Electronic Trading in India

8/6/2019 Electronic Trading in India

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Electronic Trading in IndiaIndias debt markets have experienced rapid growth and along with that electronic trading also risen

sharply, with the market growing at a CAGR over 75% since 2005.

India's debt markets have experienced rapid growth and along with that electronic

trading also risen sharply, with the market growing at a CAGR over 75% since 2005,according to a recent Celent report. In spite of being a late starter, India is expectedto have around 80% share of debt transactions being conducted electronically by the

end of 2009, making it competitive with the US and Japan, the world's leading globaldebt markets. However, the Indian debt markets are small by international

standards, constituting just about 1% of the global market, according to the newreport, E-Trading in the Indian Debt Markets: Growth in the Downturn. Celent is a

Boston-based financial research and consulting firm. Key findings of the reportinclude:

India is one of the world's leading emerging markets, growing at a rate of 5-6%even through a period of global economic downturn. The introduction of electronic

trading has increased transparency and liquidity in the market. The CAGR for thegovernment bond market has been nearly 79% since the introduction of electronictrading.

India is one of the world's leading emerging markets, growing at a rate of 5-6%

even through a period of global economic downturn. The introduction of electronictrading has increased transparency and liquidity in the market. The CAGR for the

government bond market has been nearly 79% since the introduction of electronictrading.

India is one of the world's leading emerging markets, growing at a rate of 5-6%even through a period of global economic downturn. The introduction of electronic

trading has increased transparency and liquidity in the market. The CAGR for thegovernment bond market has been nearly 79% since the introduction of electronic

trading.

Electronic trading will continue to become more popular, and the role of voice-brokingwill decrease further. NDS-OM has already set the trend, and the exchanges and theinterdealer brokers (e.g., ICAP) are following it with a greater emphasis on electronictrading.The corporate bonds market is dwarfed by its government bond counterpart. Currently,the corporate side of the bond market accounts for only 8% of the overall debt market,while government securities account for as much as 92%. The government debt markethas greater liquidity and depth, and this is expected to continue even after the success of

NDS-OM, the electronic platform.India's retail market has failed to meet expectations. There had been high expectations fora rise in retail participation in the markets, especially from the exchanges. This has failedto materialize and both NSE and BSE have seen no trading in the segment. However,retail interest in debt funds is high because they are an attractive means of reducingvolatility in the current economic climate. As much as Rs. 1.3 trillion has been mobilizedin April-May 2009 by debt mutual funds, as opposed to an outgo of Rs. 285 billion in theprevious financial year (i.e., April 2008 to March 2009).


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A couple of the leading global IDBs have entered the market. However, the Indianmarket environment as it stands is not conducive to the entry and growth of IDBs due tothe nature of the market and regulatory issues. But it is believed that the IDBs have animportant contribution to make if the Indian market is to achieve its true potential byglobal standards, as they aid price discovery and improve access to large pools of

liquidity while maintaining anonymity.The derivatives market has suffered from regulatory hurdles and a lack of participation. Ithad seen high volumes for OTC interest rate swaps (IRS) until July 2008, but there hasbeen a decline, and the turnover of IRS is only 30-35% of July 2008 levels. However,Celent believes that fixed income derivative products will increase in number andvolume.The Clearing Corporation of India (CCIL) has had a critical role to play in the growth ofthe industry. Its contribution has been vital in the success of the NDS-OM platform aswell as the money markets for instruments such as collateralized borrowing and lendingobligations (CBLOs). More innovative participants such as CCIL are required for thedebt markets to succeed in the long run.

India's retail market has failed to meet expectations. There had been high expectations fora rise in retail participation in the markets, especially from the exchanges. This has failedto materialize and both NSE and BSE have seen no trading in the segment. However,retail interest in debt funds is high because they are an attractive means of reducingvolatility in the current economic climate. As much as Rs. 1.3 trillion has been mobilizedin April-May 2009 by debt mutual funds, as opposed to an outgo of Rs. 285 billion in theprevious financial year (i.e., April 2008 to March 2009).NSE has created a niche in the debt markets. The wholesale debt market of NSEcommands an 8% share of overall government debt trading. Similarly, it has a 46% sharein 2009 (until June) in the corporate bond market. However, BSE is struggling in thegovernment bond market and has a 16% share in the corporate bond market.To get the full report visit www.Celent.com

