Forex Auto Trading Software Na Índia

Forex Trading Índia - FX provado Trading Robot Software. Namesta Sat Sri Akal Salaam e Hi. Introducing TBFX para a Índia TBFX é um líder do mercado em Forex Trading Systems. TBFX tem estado na vanguarda da Trading Robot Systems ao longo da última década Nosso objetivo foi Para criar um sistema de robô inteligente para executar comércios com precisão clínica e para otimizar cada trade. Our sucesso no nível corporativo é testemunho dessa conquista e nosso sistema está agora disponível para clientes de varejo E, pela primeira vez, nosso software disponível Na Índia. TBFX Robot - Auto aprendizagem adaptação automática software. Our Auto Trading software é baseado em sofisticados algoritmos e estratégias de negociação que foram criados ao longo de vários anos, mas sendo auto-aprendizagem, ele se adapta constantemente às condições do mercado em mudança como ele re-calibra todos os dias Isso significa que nunca fica desatualizado, só se torna mais preciso. Nosso Robot TBFX comércios para você 24 horas por dia, 5 dias por semana, sem intervenção humana Automat Analisa as 6 maiores moedas AUD USD, GBP USD EUR, EUR JPY, GBP EUR e USD JPY para encontrar entradas e saídas lucrativas de negociação. Clientes de QUALQUER país podem se candidatar, Incluindo pela primeira vez, a Índia. Descubra mais informações Descubra Mais informações quando você clica em Assinar TBFX FREE abaixo. TBFX Live Trades - Aqui estão os comércios fechados nos últimos minutos. Para garantir a transparência completa para você, publicamos todas as nossas entradas de comércios e saídas, negociações positivas e negociações negativas todos vivem como Nosso robô leva cada trade. Last 5 Trades do navegador TBFX Robot. Your não suporta frames inline ou está configurado atualmente para não exibir quadros inline Veja mais TBFX Robot Trades de hoje Para ver uma lista completa de negócios de hoje mais LIVE posições abertas A partir de nossa declaração de negociação sobre MyFXBook - clique em inscrição para TBFX FREE abaixo. TBFX desempenho de negociação de robô - você pode acompanhar o nosso desempenho de negociação. Você pode verificar os nossos resultados de negociação em tempo real como eles acontecem Note que podemos configurar sua conta de negociação T para espelhar este desempenho em sua conta comercial pessoal. Ver Robo TBFX Completo Diário, Semanal, Mensal Performance. As você pode ver este robô pode retornar cerca de 1 diariamente com baixo risco. Para ver um relatório com a desagregação completa do robô TBFX por , Dia, semana e mês através de MyFXBook - Faça o Click Signup para TBFX FREE abaixo. TBFX Live Trading Account - Você pode verificar os nossos resultados de negociação publicado em MYFXBOOK. Trades nesta conta usar os nossos sinais automatizados e executado ao vivo sobre fundos reais mostrados em nosso bradcast ao vivo Da Plataforma MT4 e Tadawul FX Broker Conta Isto mostra-lhe todas as posições em aberto LIVE com todos os detalhes comerciais Número da conta, Data Hora de negociação, Tipo Tamanho do lote, Moeda Par, Pips feitas, com saldo da conta real de nossa Live TBFX oficial Tadawul FX Trading Account Micro Account usado por razões promocionais. Live Broadcast - Acesse nossa conta de negociação real TBFX Live com Tadawul FX Para ver posições atuais em aberto, saldo de negociação e Equity, clique em Registrar TBFX GRÁTIS abaixo. TBFX Market Insight - 1 30PM GMT Market Daily Rundown sobre os 6 Pairs. You Moeda Maior pode obter este relatório diretamente em sua caixa de entrada antes das 11h todos os dias Inscreva-se livre today. Date Postado 26 Jul 2012 1 34 45 PM. The R e S Pontos são preços-chave para cada par são alvos e também pontos de entrada. Exemplo EURUSD move-se até o preço R1 e desacelera em torno deste preço entrar curto vender bloqueio no comércio com lucro pequeno, em seguida, o alvo diário pivot. The Prós e contras de Automated Trading Systems. Traders e os investors podem girar a saída exata da entrada e as réguas da gerência do dinheiro em sistemas negociando automatizados que permitem que os computadores executem e monitorem os comércios Uma das atrações as mais grandes da automatização da estratégia é que pode fazer exame de alguma da emoção fora de negociar porque os comércios são automaticamente Colocados uma vez que determinados critérios são satisfeitos Este artigo introduzirá leitores e explicará algumas das vantagens e desvantagens, bem como as realidades, dos sistemas de negociação automatizados. Power of Program Trades. O que é um sistema automatizado de negociação Sistemas de negociação automatizados, também conhecidos como sistemas de negociação mecânica, negociação algorítmica de negociação automatizada ou sistema de negociação, permitem que os comerciantes para estabelecer regras específicas para ambas as entradas comerciais e saídas que, uma vez programado, pode ser Executadas automaticamente através de um computador As regras de entrada e saída de comércio podem ser baseadas em condições simples, tais como um crossover de média móvel ou podem ser estratégias complicadas que requerem uma compreensão abrangente da linguagem de programação específica para a plataforma de negociação do usuário ou a experiência de um Programador qualificado Os sistemas de negociação automatizados normalmente requerem o uso de software que está ligado a um intermediário de acesso direto e quaisquer regras específicas devem ser escritas na linguagem proprietária da plataforma. A plataforma TradeStation, por exemplo, usa a linguagem de programação EasyLanguage da plataforma NinjaTrader Por outro lado, utiliza a linguagem de programação NinjaScript Figura 1 mostra um e Um gráfico de cinco minutos do contrato ES com uma estratégia automatizada aplicada. Algumas plataformas de negociação têm assistentes de construção de estratégia que Permitem que os usuários façam seleções a partir de uma lista de indicadores técnicos comumente disponíveis para criar um conjunto de regras que podem então ser negociadas automaticamente. O usuário pode estabelecer, por exemplo, que uma negociação longa será inserida uma vez que a média móvel de 50 dias cruza acima da Média móvel de 200 dias em um gráfico de cinco minutos de um determinado instrumento de negociação Os usuários também podem introduzir o tipo de mercado de ordem ou limite, por exemplo e quando o comércio será desencadeado, por exemplo, no final da barra ou abrir do Próxima barra, ou usar as entradas padrão da plataforma s Muitos comerciantes, no entanto, optar por programar seus próprios indicadores personalizados e estratégias ou trabalhar em estreita colaboração com um programador para desenvolver o sistema Enquanto este tipo Isso requer mais esforço do que usar o assistente da plataforma, permite um grau muito maior de flexibilidade e os resultados podem ser mais gratificantes Infelizmente, não há estratégia de investimento perfeita que garanta o sucesso Para mais, consulte Usando indicadores técnicos para desenvolver estratégias de negociação. Uma vez que as regras foram estabelecidas, o computador pode monitorar os mercados para encontrar oportunidades de compra ou venda com base nas especificações da estratégia de negociação Dependendo das regras específicas, assim que um comércio é inserido, Será automaticamente gerado Em mercados em movimento rápido, esta entrada de ordem instantânea pode significar a diferença entre uma pequena perda e uma perda catastrófica no caso de o comércio se move contra o comerciante. Vantagens dos Sistemas de Negociação Automatizada Há uma longa lista de vantagens de ter um Computador monitorar os mercados para oportunidades de negociação e executar os comércios, including. Minimize Emotions Automated t Rading sistemas minimizar as emoções ao longo do processo de negociação Por manter as emoções em cheque, os comerciantes normalmente têm um tempo mais fácil aderindo ao plano Desde ordens de comércio são executadas automaticamente uma vez que as regras comerciais foram cumpridas, os comerciantes não será capaz de hesitar ou questionar o comércio Além de ajudar os comerciantes que têm medo de puxar o gatilho, negociação automatizada pode frear aqueles que são propensos a overtrade compra e venda em cada oportunidade percebida. Atitude para Backtest Backtesting aplica regras comerciais para dados históricos do mercado para determinar a viabilidade da idéia Ao projetar Um sistema para negociação automatizada, todas as regras precisam ser absolutas, sem espaço para interpretação o computador não pode fazer suposições que tem que ser dito exatamente o que fazer Os comerciantes podem tomar estes conjuntos precisos de regras e testá-los em dados históricos antes de arriscar dinheiro em Live trading Backtesting cuidadoso permite que os comerciantes para avaliar e afinar uma idéia de negociação, e para determinar o sistema s expectanc Y o valor médio que um trader pode esperar ganhar ou perder por unidade de risco Oferecemos algumas dicas sobre este processo que pode ajudar a refind suas estratégias de negociação atuais. Para mais, veja Backtesting Interpretando o Passado. Disciplina de Preservação Porque as regras de comércio são estabelecidas e A execução do comércio é executada automaticamente, a disciplina é preservada mesmo em mercados voláteis Disciplina é muitas vezes perdida devido a fatores emocionais, como medo de tomar uma perda, ou o desejo de eke um pouco mais de lucro de um comércio Automated trading ajuda a garantir que a disciplina é mantida Porque o plano de negociação será seguido exatamente Além disso, o piloto de erro é minimizado, e uma ordem para comprar 100 ações não será incorretamente inserido como uma ordem para vender 1.000 partes. Cobertura Consistência Um dos maiores desafios na negociação é planejar a Comércio e comércio o plano Mesmo se um plano de negociação tem o potencial de ser rentável, os comerciantes que ignoram as regras estão alterando qualquer expectativa que o sistema teria tido Não há tal coisa como um plano de negociação que ganha 100 das perdas de tempo são uma parte