Financial Technologies (India) settles dispute with NSE

Financial Technologies (India) and National Stock Exchange of India (NSE) have settled all their disputes in relation to suit no 1 of 2009 before the Bombay High Court and both the parties have also filed consent terms therein on August 03, 2011.

The consent terms includes that the name of FTIL - ODIN shall be removed from the 'Watch-List' with immediate effect, NSE shall give FTIL, Application Protocol Interface (API) for the currency segment and NSE shall grant approvals in respect of new services/products of FTIL, subject to completion of pre-described requirements as agreed and FTIL shall co-operate with NSE for the same.

Currently, a broker who uses FTIL's trading software can access the BSE and NSE cash and stock derivative markets, commodities markets like MCX and NCDEX and the MCX-SX currency trade on a single terminal.  However, in the absence of the API, the same broker cannot access the NSE currency segment on a terminal with FTIL's front end. To do that, he has to install a separate terminal using a proprietary solution developed by NSE, called NOW. This result in additional software and manpower costs for a broker who uses FTIL's CTCL solution to link branches located across the country to the main server in his head office.

The dispute between the two began two-and-a-half years ago, after NSE wrote to some of its member brokers that FTIL had been put on its 'watchlist' due to 'systems and performance' issues on 'multiple occasions', following which FTIL sent the bourse a legal notice and the matter landed in the Bombay HC.

Financial Technologies (India) (FTIL) is a flagship company of the Financial Technologies Group. It provides technology solutions and domain expertise for digital transactions and financial markets across all asset class including equity, commodities, currency and debt. The company's flagship product ODIN is used for trading in securities and commodities and accounts for 80% of market share in India.

The National Stock Exchange (NSE) operates a nation-wide, electronic market, offering trading in Capital Market, Derivatives Market and Currency Derivatives segments including equities, equities based derivatives, Currency futures and options, equity based ETFs, Gold ETF and Retail Government Securities. Today NSE network stretches to more than 1,500 locations in the country and supports more than 2, 30,000 terminals.