Electronic trading will continue to become more popular, and the role of voice-brokingwill decrease further. NDS-OM has already set the trend, and the exchanges and theinterdealer brokers (e.g., ICAP) are following it with a greater emphasis on electronictrading.The corporate bonds market is dwarfed by its government bond counterpart. Currently,the corporate side of the bond market accounts for only 8% of the overall debt market,while government securities account for as much as 92%. The government debt markethas greater liquidity and depth, and this is expected to continue even after the success ofNDS-OM, the electronic platform.
http://www.celent.com/http://www.celent.com/


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India's retail market has failed to meet expectations. There had been high expectations fora rise in retail participation in the markets, especially from the exchanges. This has failedto materialize and both NSE and BSE have seen no trading in the segment. However,retail interest in debt funds is high because they are an attractive means of reducingvolatility in the current economic climate. As much as Rs. 1.3 trillion has been mobilized

in April-May 2009 by debt mutual funds, as opposed to an outgo of Rs. 285 billion in theprevious financial year (i.e., April 2008 to March 2009).A couple of the leading global IDBs have entered the market. However, the Indianmarket environment as it stands is not conducive to the entry and growth of IDBs due tothe nature of the market and regulatory issues. But it is believed that the IDBs have animportant contribution to make if the Indian market is to achieve its true potential byglobal standards, as they aid price discovery and improve access to large pools ofliquidity while maintaining anonymity.The derivatives market has suffered from regulatory hurdles and a lack of participation. Ithad seen high volumes for OTC interest rate swaps (IRS) until July 2008, but there hasbeen a decline, and the turnover of IRS is only 30-35% of July 2008 levels. However,

Celent believes that fixed income derivative products will increase in number andvolume.The Clearing Corporation of India (CCIL) has had a critical role to play in the growth ofthe industry. Its contribution has been vital in the success of the NDS-OM platform aswell as the money markets for instruments such as collateralized borrowing and lendingobligations (CBLOs). More innovative participants such as CCIL are required for thedebt markets to succeed in the long run.India's retail market has failed to meet expectations. There had been high expectations fora rise in retail participation in the markets, especially from the exchanges. This has failedto materialize and both NSE and BSE have seen no trading in the segment. However,retail interest in debt funds is high because they are an attractive means of reducingvolatility in the current economic climate. As much as Rs. 1.3 trillion has been mobilizedin April-May 2009 by debt mutual funds, as opposed to an outgo of Rs. 285 billion in theprevious financial year (i.e., April 2008 to March 2009).NSE has created a niche in the debt markets. The wholesale debt market of NSEcommands an 8% share of overall government debt trading. Similarly, it has a 46% sharein 2009 (until June) in the corporate bond market. However, BSE is struggling in thegovernment bond market and has a 16% share in the corporate bond market.To get the full report visit www.Celent.com

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Error! Hyperlink reference not valid.Error! Hyperlink reference not valid.Error! Hyperlink reference not valid.Error! Hyperlink reference not valid.Error! Hyperlink reference not valid.0/0Error! Hyperlink reference not valid.Electronic trading will continue to become more popular, and the role of voice-brokingwill decrease further. NDS-OM has already set the trend, and the exchanges and theinterdealer brokers (e.g., ICAP) are following it with a greater emphasis on electronictrading.The corporate bonds market is dwarfed by its government bond counterpart. Currently,the corporate side of the bond market accounts for only 8% of the overall debt market,

while government securities account for as much as 92%. The government debt markethas greater liquidity and depth, and this is expected to continue even after the success ofNDS-OM, the electronic platform.India's retail market has failed to meet expectations. There had been high expectations fora rise in retail participation in the markets, especially from the exchanges. This has failedto materialize and both NSE and BSE have seen no trading in the segment. However,retail interest in debt funds is high because they are an attractive means of reducingvolatility in the current economic climate. As much as Rs. 1.3 trillion has been mobilizedin April-May 2009 by debt mutual funds, as opposed to an outgo of Rs. 285 billion in theprevious financial year (i.e., April 2008 to March 2009).A couple of the leading global IDBs have entered the market. However, the Indian

market environment as it stands is not conducive to the entry and growth of IDBs due tothe nature of the market and regulatory issues. But it is believed that the IDBs have animportant contribution to make if the Indian market is to achieve its true potential byglobal standards, as they aid price discovery and improve access to large pools ofliquidity while maintaining anonymity.The derivatives market has suffered from regulatory hurdles and a lack of participation. Ithad seen high volumes for OTC interest rate swaps (IRS) until July 2008, but there hasbeen a decline, and the turnover of IRS is only 30-35% of July 2008 levels. However,
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10/23