do jogo Mas as perdas podem ser psicologicamente traumatizante, então um comerciante que tem dois ou três comércios perdidos em uma linha pode decidir ignorar o próximo comércio Se Este comércio seguinte teria sido um vencedor, o comerciante já destruiu qualquer expectativa que o sistema tinha Sistemas automatizados de negociação permitem que os comerciantes para alcançar a consistência através da negociação do plano É impossível evitar o desastre sem regras de negociação Para mais, veja 10 Passos para Construir um Vencedor Trading Plan. Improved Velocidade Entrada Ordem Desde computadores respondem imediatamente às condições de mercado em mudança, sistemas automatizados são capazes de gerar ordens, logo que os critérios comerciais são satisfeitas Entrando ou saindo de um comércio de alguns segundos mais cedo pode fazer uma grande diferença no comércio s Resultado Assim que uma posição é inserida, todas as outras ordens são geradas automaticamente, incluindo perdas de parada de proteção e metas de lucro. Os mercados podem se mover rapidamente e é desmoralizante para Ter um comércio alcançar a meta de lucro ou soprar passado um nível de perda de stop antes que as ordens podem mesmo ser inserido Um sistema de comércio automatizado evita que isso aconteça. Diversificação Trading Sistemas de negociação automatizados permitem ao usuário negociar várias contas ou várias estratégias ao mesmo tempo Isso tem O potencial para espalhar o risco sobre vários instrumentos ao criar uma proteção contra a perda de posições O que seria incrivelmente desafiador para um ser humano a realizar é executado de forma eficiente por um computador em questão de milissegundos O computador é capaz de procurar oportunidades de negociação em uma variedade de mercados , Gerar ordens e monitorar trades. Disadvantages e Realidades de Sistemas de Negociação Automatizada Sistemas de negociação automatizados possuem muitas vantagens, mas existem algumas quedas de e realties para que os comerciantes devem estar conscientes. Falhas mecânicas A teoria por trás de negociação automatizada faz parecer simples configurar o Software, programa as regras e vê-lo comércio Na realidade, no entanto, negociação automatizada i Um método sofisticado de negociação, mas não infalível Dependendo da plataforma de negociação, uma ordem comercial poderia residir em um computador e não um servidor O que isso significa é que se uma conexão à Internet é perdida, uma ordem pode não ser enviada para o mercado Não poderia Também ser uma discrepância entre os ofícios teóricos gerados pela estratégia eo componente de plataforma de entrada de pedidos que transforma-los em verdadeiros comércios A maioria dos comerciantes deve esperar uma curva de aprendizagem ao usar sistemas de negociação automatizados e geralmente é uma boa idéia para começar com pequenas trocas Enquanto o processo é refinado. Monitoramento Embora seria ótimo para ligar o computador e sair para o dia, sistemas de negociação automatizados requerem monitoramento Isso é devido fazer o potencial para falhas mecânicas, como problemas de conectividade, perdas de energia ou falhas de computador, E às peculiaridades do sistema É possível que um sistema de negociação automatizado experimente anomalias que possam resultar em ordens erradas, encomendas em falta ou encomendas duplicadas Se o sistema for monitorado, esses eventos podem ser identificados e resolvidos rapidamente. Otimização extra Embora não seja específico para sistemas de negociação automatizados, os comerciantes que empregam técnicas de backtesting podem criar sistemas que parecem ótimos no papel e ter um ótimo desempenho em um mercado real. A excessiva curva de ajuste que produz um plano de negociação que não é confiável em negociação ao vivo É possível, por exemplo, para ajustar uma estratégia para alcançar resultados excepcionais sobre os dados históricos em que foi testado Traders vezes incorretamente assumem que um plano de negociação deve ter Perto de 100 negócios rentáveis ​​ou nunca deve experimentar uma redução para ser um plano viável Como tal, os parâmetros podem ser ajustados para criar um plano quase perfeito que falha completamente logo que é aplicado a um mercado vivo Esta sobre-otimização cria sistemas que parecem Bom no papel somente Para mais, veja o Backtesting eo teste dianteiro a importância de correlation. Server-Based Automation Traders tem a opção de Operar seus sistemas de negociação automatizada através de uma plataforma de negociação baseada em servidor, como Strategy Runner Estas plataformas freqüentemente oferecem estratégias comerciais para venda, um assistente para que os comerciantes podem projetar seus próprios sistemas, ou a capacidade de hospedar sistemas existentes na plataforma baseada em servidor. O sistema automatizado de negociação pode verificar, executar e monitorar os negócios com todas as ordens que residem em seu servidor, resultando em entradas de ordem potencialmente mais rápidas e confiáveis. Conclusão Embora um ppealing para uma variedade de fatores, sistemas de negociação automatizada não deve ser considerado um Substituição para a negociação cuidadosamente executada Falhas mecânicas podem acontecer e, como tal, esses sistemas exigem monitoramento Plataformas baseadas em servidor podem fornecer uma solução para os comerciantes que desejam minimizar os riscos de falhas mecânicas Para leitura relacionada, consulte Day Trading estratégias para iniciantes. Montante dos dinheiros que os Estados Unidos podem contrair O teto da dívida foi criado sob o Segundo Ato de Bond da Liberdade. A taxa de juros em que uma instituição depositária empresta fundos mantidos no Federal Reserve a outra instituição depositária.1 Uma medida estatística da dispersão de retornos para um determinado título ou índice de mercado A volatilidade pode ser medida. Um ato que o Congresso dos EUA aprovou em 1933 como A Lei Bancária, que proibia os bancos comerciais de participar no investimento. A folha de pagamento não-agrícola refere-se a qualquer trabalho fora das fazendas, famílias e do setor sem fins lucrativos. O US Bureau of Labour. The sigla de moeda ou símbolo de moeda para a rupia indiana INR, Da Índia A rupia é composta de 1.MT4 Robo plugin é chamado lançado 9142227173 para mais detalhes. O segredo por trás de uma negociação bem sucedida é uma razão de recompensa bom risco Se você ignorar isso, certamente, você vai perder Isso não vai cuidar, qual grande gráfico ou estratégia de negociação que você está usando A maioria dos provedores de gráficos e provedores dicas estão ignorando RRR Resultado sim você Sei. A emoção é o maior inimigo do comércio Use o software Auto Trading e ver a diferença. O que é sistema de negociação robótica. Sistema de negociação robótico também referido como negociação algo, negociação automática, negociação algorítmica ou executor de comércio automático, permitir que os comerciantes para entrar e sair para o comércio Sem intervenção humana com base em condições simples ou complexas A maioria dos sistemas de Trading robótico exigiu um software de gráficos com dados em tempo real, Plugin executor comercial e corretores de negociação terminal Tudo que você precisa fazer é ativar uma estratégia em seu software de gráficos e executar robotic comércio plugin-lo Será executado até que você desativá-lo Você pode monitorar seu desempenho a qualquer momento e fazer mudanças em tempo real, conforme necessário. A primeira coisa na negociação robótica é criar uma estratégia de negociação A estratégia pode ser média móvel cruzamento, Oscilador estratégias relacionadas, por exemplo, se a sua estratégia é 20-5 média móvel cruzamento sempre 5 período média móvel atravessar 20 período em movimento Média em direção ascendente, uma condição de compra ocorrerá e software de negociação robótico irá colocar uma ordem de compra para o seu terminal de negociação Com base na sua estratégia de saída, ele vai reservar lucro ou sair quando parar de perda atinge Por exemplo, se o seu preço de compra é 7700 alvo é 7750 E parar a perda é 7680 depois de executar o sinal de compra robo comerciante irá monitorar o gráfico para 7750 ou 7680 para sair da posição longa Para fazer estratégia de negociação complexa, você deve ter um bom conhecimento de análise técnica e habilidades de programação ou você pode se inscrever de um especialista . 95 Comerciantes estão perdendo seu capital devido emocional Trading Use Robo Trader para evitar it. REAL ROBO TRADER. The Ultimate software de negociação automática. Real e papel trading mode. T rade com chave scrip. Control ilimitado por muito tempo só, curta ou curta apenas. Part quantidade lucro booking mode. Target 1 e Target 2 lucro booking options. Level negociação baseada para pivô, Gann ou Fibonacci traders. Xsignal-YScrip Trading Primeira vez na Índia. Trailing stop loss. trailing parar perda no alvo 1 hit. Stop perda Entrada no alvo 1.reverse em stop loss. Set ativo lucro daily loss. scrip wised gestão de risco. Nação de notificação por som ou email. VPS Virtual Private Server facilidade em demand. Multi-robo usuário na demanda para corretores sub-corretores. Adequado para qualquer Amibroker AFL. Excel baseado estratégia executer. MultyScript cesta de negociação New. Option estratégia de automação Primeira vez em India. Lowest subscrição mensal nosso robo com os outros e, em seguida, decidir. uma simples negociação robótica AFL. É muito simples robótica trding estratégia. Para criar estratégias complexas, por favor contacte ou ligue para 9142227173.Plot C, Close, ParamColor Cor, colorDefault, styleNoTitle Estilo ParamStyle GetPriceStyle. PlotShapes IIf Comprar, shapeUpArrow, shapeNone, colorBlue, 0, L, Offset -45.PlotShapes IIf Curto, shapeDownArrow, ShapeNone, colorRed, 0, H, Offset -45.PlotShapes IIf Capa, shapeSmallCircle, shapeNone, colorBlue, 0, L, Offset -35.PlotShapes IIf Venda, shapeSmallCircle, shapeNone, colorRed, 0, H, Offset 35.copy and paste O código acima para amibroker juntamente com plugin robótico e testá-lo. Qual é a vantagem de trading. It robotic está reduzindo