Hyderabad-based Twincity Trade Com Private Limited, a broking and advisory services firm, has tied up with UK-based Stockcom Tradez Inc to offer online commodity exchange services. Stockcom facilitates trade with six commodity exchanges in the US through its online portal stockcominc.com. | |
| "We now charge commission at $50 per transaction while earlier it came to about $100 per transaction," said A John Peter, chief executive officer of Twincity Trade Com. |
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| News and charts of international commodity exchanges were earlier facilitated through VSAT facility that was not only time consuming but also increased the cost per transaction, he said. |
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| The new brokerage model leveraged on the internet offers a discount by bringing down the transaction cost. At about 12,000 transactions in the last fiscal, Twincity recorded a turnover of $1.2 million. |
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| Explaining that brokerage was shifting from intermediation to infomediation, Peter said that a team of about 45 broker-analysts at Hyderabad and about 90 across India would educate and advise the investors interested in commodity trading. Each client would be provided the service of an analyst, he said. |
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| At present, Twincity has a customer base of 600 members, 35 per cent of whom are corporate customers and 65 per cent retail customers. |
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| In India, Twincity operates through Altos Advisory Services Private Ltd, Chennai, a trading and clearing member of the National Multi-Commodity Exchange (NMCE) and the Multi-Commodity Exchange of India Limited (MCX). |
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| The firm provides trading in a range of commodities including silver, gold, crude oil, coffee, copper, cotton, lumber, porkbelly, sugar, orange juice, soybean and wheat. Founded in May 2002, Twincity also offers forex and forex derivatives advisory and broking services through Stockcom in three major currencies "� euro, pound and yen. |
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