Geojit starts online trading in currency derivatives

Geojit Financial Services (GFS) officially launched internet trading in Currency Derviatives, with Vincent Lecomte, Deputy CEO, BNP Paribas Personal Investors, Paris, punching in the first trade at a function here.

Geojit Managing Director, C J George, said since the launch of currecny derivatives on NSE in August last year, Geojit had gained leadership in this segment. Since April last year, over five million online trades have been executed. Their volume of business in the last six months was about Rs 5,000 crore which is expected to touch Rs one lakh crore by the end of the year.

Geojit, which currently has 10,000 customers, is expecting to reach 50,000 customers in a year's time, he said.

The Over The Counter (OTC) market transactions between banks in India is close to $40 billion. This market will eventually shift to exchange trading platform since it was more transparent, he said.

Commenting on the launch, Lecomte said BNP Paribas, a leading online broker in Europe, will bring its global expertise and best practices for further strengthening Geojit's products and services.
 
Louis Rouvrais, Chief Information Officer, BNP Paribas, said India and Europe should collaborate on the IT front. Their IT budget was 18 million euro.
 
Geojit is one of the leading retail financial services companies in the country and in the Middle East and has 450,000 clients and a countrywide network of 500 offices.