suas emoções Emoções têm um grande rolo em nosso sucesso comercial, especialmente no dia de negociação É uma alternativa perfeita para controlar as emoções. É a prevenção de mais de comércio A maioria dos comerciantes têm esta questão quando o mercado é altamente volátil, os comerciantes tentará mais de comércio e pode acabar com perda enorme. Disciplina de manutenção É um outro inimigo do comerciante entrada tardia, mudando a perda de stop Wa Iting para mais lucro etc. Improves a velocidade negociando Após ter aparecido o sinal da compra, normalmente dentro da ordem de 3 segundos será colocado a seu terminal Mas manualmente pode fazer exame de 10 a 30 seconds. Suitable para todo o mercado líquido Sim, é apropriado para negociar da equidade, Negociação de commodities e troca de moeda Cesta de troca Cesta de negociação é uma estratégia de negociação de alta probabilidade Especialmente em intraday Mas é muito difícil de executar manualmente Robo negociação é uma escolha perfeita para os comerciantes cesta Consistente Resultado É uma outra vantagem, que é muito Difícil de alcançar no manual trading. What é negociação algorítmica ou Algo trading. This é um novo modelo de sistema de negociação que utiliza fórmula matemática altamente avançado para gerar as decisões de negociação em mercados de ações e derivativos. Normalmente negociação algo ou negociação robótica usado por comerciantes institucionais devido Para o comércio de volume pesado, mas agora mesmo pequenos comerciantes também podem usar software de negociação robótico para evitar o comércio emocional A negociação robótica ajudará os comerciantes a seguir as regras de negociação e discipline. What é software de negociação robótica ou Software de negociação automatizado. É um programa de computador, que irá executar automaticamente o comércio para o seu terminal de corretor com base na estratégia de negociação pre-setted. Automatizado Sistema de negociação sem intervenção humana Trades em todos os sinais e pista scrips múltiplos ao mesmo tempo Saída automática no alvo e parar de perda A maneira ideal para evitar a negociação emocional. Call-09142227173, 09142227174 para Free Demo. Yahoo mensageiro id realsenseindia. REAL ROBO TRADER É uma interface entre Amibroker e NOW NEST ODIN ANGEL DIET plataforma de negociação. whenever uma compra, venda ou curto, a tampa dispara sinais na plataforma de gráficos, o sinal irá enviar para o Now Nest terminal instantaneamente de acordo com as orientações SEBI o usuário terá de monitorar E aprovar a ordem antes de enviar para a plataforma exchange. Step Amibroker com a estratégia. Uma ordem de compra desencadeada na estratégia. Step 2 REAL ROBO TRADER. Step 3 Agora Nest ODIN ANGEL DIET Terminal. Interface simples de usar com operações de arrastar e soltar. Zero Programming Knowledge é necessário para usar este Plugin de Trading. Pode ser aplicado ao sistema de comércio já-vivo sem escrever a edição de qualquer código. As configurações básicas de software Robo comércio. Selecione o Scrip Parameters. AT Como o XP se encaixam no mercado. BT XP é o maior corretor independente no Brasil, não estamos anexados Para qualquer banco Em 2015 estamos classificados em terceiro lugar em termos de volume em ações e opções e segundo em termos de número de contratos em futuros sobre a troca Temos um corretor nos EUA, XP Securities, com dois escritórios New York é focada No fluxo norte-sul - assim os clientes estrangeiros que negociam LatAm - eo escritório de Miami é o oposto - investidores brasileiros que negociam mercados de EU e de Europa. Nós negociamos equidades, opções e futuros Nós igualmente temos as mesas para renda fixa, empréstimos de segurança, commodities e nós São também os criadores de mercado Oferecemos todos os serviços que os clientes institucionais e de varejo precisam. Temos uma mesa de negociação eletrônica com dois principais focos Connectivity e OMS integrações, plataformas de negociação, colocation e todos os comerciantes de alta freqüência Exigências específicas Também estratégias de negociação que são desenvolvidas internamente por XP Estas algos de execução são oferecidos aos nossos clientes e utilizados por nossas mesas de negociação. AT BVMF foi ativamente acolhendo HFT Como foi que trabalhou. BT Eles fizeram muitas melhorias em sua tecnologia, na Negociação e pós-negociação ambiente, juntamente com novas políticas para descontos HFT Sua parceria com a CME trouxe o novo mecanismo de correspondência PUMA e novos dados de mercado foi estabelecido - o mercado unificado de alimentação de dados A integração de clareiras é um importante projeto no pós -.Nifty Janeiro futuros mergulhar 5, deixa os jogadores adivinhar se é um resultado de um algoritmo trade. NEW DELHI A BSE tem tweaked as normas BMC mínimo de capital para corretores, uma medida que irá garantir que os depósitos são mantidos com a troca e não com O Capital Mínimo Base BMC é o depósito mantido pelo membro de uma bolsa de valores contra a qual não é permitida qualquer exposição para comércios. Destinado a atender contingências em qualquer segmento da bolsa e proporcional aos riscos que o corretor pode trazer para o sistema. Todos os depósitos para BMC será exigido para ser mantido com troca, BSE disse em uma circular. Atualmente, o BMC é bloqueado a partir das garantias mantidas com a BSE s clearing corporação, ICCL, Indian Clearing Corporation Limited ICCL. A Exchange BSE, com o ICCL, iniciou o processo de segregação e retoma da garantia para a BMC a partir das garantias mantidas com o ICCL, acrescentou. Na fase inicial, a componente equivalente de caixa das garantias da BMC, na medida do possível, será Segregado dos depósitos de garantia mantidos com ICCL e mantidos separadamente com a troca. Qualquer queda na garantia de BMC tomada pela troca seria bloqueada dos depósitos de garantia do membro de troca mantida com ICCL. A BSE disse que os membros de troca seriam intimated nas collaterals Que foram transferidos do ICCL para a BMC. Foi solicitado aos corretores que, no momento da renovação dos depósitos a prazo FDs e das garantias bancárias fornecidas como garantia à sociedade de compensação, esses montantes, na medida do défice, sejam depositados junto da troca. Os Membros Negociadores, cujo déficit na BMC está bloqueado dos depósitos garantidos mantidos junto ao ICCL, deverão garantir, no momento da renovação de suas garantias bancárias, depósitos fixos com BGs FDs com ICCL ou depósito de garantias adicionais com ICCL, que as FDs BGs na medida de tais O défice é retirado a favor da BSE e depositado na bolsa, disse a BSE. Esses Membros Negociadores também podem voluntariamente depositar FDs BGs com BSE para BMC e, nessa medida, o BMC não será bloqueado no ICCL, acrescentou. De acordo com as normas, corretores de ações ou membros comerciais devem manter um capital mínimo de Rs 10 lakh no caso de A negociação de valores mobiliários é feita através de seu próprio dinheiro, em vez de clientes sem usar o comércio Algo. Em 2013, o regulador do mercado de capitais Sebi aumentou o depósito mínimo de capital BMC para corretores de ações até Rs 50 lakh, de um máximo de Rs 10 lakh Anteriormente, especialmente aqueles que lidam com Algoritmos de Algoritmos Algoritmos, a fim de mitigar riscos no mercado. MUMBAI Era um erro de dedo gordo ou um comércio algorítmico Que era a pergunta que os corretores estavam perguntando-se depois que os futuros de Nifty caíram e dramàtica recuperados logo em negociações adiantadas em terça-feira Em aproximadamente 9 15 am, os futuros de Nifty abriram para negociar em 8422, Caiu para 8000 em torno de 9 55 am e, em seguida, rapidamente recuperado mais de 100 pontos. Um acidente em futuros Nifty em negociações precoce resultou em pressão de margem sobre aqueles que estavam negociando com uma paragem de perda Nifty futuros de janeiro derramou 15 40 lakh contratos em aberto interesse Na terça-feira Parece principalmente como um dedo de gordura errada para mim, um analista derivativo com um corretor estrangeiro disse à Reuters. Em 05 de outubro de 2012, o índice Nifty tinha caiu 920 pontos em que um comerciante com Mumbai corretora baseada Emkay Global teria perfurado O mergulho de futuros de janeiro 5, deixa os jogadores adivinharem se é um resultado um comércio algorítmico. Apertando as normas para negociação algorítmica, Securities and Exchange Board da Índia SEBI, na terça-feira, fez É obrigatório para os usuários a ter seus sistemas auditados a cada seis meses, e aumentou as sanções sobre os corretores de ações errantes. Negociação algorítmica ou algo no jargão do mercado refere-se a encomendas geradas a uma velocidade super-rápida por meio de modelos matemáticos avançados que envolvem a execução automatizada de Comércio. Ele é usado principalmente por grandes investidores institucionais levantou preocupações de que algo expõe pequenos investidores e do próprio mercado, a possíveis riscos sistêmicos. SEBI primeiro emitiu orientações sobre algo trades em março de 2012, após testemunhou uma tendência crescente de uso De tecnologia avançada para a negociação de instrumentos financeiros. Em uma circular emitida na terça-feira, a SEBI disse que decidiu rever as diretrizes algo seguindo as declarações feitas por seu Comitê Consultivo Técnico e as novas normas entrarão em vigor a partir de 27 de maio. Diretrizes alteradas, corretores de ações e comerciantes oferecendo algo facilidade precisaria submeter seu sistema de negociação algorítmica para auditar a cada seis meses, assim como t O garantir o cumprimento dos requisitos prescritos pela Sebi e as bolsas de valores Essas auditorias teriam de ser realizadas por um auditor do sistema com certificações relevantes. Sebi também permitiu que as bolsas de valores para impor sanções adequadas em caso de falha do corretor de ações ou membro de negociação Para tomar medidas corretivas satisfatórias dentro de um período de tempo especificado pelas bolsas. O regulador também pediu às bolsas para rever periodicamente os seus mecanismos de vigilância para melhor detectar e investigar