Newedge, a global multi-asset brokerage, will provide derivatives and cash equities to institutional foreign investors via a newly-opened Mumbai-based securities business.
Newedge Broker India Private Limited employs 20 staff and holds membership and licenses to trade on the National Stock Exchange of India and the Bombay Stock Exchange.
Jerome Burban, managing director, Newedge Broker India, said, “The new entity brings to India a separate and distinct brand which is recognised globally as a leader in the broking industry. The change in structure is significant and provides a platform for further expansion in India.”
Burban said the company intends to expand its foreign client base while increasing exposure to domestic institutional clients. Another area of potential growth is the introduction of commodity products, which is aimed at capitalising on rising interest in India, he added.
Newedge has identified India, alongside China, as a priority for expansion, in part due to the recent rise in volumes on India’s financial markets. Newedge is a 50/50 joint venture between Société Générale and Calyon, with a presence in 24 locations in 17 countries. The firm offers clearing and execution services to institutional investors across a wide range of asset classes and has provides access to more than 85 exchanges.
Newedge also has announced the appointment of John Ruskin as named global head of financial futures and options (FF&O) execution. Ruskin, previously managing director for the Cube Division of Fimat, will oversee the global operations of Newedge’s FF&O teams, facilitating cross-border trading and client execution needs across asset classes.