Financial Technologies India (FTIL) alleged On Monday that the National Stock Exchange (NSE), which has kept it on the ‘watch-list’, was also attempting to remove the firm from its panel of software vendors.
“(The) NSE is also attempting to remove FTIL from its empanelled list of vendors rather than responding to the queries and resolving the issue,” FTIL said in a public notice.
The row between the two entities began when FTIL sought permission for currency derivatives Application Protocol Interface (API) access to integrate with the current CTCL solution the NSE members were using. The integration with CTCL is believed to help brokers to access all markets — equity, F&O, commodity and currency derivatives — on a single screen.
FTIL has been empanelled with the NSE since 1998 as a CTCL solutions provider for equity as well as futures and options (F&O). The other empanelled members are NSE.IT (owned by NSE) and Omnesys.
Financial Technologies, which is also the main promoter of commodity bourses MCX and stock exchange MCX-SX, demanded clarification from the NSE for keeping it on the ‘watch-list’, in the public notice.
The reason for keeping the firm under watch has not been communicated to FTIL and the company has not been given an opportunity to represent its case.