a manipulação do mercado e as perturbações do mercado. Credit Suisse lança negociação algorítmica na Índia. A unidade AES lançou a negociação algorítmica de ações indianas Com este Credit Suisse os clientes podem agora empregar uma ampla gama de estratégias de negociação algorítmica da AES para as ações indianas, podendo negociar De forma mais eficiente e conseguir a melhor execução. Desde a formação do grupo AES em 2001, o banco foi pioneiro em novas tecnologias e trouxe para o maior número possível de mercados na Ásia Pacífico, o Credit Suisse AES tornou-se o primeiro corretor estrangeiro a lançar Direct Market Access DMA Na Malásia, em janeiro de 2008 e seguiu-se por se tornar o primeiro corretor estrangeiro a oferecer DMA no mercado indonésio em agosto passado, o Credit Suisse AES também estava entre os primeiros corretores estrangeiros a oferecer DMA na Índia em setembro de 2008. Os sofisticados algoritmos de busca de liquidez ajudarão a fornecer melhor execução aos clientes que negociam ações indianas, disse Brook Teeter, diretor de vendas da AES para a Ásia-Pacífico. Os investidores serão capazes de automatizar suas estratégias de negociação e personalizar os algoritmos para atender seus objetivos. O risco de sinalização eo impacto no mercado e para acessar a liquidez ao preço ótimo. Algorithms tornaram-se cada vez mais popular globalmente como investidores têm procurado o comércio mais eficiente e evitar picos acentuados na volatilidade, minimizando o impacto no mercado, particularmente dado as condições de mercado menos líquido prevalente em muitos mercados Nos últimos 18 meses. Uma estratégia visando minimizar esse impacto é a SNIPER, um algoritmo agressivo e oportunista de busca de liquidez desenvolvido pelo Credit Suisse para retirar liquidez à medida que ela fica disponível a um preço-alvo. O uso do SNIPER mais que dobrou durante o último 18 meses, refletindo o desejo de muitos investidores de alcançar uma rápida E os mercados foram voláteis. A série de algoritmos AES também inclui estratégias algorítmicas tradicionais que buscam dividir os volumes de negociação ao longo do tempo e estratégias que buscam negociar ao preço médio ponderado do volume de uma ação. Além disso, a AES oferece estratégias que buscam minimizar a implementação Ou a diferença entre o preço a que um cliente decide negociar eo custo de execução real tal como o INLINE e outras estratégias de busca de liquidez como GUERRILLA. March 31, 2012 ET Bureau. MUMBAI O regulador do mercado de capital põr verificações e contrapesos em SEBI emitiu diretrizes detalhadas pedindo trocas para conter possibilidades de risco sistêmico potencial causado pelo uso de software automatizado sofisticado por corretores para negociar em bolsas de valores. O regulador disse que as trocas deveriam garantir que todas as ordens algorítmicas, automatizadas por software Motores de execução de ordens, são encaminhados através de servidores de corretagem localizados na Mecanismo de controle de risco apropriado para tratar o risco emanando de ordens algorítmicas e trades. SEBI disse que os controles mínimos de risco de nível de ordem deve incluir um controle de preço e quantidade limite O preço cotado pela ordem não viola as faixas de preço definidas pela troca de the security. For securities that do not have price bands, dummy filters shall be brought into effective use to serve as an early warning system to detect sudden surge in prices, SEBI said in a circular posted on its website on Friday. The quantity quoted in the order shall not violate the maximum permissible quantity per order as defined by the exchange for the security. Algorithmic trading or high-frequency trading strategies use mathematical models and powerful computers to order trades at lightning-fast speeds As opposed to manually punched trades, these trades are faster and so stand to benefit from quick change in prices. The regulator said in the interest of orderly trading and market integrity, exchanges should put in place a system to identify dysfunctional algorithm, which could lead to a runaway situation and take suitable measures, including advising the member, to shut down such algorithms and remove any outstanding orders in the system that have emanated from such dysfunctional algorithms SEBI also said in exigency, the stock exchange should be in a position to shut down the broker s terminal. At the outset, the regulatory guidelines deal with systemic risk management and do not seem to infringe on a broker s intellectual property, which is great, said Rajesh Baheti, MD, Crosseas Capital Services a proprietary trader. The regulator said stock brokers desirous of placing orders generated using algorithms should give an undertaking to stock exchanges that they have real-time monitoring systems to identify algorithms that may not behave as expected. Besides, stock brokers should maintain logs of all trading activities to facilitate audit trail The stock broker shall maintain logs of all trading activities to facilitate audit trail, SEBI said. October 27, 2007 AGENCIES. LONDON Recent market turbulence has tested banks technology and is putting a question mark over whether increasingly popular computer-generated algorithmic trading is suited to volatile conditions Algorithmic trading where computers make multiple trades in fractions of a second has soared to make up 30 of equity trad ing volume according to industry analysts AITE group It is also increasing popular in the 3 2 trillion a day in foreign exchange market. EBS, the biggest interbank venue for foreign exchange trading, says algorithmic trading has doubled from around 15 of its volumes at the start of 2006 to 30 now But traders say current volatility is showing the limitations of this form of trading, in equities and forex. Algorithmic trading works by taking historical moves to predict what will happen in the future, said Lee Ferridge, senior proprietary trader at Rabobank. When market moves bear little resemblance to what has happened in the past all types of model will struggle. This certainly appears to be the case for Morgan Stanley who reported a 480 million loss in the third quarter from the bank s in-house equities trading desk that employed computer generated models to drive returns Hedge funds using algo are also likely to have been hit The Hennessee Hedge Fund Index fell 0 96 in August compared with an 10 16 increase for the year as a whole Performance was particularly bad for portfolios employing algorithmic models said Mehraj Mattoo, global head of alternative investment strategies at Commerzbank Corporates and Markets. The losses were caused by sharp moves causing many of the models to trigger sell orders on the same securities at the same time, causing a vicious downward spiral In some cases high degrees of leverage caused further magnification of losses The most aggressive risk takers appear to have tried to avoid this kind of loss by pulling out of algorithmic trading when markets were at their most choppy on August 16 A lot of the high frequency guys like hedge funds and the proprietary trading platforms at banks switched off their engines until the worst of the volatility receded, said a source at a major trading platform When the crunch came, those with the most at stake pulled in their horns and reverted to more traditional means of may have been because the technology was simply not up to the job of dealing with the immense volume of tickets, say bank sources. Banks have had to deal with up to double the number of tickets per day they are used to and this is stretching their technological capabilities, said a head of electronic trading at a major global bank. The sheer volume is testing banks ability to process and settle the trades and to manage risk positions If they are approaching the end of a cycle in technology investment their trading engines will start to creak The big moves in currencies-with the New Zealand dollar losing almost 10 against the yen in the week to August 17, for example-helped push average daily trading volumes for August on Icap s EBS and fixed income platform BrokerTec to 945 billion, up more than 50 on the previous year. Volatile markets are also making the short term strategies that algorithmic programmes employ underperform, analysts reckon The current large daily moves in currencies are meaning that it is the longer term position takers that are those that are making money, said Geoff Kendrick, currency strategist at Westpac Those looking on an intra-day basis are having to step down for the moment. May 17, 2011 Shailesh Menon. MUMBAI An increasing number of broking firms in India are offering algorithmic trading to lure large institutional investors. Most big broking firms have updated their trading software to enable algorithmic trading that allows investors to obtain the best possible price without significantly affecting a stock s price and raising purchasing costs. About 18 of total trades on Indian stock exchanges are done through algorithmic commands This compares with about 60 of the overall trades in Hong Kong and Singapore markets that are done using algorithmic strategies, according to exchange sources. All leading funds use algorithms to increase their trade impact Faster order execution has become important as returns are now generated playing price volatility, said the head of investments of a fund house Algo trading involves use of advanced mathematical models to make transaction decisions in financial markets It helps high-volume investors to place larger orders without disturbing the stock price. Large blocks of shares are usually purchased by dividing the large share block into smaller lots and allowing complex algorithms to decide when the smaller blocks are to be purchased More than 150 broking firms in India have started using algorithms, according to a report from business consultancy firm Celent Of these, 10 15 have proprietary algos for strategy and trade execution exclusivity. Algo trading is becoming more popular among institutional investors