First Derivatives secures contract with National Stock Exchange of India

First Derivatives plc (LON:FDP), a provider of investment and derivatives technology, today announced it has secured a contract with the National Stock Exchange of India Limited (NSE).

Under the agreement, FD will offer a range of trading services, based on its kdb+ software platform. After successful user testing, the system has gone live and as a result NSE is now able to provide its clients with the capability to test their algorithms before they are made live.

The contract adds a flagship global Exchange to FD’s customer base in a strategically important region.

Under the contract, FD will provide an Algorithmic Testing Facility which will enable NSE market participants to test the impact of their algorithms before they are deployed in production, using trade simulators to replay historical data, create market “noise” and generate extreme market shocks to fully explore the robustness and efficacy of new algorithms.

Ravi Varanasi, Chief, Business Development, NSE commented:

“The system is expected to deliver value added services to the market participants. We can now provide Algo Test facility and accompanying data analytics to the market participants when they want it. Through individual, group and crowd tests the market participants may track an algorithm’s efficiency within and across clients.”

Brian Conlon, Chief Executive Officer of FD, commented:

“This is an important win for FD, once again referencing our software’s ability to manage large volumes of real time data and, in this case, help Exchanges protect their integrity while allowing their market participants to deploy algorithms quickly and safely. We are delighted to welcome NSE as a client.”

To view the full announcement on the contract win, click here.

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