The National Stock Exchange (NSE) warned stock brokers today about the unauthorised use of the Computer-to-Computer Link (CTCL) programme on trading terminals.
In its circular today, NSE said that the usage of any trading features such as algorithmic trading system, including features such as automatic square-off facilities without prior approval of the exchange, would be treated as a violation of the CTCL agreement.
CTCL is a programme that provides a single point trading excess to equity, commodity and currency derivatives market. Sources in NSE informed that through CTCL, many trading members had also been using additional trading terminals than actually permitted by the exchange. The CTCL link is provided to trading members by vendors empanelled with the exchange.
CTCL could also be useful as a single point trading programme for both currency and equity segments on NSE.
Prominent vendors empanelled with NSE include Omnesys Technologies, in which the exchange itself holds 26 per cent stake through a subsidiary and Jignesh Shah-promoted Financial Technologies India, which is NSE's rival in the currency derivatives segment and Religare Techno Global Services.