adopting option trading strategies This, at some level, resulted in option volumes going up by about 81 last year We offer high-frequency trading to institutional clients selectively, said Rashesh Shah, chairman and chief executive officer, Edelweiss Capital that services about 600 institutional investors. Motilal Oswal, chairman, Motilal Oswal Financial Services said Algorithms bring efficiency to stock trading High-speed trading will be an important offering to institutional clients from the side of top brokers The level of algo trading in equity derivatives, especially index options, is much higher than it is for cash equity. The ease of dealing on a single exchange, namely National Stock Exchange, for equity derivatives, and the lower securities transaction tax on derivatives trading are some of the reasons for this development, the Celent report said Celent expects technology spending levels to go up to 55 million i n 2012 from 45 million in 2011. Algo trading volumes have gone up significantly on Indian bourses However, most of the volume is happening in top-50 stocks, where liquidity is high Option-based strategies are also gaining popularity, said Richard Bentley, industry vicepresident capital markets , Progress Software, a London-based IT company specialising in market technologies Mr Bentley expects algo trading volumes in India to touch 50 in the next five years. October 26, 2010 Apurv Gupta ET Bureau. MUMBAI Algorithmic trading in shares listed on Indian stock exchanges could account for 30 of the overall cash market volumes by 2012, compared with around 20 at present, according to US-based consulting firm Celent, citing liquid stock exchanges, sophisticated technology and connectivity as the enabling factors. Algorithmic trading also commonly known as programmed trading entails the use of a pre-written software code to execute transactions, without manual intervention They are of two types e xecution and situational Execution algorithms minimise the impact cost while executing large orders by spreading them through the day, with price and volume specifications Situational algorithms are more sophisticated and triggered when certain conditions are fulfilled For instance, a complex algorithm could generate a buy order depending on a combination of moves in stock price, index level and currency rate. India represents an excellent opportunity for algorithmic quantitative or systematic traders due to the confluence of several factors a supportive legal and regulatory framework, well-established and liquid stock exchanges, sophisticated technology and connectivity to the exchanges, presence of all major banks and broking firms, abundance of people with relevant knowledge and experience and limited competition in the space, says the Celent report titled, Electronic Trading in Asia-Pacific A Market by Market Update on the Dynamic Region. According to the Celent report algorithmic trading in five of Asia s leading markets Singapore Hong Kong, Japan, Australia and India has seen a sharp rise in the past couple of years. Celent expects that within three years, these markets will have caught up with the European market in terms of volumes of algorithmic trading and high frequency trading HFT For instance, in Singapore, the introduction of ADR trading was accompanied by tax exemptions to encou rage market makers to participate Similarly, there are rebates for options trading in Hong Kong In the case of India, the report says that adoption of new technology has been gradual compared with some of its peers in Asia, and this trend could continue. The tight spreads difference between bid and ask prices , low visible liquidity on the bid and offer and high trade rate require a lot of effort and skill to execute a good trade, Sensex 137 ptssays the report, adding that the imposition of securities transaction tax has reduced the prospects for arbitrageurs and high-frequency traders, and impacted algorithmic trading to some extent. November 29, 2011 PTI. MUMBAI Capital markets regulator Sebi today ruled out a ban on algorithmic trading products, even though it said is worried by the rapid adoption of these tools and called for appropriate risk management systems to be put in place by market players using them. Sebi is not looking at banning these products, Sebi Chairman U K Sinha told reporters on the sidelines of a CII meet on capital markets here, though he added, But we are worried. NEWS The market regulator is slated to conduct a review of its risk management system in the near future and a ban on algorithmic trading products was ap prehended by certain quarters following a technical glitch that resulted in the cancellation of all derivatives deals on the BSE during Muhurat trade on Diwali October 26.Sebi had said it would do a thorough review of the risk management system in algorithmic trading to prevent a repetition of such incidents In this regard, Sinha clarified that stakeholders views will be taken on board. We will consult all the stakeholders before taking a decision Though Sebi is yet to come up with a risk management system for these products, we want all the players to have their own risk management systems in place, Sinha said. Algorithmic trading systems, or high frequency trading systems, use highly advanced mathematical models to make transaction decisions. This highly quantitative trading model employs computerised algorithms to analyse incoming market data and implement proprietary trading strategies wherein large quantities of shares are purchased by dividing them into smaller lots and allowing the complex algorithms to decide when the smaller blocks are to be purchased. Use of these products has been gone up significantly in domestic markets in the last three years. Joining Sinha, BSE Managing Director and Chief Executive Madhu Kannan said when he joined the premier exchange two-and-a-half-years ago, Only 5 per cent trades on the BSE used to take place using algo products, but thi s has now gone up to 25 per cent. Addressing the Association of National Exchange Members of India last week, Sinha had warned that the market regulator would not allow anybody to mess with its system in the backdrop of some members being allegedly involved in manipulation. We have an effective risk management system, but we would not compromise That is why we are ready to review, he had added. May 21, 2013 PTI. MUMBAI Tightening the norms for algorithmic trading, market regulator Sebi today made it mandatory for the users to have their systems audited every six months and increased penalties on errant stock brokers. Algorithmic trading or algo in market parlance refers to orders generated at a super-fast speed by use of advanced mathematical models that involve automated execution of trade It is mostly used by large institutional investors and has raised concerns that algo exposes small investors, and the market itself, to possible systemic risks. Sebi first issued guidelines on algo trades in March 2012, after it witnessed a growing trend of usage of advanced technology for trading in financial instruments In a circular issued today, Sebi said it had decided to review the algo guidelines following representations made by its Technical Advisory Committee and the new norms will come into effect from May 27.As per the amended guidelines, stock brokers and traders offering algo facility would need to subject their algorithmic trading system to audit every six months so as to ensure compliance with the requirements prescribed by Sebi and the stock exchanges. Such audits would need to be undertaken by a system auditor with relevant certifications. Sebi has also allowed the stock exchanges to impose suitable penalties in case of failure of the stock broker or trading member to take satisfactory corrective action within a time-period specified by the bourses. In order to further strengthen surveillance mechanism related to algo trading and prevent market manipulation, stock exchanges are directed to take necessary steps to ensure effective monitoring and surveillance of orders and trades resulting from trading algorithms, Sebi said. The regulator has also asked the bourses to periodically review their surveillance arrangements to better detect and investigate market manipulation and market disruptions. In March last year, Sebi had asked the exchanges to implement a framework of economic disincentives for high daily order-to-trade ratio for orders placed from trading algorithms by prescribing penalties in form of charges to be levied per algo orders at various levels. The penalty rates specified by the stock exchanges have been reviewed and in order to provide sufficient deterrence, stock exchanges are directed to double the existing rates of charges to be levied per algo orders specified in their circulars notices, Sebi said The stock exchanges have also been asked to impose an additional penalty in form of suspension of proprietary trading right of the stock broker trading member for the first trading hour on the next trading day in case a stock broker trading member is penalised for maintaining high daily order-to-trade ratio , if such an entity has been penalised on more than 10 occasions in the previous thirty trading days. Sebi said this step would discourage repetitive instances of high daily order-to-trade ratio Sebi also said that the deficiencies or issues identified during the audit of trading algorithm or software of brokers would need to be reported to the stock exchanges immediately after the completion of such audits. Further, the stock broker and trading members would need to take immediate corrective actions to rectify such issues or deficiencies In case of serious deficiencies or issues or failure to take satisfactory corrective action, the broker or trading member would be barred from using the trading software till the time these issues are rectified and a satisfactory system audit report is submitted to the stock exchange. January 23, 2014 PTI. MUMBAI To address the challenges posed