ION has been certified as an independent software vendor for algorithmic clearing on BSE, expanding its capabilities with the exchange.
The algorithmic trading capabilities of Fidessa, ION’s trading platform, have been determined as compliant with BSE’s rules, and can now be used by exchange members.
Sanseep Sabnani, product strategy and growth lead for equities, added: “[This] demonstrates the trust and confidence in our Fidessa platform, [and] reinforces our dedication to providing market participants with advanced technology solutions tailored to the needs of the Indian capital markets.”
Algorithmic trading is on the rise in India, being used for more than 55% of trades. Through this approval, ION aims to further support changing market needs.
Bob Cioffi, global head of equities product management at ION, noted: ”India remains a key strategic market for ION and this empanelment enhances our ability to meet the region’s evolving needs.
Fidessa received approval as a cash equities trading vendor on the exchange last year, making ION the second non-Indian provider to join the independent software vendor list. A total of 14 firms have been approved.
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