Celent believes that fixed income derivative products will increase in number andvolume.The Clearing Corporation of India (CCIL) has had a critical role to play in the growth ofthe industry. Its contribution has been vital in the success of the NDS-OM platform aswell as the money markets for instruments such as collateralized borrowing and lending

obligations (CBLOs). More innovative participants such as CCIL are required for thedebt markets to succeed in the long run.India's retail market has failed to meet expectations. There had been high expectations fora rise in retail participation in the markets, especially from the exchanges. This has failedto materialize and both NSE and BSE have seen no trading in the segment. However,retail interest in debt funds is high because they are an attractive means of reducingvolatility in the current economic climate. As much as Rs. 1.3 trillion has been mobilizedin April-May 2009 by debt mutual funds, as opposed to an outgo of Rs. 285 billion in theprevious financial year (i.e., April 2008 to March 2009).NSE has created a niche in the debt markets. The wholesale debt market of NSEcommands an 8% share of overall government debt trading. Similarly, it has a 46% share

in 2009 (until June) in the corporate bond market. However, BSE is struggling in thegovernment bond market and has a 16% share in the corporate bond market.To get the full report visit www.Celent.com


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street-2010-next-stop-nanoseconds.html Accelerating WallStreet 2010 Next Stop: Nanoseconds

With data latency on its way to being measured in nanoseconds, Wall Street firms all arelooking for an edge. This special editorial report examines the latest innovations in the
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low-latency arms race and provides exclusive insights from WS&T's Accelerating WallStreet 2010 conference.

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3;BnId=0;itime=152995582;key=220001023+/showArticle.; http://adserver.adtechus.com/?adlink/5242/1183877/0/16/AdId=-


Error! Hyperlink reference not valid.Error! Hyperlink reference not valid.Error! Hyperlink reference not valid.

Error! Hyperlink reference not valid.Error! Hyperlink reference not valid.0/0Error! Hyperlink reference not valid.Electronic trading will continue to become more popular, and the role of voice-brokingwill decrease further. NDS-OM has already set the trend, and the exchanges and theinterdealer brokers (e.g., ICAP) are following it with a greater emphasis on electronictrading.The corporate bonds market is dwarfed by its government bond counterpart. Currently,the corporate side of the bond market accounts for only 8% of the overall debt market,while government securities account for as much as 92%. The government debt market

has greater liquidity and depth, and this is expected to continue even after the success ofNDS-OM, the electronic platform.India's retail market has failed to meet expectations. There had been high expectations fora rise in retail participation in the markets, especially from the exchanges. This has failedto materialize and both NSE and BSE have seen no trading in the segment. However,retail interest in debt funds is high because they are an attractive means of reducingvolatility in the current economic climate. As much as Rs. 1.3 trillion has been mobilized
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in April-May 2009 by debt mutual funds, as opposed to an outgo of Rs. 285 billion in theprevious financial year (i.e., April 2008 to March 2009).A couple of the leading global IDBs have entered the market. However, the Indianmarket environment as it stands is not conducive to the entry and growth of IDBs due tothe nature of the market and regulatory issues. But it is believed that the IDBs have an

important contribution to make if the Indian market is to achieve its true potential byglobal standards, as they aid price discovery and improve access to large pools ofliquidity while maintaining anonymity.The derivatives market has suffered from regulatory hurdles and a lack of participation. Ithad seen high volumes for OTC interest rate swaps (IRS) until July 2008, but there hasbeen a decline, and the turnover of IRS is only 30-35% of July 2008 levels. However,Celent believes that fixed income derivative products will increase in number andvolume.The Clearing Corporation of India (CCIL) has had a critical role to play in the growth ofthe industry. Its contribution has been vital in the success of the NDS-OM platform aswell as the money markets for instruments such as collateralized borrowing and lending

obligations (CBLOs). More innovative participants such as CCIL are required for thedebt markets to succeed in the long run.India's retail market has failed to meet expectations. There had been high expectations fora rise in retail participation in the markets, especially from the exchanges. This has failedto materialize and both NSE and BSE have seen no trading in the segment. However,retail interest in debt funds is high because they are an attractive means of reducingvolatility in the current economic climate. As much as Rs. 1.3 trillion has been mobilizedin April-May 2009 by debt mutual funds, as opposed to an outgo of Rs. 285 billion in theprevious financial year (i.e., April 2008 to March 2009).NSE has created a niche in the debt markets. The wholesale debt market of NSEcommands an 8% share of overall government debt trading. Similarly, it has a 46% sharein 2009 (until June) in the corporate bond market. However, BSE is struggling in thegovernment bond market and has a 16% share in the corporate bond market.To get the full report visit www.Celent.com


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