| Gateway to exchange access includes the fundamental requirements for trading like information, risk management and market data. |
| The software developed by GL Trade will enable a broker in other locations to trade on MCX products simultaneously along with trades on other global bourses enabling arbitrage and hedging opportunities. |
| "We are in discussion with MCX to develop a product for trading, market data and risk management," Alastair McAlpine, a senior official at GL Trade, said. |
| GL Trade offers trading and order management software, market data, middle and back office solutions and a proprietary network connected to 500 financial institutions and over 100 cash and derivatives markets around the world. |
| A number of service providers are in talks with MCX and GL Trade is one of them, Joseph Massey, deputy managing director, MCX, said. "When international brokers come to India they would like to use systems that give connectivity to other global exchanges," Massey said. |
| At present, international brokerages' participation in Indian commodities futures market is low as foreign institutional investors have not been given the green signal to trade on these bourses. |
| The Forward Contract Regulation (Amendment) Bill, a legislation that will liberalise the commodity futures markets by allowing FII participation, is awaiting approval from Parliament. |
| "Also, as commodity markets get deeper with new products, there would be greater interest from international brokers," Massey said. |
| GL Trade, according to Massey, has software that has access to international exchanges. |
| This software known as GL Net is GL Trade's proprietary worldwide order routing network giving access to over 100 equities and derivatives markets around the world. |
| "Most of our products are custom-made and not OTC (over the counter)," McAlpine said. |
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