by algorithmic or high frequency trading, market regulator Sebi will organise a two-day conference starting January 27.Algorithmic trading or algo in market parlance refers to orders generated at a super-fast speed by use of advanced mathematical models that involve automated execution of trade, and it is mostly used by large institutional investors. The high frequency trading exposes the market to possible systemic risks. The rise of High frequency trading HFT , a type of algo trading, has raised concerns with regard to its impact on m arket quality, financial stability and regulatory framework. The Securities and Exchange Board of India Sebi is organising its first international research conference from January 27-28 here. The theme of the conference is HFT, Algo Trading and Co-location, according to a statement. During the two-day conference, participants will also discuss issues related to information asymmetry, retailinvestors HFT in developing countries and technology as an enabler to re-level the field. Academicians, market practitioners, regulators from countries such as the US, Spain, Australia, Canada and Japan, among others, would participate at the event. There is a divide in pool of thoughts over positive impact of HFT and associated risks Because of its relative novelty and the uncertainty related to many of the trading strategies being used today, the debate over high frequency trading is of contemporary relevance, Sebi said. As both old and new emerging markets continue to become highly digitised, algo trading strategies will constantly advance, it added. Sebi first issued guidelines on algo trading in March 2012, after it witnessed a growing trend of usage of advanced technology for trading in financial instruments Later in 2013, the regulator tightened the norms related to algo trading. April 11, 2014 Biswajit Baruah ET Bureau. MUMBAI The obscure world of high-frequency trading HFT has come under the spotlight of late after Michael Lewis s latest book Flash Boys A Wall Street Revolt. In India, too, the revelations in the book have caught the attention of critics, authorities and market players, but that is yet to spark a hue and cry as in the US This is because such trades account for just a third of the total trading volumes on Indian bourses against the 60-70 per cent in most developed markets in the US and under algorithmic trading a type of HFT which was launched in India in 2009, witnessed a spurt initi ally, but have remained stagnant of late as the regulator frowns on the influence of such trades on the market In algorithmic trading, a system executes pre-programmed orders based on timing, price, or quantity of the order In most cases, the orders are executed by the computer. As a result, the speed of execution has reduced from milliseconds to microseconds and is expected to move to nanoseconds The big players in the business in India are said to be foreign investment banks such as JP Morgan, Morgan Stanley, Credit Suisse, and Deutsche Bank. Algorithmic trading has not picked up in India as the awareness about this particulate trading platform is not much among market participants At this juncture, only select institutional clients and HNIs are using this platform, Sudip Bandyopadhyay, managing director and CEO at Destimoney Securities, said. The algorithmic trading programme is very successful when there is increased volatility in the markets, as our own brokerage algorithmic software is designed like that, he said Algorithmic trading has opened up faster access to Indian markets for financial institutions across the world However, better algorithms with mathematically proven strategies that consume liquidity and faster systems with very low latency are the need of the day. Critics said it can cause sudden market crashes and easily mask market manipulation or other illegal activity In HFT, the objective is to enter and exit frequently and take advantage of daily and intra-day changes. Typically, HFT does not lead to any delivery positions and all transactions are reversed in the same day In the past few months, foreign institutional investors FIIs have used the algorithmic trading platform for buying shares. Algorithmic trading gives the best price advantage in the market as the system has the speed advantage, said Raghu Kuma r, co-founder at RKSV, a Mumbai-based discount brokerage. September 21, 2014 PTI. NEW DELHI As a liberal tax regime kicks in for overseas investors from next fiscal, the FPIs Foreign Portfolio Investors are expected to expand their activities in Indian markets by using the high-frequency trading technology, experts say. High frequency trading, also known as Algorithmic Trading Algo Trading , refers to the automated execution of trades on the stock markets through pre-programmed software platforms installed on servers The same is becoming popular in India. While presently only a few Foreign Portfolio Investors FPIs have adopted algo-trading, many more a expected to take it up, leading consultancy PwC said. To improve ease of doing business and for better regulatory oversight, the Indian capital markets regulator Sebi created a new FPI category after pooling together different categories of overseas investors such as FIIs, their sub-accounts and Qualified Foreign Investors QFIs. According to P wC, there has been low FPI participation in algo trades so far, mainly because of the ambiguity related to characterisation of their income as business income or capital gains. If their income is treated as business income, FPIs could have been taxable at 40 per cent on a net income basis, PwC Executive Director Suresh Swamy said. Due to high volume of transactions usually carried on by algo-funds, there was a possibility of that their income would be characterised as business income, Swamy added. However, with government announcement in budget 2014-15 that the income arising from transactions conducted by FPIs would be classified as capital gains with effect from April 1, 2015, many more investors are likely to take to algo-trading. This means FPI s long term capital gains earned on transfer of securities on which securities transaction tax is paid will be exempt from tax, Swamy said. While short term capital gains are taxable at 15 per cent, he added. As per Sebi s latest data there are nearly 8,400 registered FPIs in the country The FPIs have poured in a total of USD 204 64 billion so far into the economy and are one of the largest drivers of Indian stock markets. According to the government, necessary amendments to the norms for treating FPI income as capital gains would be made with effect from April 1, 2015.Under the proposed amendments, any security held by FPI which would be treated as capital asset only so that any income arising from transfer of such security by FPI would be in the nature of capital gain There is no tax on long term capital gains while short term capital gains are taxable at the rate of 15 per cent. September 16, 2014 Nishanth Vasudevan ET Bureau. I If the lives of start-up founders are about sweat, blood and tears, no one told the trio at Mumbai-based discount broking firm RKSV. To be honest, we have had a considerably smooth ride, says Raghu Kumar, one of the three promoters, briefly describing in a matter-of-fact tone their two-year journey as entrepreneurs He means it. NEWS Rather, he prefers to let the numbers speak Within two years of starting operations and largely operating in a dull market, RKSV is now clocking daily turnover of Rs 4,000 crore. That s about 1 3 per cent of total turnover of NSE, in a business where even the leaders are at 5-6 per cent For the US-bred trio Raghu, brother Ravi and their friend Shrinivas Viswanath it was a move by the Indian capital market regulator to allow algorithmic trading that encouraged them to dip their toes in Indian waters. And when the Securities and Exchange Board of India allowed the direct market access DMA facility in April 2008, which gives investors direct access to a stock exchange s trading system, they decided to put in both their feet. Prior to 2009, their only connection with India was the occasional vis it to meet relatives DMA was the reason we came to India We saw a lot of opportunities and wanted to explore them, says Raghu, a University of Illinois graduate in actuarial science and finance. The concept of algorithmic, or high frequency, trading was not alien to them Before coming to India, the brothers were active in the US foreign exchange markets between 2006 and 2008.But, in October 2008, they had to wind up after the global financial markets imploded trading opportunities had dried up, liquidity had shrunk and spreads had widened enough By then, however, they made a killing of about 2 million, giving them the self-belief and the capital to explore other business ideas. In 2009, Raghu and Ravi, along with Viswanath, a computer engineer in New York, shifted base to India Although the Indian markets were alien to them, funding a venture was never a problem. Raghu and Ravi spent the first two years trading with their own money, which helped them gauge the pulse of the market here Mea nwhile, they secured a membership to the Bombay Stock Exchange, which had slashed its fees significantly to rope in more members. After making good money in the two years in proprietary trading, they saw stockbroking as a natural progression But to set up shop in India, at the time they did, was a contrarian call. Disappointed by the previous government s tardy attitude towards business and economic policies, business confidence in India had hit its nadir Foreign investors were wary and several nonresident Indians NRIs were returning to countries where they held passports The broking industry was bleeding too While competition in institutional broking business was fierce, retail investors had deserted the markets. But there was still a segment of market participants that was underserved traders, for whom high brokerage costs was making it difficult to make money We realised there were