.
The company listed on the Bombay Stock Exchange in January 1999, and on the National Stock Exchange of India in June 2005. Its market value stood at $3.2 billion at June 30, 2007, with management holding 47.5 percent of the issued capital and the balance publicly traded. Shah owns 19.25 percent.
On October 15, 2008 - Financial Technologies announced a deal to acquire a 90 percent stake in UK-based ACE Group for $22.5 million.[2]
Products
Financial Technologies' first product was ODIN (Open Dealer Integrated Network), a front-office solution targeted at brokers. Financial Technologies also offers an Internet trading platform, which is called FT Engines. The company is also present in the Forex market with its product called FX Direct. The company also has a STP (Straight-Through Processing) gate services.[3]
News
- In November of 2007, Financial Technologies announced it would partner with OMX for setting up Indian Energy Exchange (IEX).[4]
- In February of 2008, Financial Technologies announced that Multi commodity Exchange of (India) Ltd. (MCX), a company promoted by Financial Technologies, filed on Feb. 18, 2008, Draft Red Herring Prospectus (DRHP) with regulator the Securities & Exchange Board of India (SEBI) in connection with a proposed initial public offering (IPO) of MCX.[5]Financial Technologies has close to 64 percent stake in MCX. It would reportedly offer close to 10 percent in the impending public offer.[6]
- In May of 2008, it was announced that MCX Africa would take futures trading in commodities to 53 African countries. Financial Technologies is a promoter of MCX Africa.[7]
- In July of 2008, it was announced that Financial Technologies would spearhead the creation of the Singapore Mercantile Exchange (SMX), a new international commodity derivatives exchange in Singapore awaiting regulatory approval.[8]
- In August of 2008, Financial Technologies announced that its commodities exchange had received "in-principal" approval from the Securities and Exchange Board of India (SEBI) to start currency derivatives trade.[9]
Resources
- Annual report. Financial Technologies. Retrieved on November 13, 2007.
References
- ↑ Commodities Markets Revolution Comes to Botswana. Sunday Standard. Retrieved on September 17, 2007.
- ↑ Financial Tech to buy 90 pct in ACE Group for $22.5 mln. Reuters. Retrieved on October 16, 2008.<ref>
== Key People ==
- Chairman and Group CEO, [[Jignesh Shah]]
- Director of Technology, Dewang Neralla
- Director of Strategy, [[V. Hariharan]]
- Director of Business Development, [[Manjay Shah]]
- Director of Operations & HR, [[Paras Ajmera]]
- Director of Business Development - MENA, [[Arshad Khan]]
- Director of Finance, [[Shreekant Javalgekar]]
