Clearcorp to launch forex trading platform for bank customers on Aug 5 - BusinessLine

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Clearcorp to launch forex trading platform for bank customers on Aug 5 - BusinessLine

Clearcorp to launch forex trading platform for bank customers on Aug 5 - BusinessLine

Posted: 03 Aug 2019 12:00 AM PDT

Clearcorp Dealing Systems India Ltd (Clearcorp), a wholly owned subsidiary of Clearing Corporation of India Ltd (CCIL), will launch its forex trading platform, FX-Retail, for the customers of banks on Monday (August 5).

The FX-Retail platform will provide an anonymous and order driven dealing in US Dollar (USD) / Indian Rupee (INR) currency pair for bank customers -- individuals, sole proprietorship firms, partnership firms and corporates, Clearcorp said in a statement.

The web portal (www.fxretail.co.in) was made available for customer registration from July 1 this year. At the time of registration, customers are required to provide their details, relationship bank details and user information. On successful registration, the customer's details would be forwarded to the relationship bank for verification and approval.

On approval, the platform can be accessed through the internet wherein customers can directly place buy/sell orders as per their requirement. These orders will be matched on the basis of price time priority with other orders in the platform.

Clearcorp said customers will have access to current rates and directly place, hit, modify, cancel orders on the platform. Cash, Tom and Spot instruments will be available to trade on the platform. Customers can place orders and trade based on the limits set by the respective relationship banks.

The relationship bank can set Customer-wise mark up in paise or percentage terms which would be displayed to the customers on the platform.

On trade execution, the counter-party for the customer would always be the relationship bank selected at the time of order placement. The trades executed by the customer on the platform need to be settled bilaterally with the relationship bank.

Clearcorp said the platform would provide for transparency and better pricing to the customers. They would get a dealing platform which would facilitate automatic price discovery in addition to other qualitative benefits.

Retail forex trading set to go live today - Economic Times

Posted: 05 Aug 2019 12:00 AM PDT

Mumbai: A new retail currency trading platform goes live today enabling thousands of small businesses to trade at market prices, possibly ending years of complaint that banks cream them off with opaque contracts and fees in currency transactions.

The Clearing Corporation of India's electronic trading platform would enable exporters and importers to trade in US dollars at market prices, which banks and other brokers have access to. This would help traders improve their profitability while banks may lose some portion of their revenues.

"The platform provides for an anonymous and order driven dealing for the retail customers where they can place orders and trade in the USD/INR currency pair," said R Sridharan, managing director, CCIL. "Customers can directly place, hit, modify, cancel orders on the platform."

forex-graph

CCIL's retail foreign exchange electronic trading platform comes after years of complaints to the regulator by exporters and importers that they get a raw deal from banks through which they buy and sell foreign exchange. Banks charge a hefty fee for foreign exchange transactions crimping the margins of traders as the quantity in most cases small and that the market is not accessible to a large section of businesses.

The RBI began this process of improving the transparency in the foreign exchange market in 2017 and gave a final notification this year. The trading would be handled by Clearcorp Dealing Systems India, a subsidiary of CCIL. Although companies could have live trading screen they have to settle their trades through their banks and they don't have direct membership with Clearcorp. A bank, which is an authorised currency dealer, has to set the trading limits for its customers who would settle the transactions through the associate banks.

This move would address the transparency issue. "As it was over phone, some authorised bank dealers used to make the most of it especially when it comes to little-known clients," a trader said. So, total cost used to be derived after adding margin and risk premium over and above the market rate."

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