many traders who did not have cheaper options to trade, says Kumar What shocked us was the number of bran ches that retail brokerages had, which is not the case in the US. It did not take too much time for RKSV s business to pick up as its relatively-older rival Zerodha had taken the plunge by then Although there was little that RKSV could do to hold an edge in terms of technology, it managed to attract clients by launching the unlimited trading model , where traders can transact for as many times at a fixed cost. Currently, RKSV has about 20,000 clients They are serviced by about 50 employees from its office in Mumbai s emerging financial services hub, Bandra-Kurla Complex Raghu said the firm is looking to double its client base to about 40,000 in 2014-15 That s not bad for a two-year-old, first-generation firm. STARTED 2012 retail trading. FOUNDERS Raghu Kumar, Ravi Kumar, Shrinivas Viswanath. DAILY TRADING TURNOVER Rs 4,000 crore. REVENUES Not disclosed. April 11, 2014 Ashutosh R Shyam ET Bureau. The US securities market regulator, Securities ExchangeCommission SEC , allowed the first high-freq uency trade HFT in 1998 Now, such trades account for almost 60-70 per cent of equity volumes in the US. A new book by Michael Lewis, called Flash Boys, claims the US stock market is rigged in favour of HFTs, prompting regulators to take a closer look at the trades ET decodes high frequency trading, also known as algorithmic trading. What is high frequency trade. It is a trade based on computer programming, referred to as algorithm that executes orders in exchange-traded securities swiftly Unlike a trading order initiated by a trader, an algorithm is designed to process a colossal amount of data in a fraction of a second. The objective of high-frequency trade HFT is to boost profitability by executing bulk trades on any trading opportunity available at wafer-thin margin The success of an HFT trader depends on the speed of the transaction. The average transaction time for HFT now is micro-milli seconds A milli second is 1 1,000th of second and a micro second is 1 1,000,000 of a second. What is a high frequency trader s mode of operation. On the basis of historical data, a tested pattern is formed to execute numerous trading strategies The computer programmer writes an algorithm based on many such patterns. Depending on the risk-reward rules set in a computer programme, HFT traders move in and out of traded securities, in a time span ranging from a fraction of a second to a few hours. For instance, on analysing some historical data, a programmer may find that about 70-75 per cent of the time, whenever a particular stock breaks below the 10-day moving average on a weekly basis, it leads to a 5 per cent correction in the stock price. On the basis of this trend, whenever that particular stock breaks below the 10-day moving average on a weekly basis, the computer will automatically initiate a sell order in bulk quantity. In other words, an HFT trader exploits predictable temporary deviation from stable statistical relationship among stocks Rather than long-term investors, an HFT trad er usually competes with other HFT traders. What are the basic rules for an HFT trader. The odds of going wrong can be as high six out of 10 times, but profits earned on right trades are many times higher than the loss incurred on wrong trades As a result, Sharpe ratio, a measure of return adjusted for risk is significantly higher than the traditional buy sell strategy. What is the history of HFT trading. US market regulator Securities and Exchange Commission SEC allowed the first HFT trade in 1998 Now, almost 60-70 per cent of equity trading volumes in the US is an HFT. According to Bank of England, HFT trades in Europe reached 40 per cent of equity order volumes, and in Asia, it ranges between 5-10 per cent Getco, Knight Capital, Jump Trading, and Citadel are among the largest HFT trading firms in the US. Why are HFT traders under regulatory lens. Globally, market regulators believe HFT traders bring excessive volatility to the markets and pose serious risks to the financial system While an alysing the reasons for the flash crash that occurred in May 2010, the US SEC concluded in its report that the action of HFT traders contributed to volatility. HFT traders are levied charges for benefiting from the index re-balancing by mutual funds For instance, on account of market capitalisation adjustment, if a stock is moving in or out of the index, the algorithm provides for a projection of the expected stock price movement on the basis of an institutional order-book leading to really handsome returns. Italy was the first country to introduce a levy of 0 002 per cent on an equity transaction that lasts less than 0 05 seconds. What does an HFT trader bring to markets. An HFT trader acts as one of the most important market-makers and brings down the spread between the bid and ask prices. For instance, if the bid price of any security is Rs 100 and ask price Rs 101, the HFT trader will try to place an order at Rs 100 05 for bid and Rs 100 95 for an ask quote This action leads to the exec ution of the trade. High frequency trades form just one-third of total volumes in India. April 11, 2014 Biswajit Baruah ET Bureau. MUMBAI The obscure world of high-frequency trading HFT has come under the spotlight of late after Michael Lewis s latest book Flash Boys A Wall Street Revolt. In India, too, the revelations in the book have caught the attention of critics, authorities and market players, but that is yet to spark a hue and cry as in the US This is because such trades account for just a third of the total trading volumes on Indian bourses against the 60-70 per cent in most developed markets in the US and Europe. Volumes under algorithmic trading a type of HFT which was launched in India in 2009, witnessed a spurt initially, but have remained stagnant of late as the regulator frowns on the influence of such trades on the market In algorithmic trading, a system executes pre-programmed orders based on timing, price, or quantity of the order In most cases, the orders are executed by t he computer. As a result, the speed of execution has reduced from milliseconds to microseconds and is expected to move to nanoseconds The big players in the business in India are said to be foreign investment banks such as JP Morgan, Morgan Stanley, Credit Suisse, and Deutsche Bank. Algorithmic trading has not picked up in India as the awareness about this particulate trading platform is not much among market participants At this juncture, only select institutional clients and HNIs are using this platform, Sudip Bandyopadhyay, managing director and CEO at Destimoney Securities, said. The algorithmic trading programme is very successful when there is increased volatility in the markets, as our own brokerage algorithmic software is designed like that, he said Algorithmic trading has opened up faster access to Indian markets for financial institutions across the world However, better algorithms with mathematically proven strategies that consume liquidity and faster systems with very low latency are the need of the day. Critics said it can cause sudden market crashes and easily mask market manipulation or other illegal activity In HFT, the objective is to enter and exit frequently and take advantage of daily and intra-day changes. Typically, HFT does not lead to any delivery positions and all transactions are reversed in the same day In the past few months, foreign institutional investors FIIs have used the algorithmic trading platform for buying shares. Algorithmic trading gives the best price advantage in the market as the system has the speed advantage, said Raghu Kuma r, co-founder at RKSV, a Mumbai-based discount brokerage. March 12, 2014 Bloomberg. NEW YORK Growth in high-frequency and algorithmic trading may promote efficiency in the spot-trading foreign exchange market according to a research paper published by the Federal Reserve Bank of New York. Arbitrage opportunities, or market price differences, occurred in about 1 in every 20 seconds between the euro-dollar, dollar-yen and euro-yen currency pairs during the active part of the trading day during early 2000s, Ernst Schaumburg a research officer at the New York Fed wrote in a report published on Tuesday, citing EBS data. The discrepancy has declined since about 2004 and has been almost zero since 2008, he said. While other factors may be at play, these data are certainly consistent with a view that the rise in algorithmic and high-frequency trading enhanced market efficiency as measured by the availability and persistence of pricing arbitrage opportunities available in the FX spot market, Schaumb urg wrote High-frequency trading in foreign-exchange markets rose to 25 of the market in 2011 from nearly nonexistent about 14 years ago, according to the report, citing Bank for International Settlements data. The report cited an example using 2007 EBS price quotes, in which an investor could have used 1 billion euros to buy 1 316 billion, then converted the position to 154 2 billion yen, and then finally exchanged it again to Europe s common currency, yielding a profit of 120 65 euros per 1 million invested The so-called round-trip transaction, or triangular arbitrage, doesn t include transaction costs. While this profit may seem small, in efficient markets such arbitrage opportunities ought to be short-lived and few and far between, Schaumburg wrote Schaumburg couldn t immediately be reached by telephone for comment. January 23, 2014 PTI. MUMBAI To address the challenges posed by algorithmic or high frequency trading, market regulator Sebi will organise a two-day conference starting January 27.Algorithmic trading or algo in market parlance refers to orders generated at a super-fast speed by use of advanced mathematical models that involve automated execution of trade, and it is mostly used by large institutional investors. The high frequency trading exposes the market to possible systemic risks. The rise of High