Asian equities brokerage BNP Paribas Securities Asia has executed the first full direct market access (DMA) order on the National Stock Exchange of India (NSE).
The trade was executed through BNP Paribas’ local joint venture partner in India, Geojit Financial Services.
BNP Paribas said it is the first brokerage house to offer full DMA execution on the NSE. It added that The NSE is the fifteenth exchange in Asia through which it can offer DMA services.
Through its strategic partnership with Geojit Financial Services signed last May, BNP Paribas can now offer multi-product research as well as execution and trading capabilities on the Bombay Stock Exchange and National Stock Exchange through Geojit’s gateway.
“As India’s financial market opens up, this first DMA execution signifies that India is on its way towards applying global standards and best execution practices,” said CJ George, managing director of Geojit Financial Services, in a statement.
“Despite the tough market conditions, we are committed to continue investing in our securities business in India and the rest of Asia,” added Pierre Rousseau, CEO of BNP Paribas Securities Asia.