Tora Trading, an Asian electronic trading solutions provider, has become the latest firm to offer direct market access (DMA) connectivity to the Indian markets.
The firm’s TORA Compass trading platform will allow its clients to use DMA when trading equities, futures and options on the Bombay Stock Exchange and the National Stock Exchange of India, the country’s two largest stock exchanges.
Tora worked closely with brokerage firm Morgan Stanley – which is credited with executing the first Indian DMA trade on 11 July 2008 – to deploy the FIX and DMA connections needed. Morgan Stanley provided Tora with in-country resources and assistance and has begun executing trades for Tora clients using these connections.
“We are delighted to offer electronic execution services to Tora’s clients trading India,” said Scott Field-Marsham, managing director and head of electronic trading, Asia at Morgan Stanley, in a statement. “With the growth of the equity markets in India, it’s now crucial that our common buy-side clients have the same access to India as they have to other major Asian markets.”
DMA was introduced to the Indian market following regulatory changes made in April this year. A recent study by research firm Celent, estimates that DMA will account for 11% of total trade flow in India by 2011.