frequency trading HFT , a type of algo trading, has raised concerns with regard to its impact on market quality, financial stability and regulatory framework. The Securities and Exchange Board of India Sebi is organising its first international research conference from January 27- 28 here. The theme of the conference is HFT, Algo Trading and Co-location, according to a statement. During the two-day conference, participants will also discuss issues related to information asymmetry, retailinvestors HFT in developing countries and technology as an enabler to re-level the field. Academicians, market practitioners, regulators from countries such as the US, Spain, Australia, Canada and Japan, among others, would participate at the event. There is a divide in pool of thoughts over positive impact of HFT and associated risks Because of its relative novelty and the uncertainty related to many of the trading strategies being used today, the debate over high frequency trading is of contemporary relevance, Sebi said. As both old and new emerging markets continue to become highly digitised, algo trading strategies will constantly advance, it added. Sebi first issued guidelines on algo trading in March 2012, after it witnessed a growing trend of usage of advanced technology for trading in financial instruments Later in 2013, the regulator tightened the norms related to algo trading. January 19, 2014.I have seen The Wolf of Wall Street and don t think very highly of it, though the acting, particularly Leonardo DiCaprio s, was very good Firstly, it was way too long Secondly, the movie was highly exaggerated It is hard to believe that the things portrayed in the movie like drinking and doing drugs at work were common in the US even then It was more an exception rather than the rule In the past 15 years such stories have been hard to come by even the investment banks that we read about, after the Lehman Brothers collapse, were not on this need to keep in mind the movie is set in the 1990s when stock market s were not evolved It was still early days for markets, online trading was nascent and the rules of the game were not established. Fortunately or unfortunately, India was lagging behind developed markets We opened the economy in 1991 and online trading came to India only in 1994 Markets here have not seen the high point the US has, not even in 2007 India accounts for only 0 5-1 of the global fee income and broking commission pool, while the US accounts for 30-40 Average commissions in India in the early 1990s used to be 3-5 , and are today only one-hundredth of that at 0 03-0 05.Algorithmic trading now accounts for 90 of volumes here gone are the rings and the screaming I still remember the first time I visited the ring at the Bombay Stock Exchange in 1993 I had heard and read a lot about it and it was a surreal experience It was around 12 30 pm on a really hot day and everyone was sweating and shouting I could not understand what anyone was saying but people were animatedly buying and selling. The 1990s and early 2000s were marked by long periods of inactivity For a year after the Harshad Mehta scam, people in brokerages would come in at 10 am and leave at 10 15 am There was also a lot of free time once again after the dotcom bust While in the movie, people are really stressed out at work, here the stress was over not having much to do and the fear of losing one s job. In India, 80 of the funds flow is controlled by banks whereas in the US it is only 40-50 Brokers in India never had the kind of money that the movie shows brokers making Owners of brokerages here couldn t display their wealth the way DiCaprio does in the movie because there was no wealth here If the total volume on the markets was Rs 100 crore a day, it was a really big deal Whenever brokers made some money, they would typically invest in a house There was no cash flow I don t remember a single broker whose wealth could be compared to that of an industrialist. We have never had the excesses of Wall Stree t because the broking community is quite conservative by nature and also because of the rules put in place by the Reserve Bank of India and the Securities and Exchange Board of India Most of the community was either Gujarati or Marwari, who are fairly traditional even now I wouldn t say drinking was absent at parties, but it was relatively uncommon Most brokerages were also family-owned and therefore an extension of their home The most important day for brokerages used to be and still is, to an extent, Diwali, the day of Muhurat trading, where most of the owners family is present That is the culture. December 16, 2013 Ram Sahgal ET Bureau. MUMBAI Concerned by a sharp fall in commodity exchange volumes, regulator Forward Markets Commission FMC might announce stronger risk management measures and a few proposals aimed at attracting greater participation in a market hit by the fallout from a newly-introduced transaction tax and the Rs 5,500-crore NSEL crisis. Apart from finalising norms on S ettlement Guarantee Fund SGF , used by exchanges to contain risk of counter party default, the regulator could relax exposure limits for brokers and clients in farm and non-farm futures contracts and automated trading norms to deepen the market, said a commodity exchange official privy to discussions held a few weeks ago. The specific details of these proposals would be finalised early next month, said the official SGF norms will provide comfort to participants that exchanges have the wherewithal to combat risk At the same time, to boost trading in derivative contracts in agri contracts and especially those where commodity transaction tax CTT has been levied, position limits are proposed to be raised Also, algo guidelines stipulate an order to trade ratio of 20 that may be relaxed. For instance, said another exchange official, since CTT was levied on all gold contracts in July, many participants shifted from kilo gold contracts to mini 100 gm and smaller denomination contracts in the metal The plan is to increase position limits in such contracts, which would to some extent offset the effects of CTT In algorithmic trading, every 20 orders currently must result in one trade That ratio would most likely be increased by FMC. The need for SGF norms was felt in light of the NSEL scam, which surfaced in July en d Exchanges have to constitute SGF from 5 of gross revenues each year and base minimum capital paid by brokers to become members of an exchange While it is refundable to brokers, BMC is that portion of deposit on which brokers do not get any trading exposure. In a market hit by CTT and the NSEL crisis, these measures could add their mite to the fallen turnover, said Suresh Nair, executive director, Admisi Commodities. However, other brokers privy to discussions by the newly constituted risk management group - seized of the SGF and position limits proposals - said final norms on SGF will have to take into account the concern that BMC could be withdrawn in case a broker surrenders membership on an exchange On algo trades, they said that a lot of attention must be paid on how to stop the algo from placing orders relentlessly, especially in contracts where far months are not too liquid If, for instance, an algo relentlessly sells a near month liquid contract and buys a far month less liquid contract, it could create artificial scarcity in the far month and also price anomaly. In the fortnight ended November 30, trading volumes on six exchanges led by MCX dipped 65 from a year ago to 2 6 lakh crore Of this, bullion trade was 1 02 lakh crore, down 72 The markets have fallen drastically from July mainly because of CTT of Rs 10 per lakh on sell side of non-farm and processed commodities and a 5,500-crore payment default on Financial Technologies-owned NSEL, which has dented investor confidence FT is also the promoter of MCX, India s largest commex. May 21, 2013 PTI. MUMBAI Tightening the norms for algorithmic trading, market regulator Sebi today made it mandatory for the users to have their systems audited every six months and increased penalties on errant stock brokers. Algorithmic trading or algo in market parlance refers to orders generated at a super-fast speed by use of advanced mathematical models that involve automated execution of trade It is mostly used by large institutional investors and has raised concerns that algo exposes small investors, and the market itself, to possible systemic risks. Sebi first issued guidelines on algo trades in March 2012, after it witnessed a growing trend of usage of advanced technology for tradi ng in financial instruments In a circular issued today, Sebi said it had decided to review the algo guidelines following representations made by its Technical Advisory Committee and the new norms will come into effect from May 27.As per the amended guidelines, stock brokers and traders offering algo facility would need to subject their algorithmic trading system to audit every six months so as to ensure compliance with the requirements prescribed by Sebi and the stock exchanges. Such audits would need to be undertaken by a system auditor with relevant certifications. Sebi has also allowed the stock exchanges to impose suitable penalties in case of failure of the stock broker or trading member to take satisfactory corrective action within a time-period specified by the bourses. In order to further strengthen surveillance mechanism related to algo trading and prevent market manipulation, stock exchanges are directed to take necessary steps to ensure effective monitoring and surveillance of orders and trades resulting from trading algorithms, Sebi said. The regulator has also asked the bourses to periodically review their surveillance arrangements to better detect and investigate market manipulation and market disruptions. In March last year, Sebi had asked the exchanges to implement a framework of economic disincentives for high daily order-to-trade ratio for orders placed from trading algorithms by prescribing penalties in form of charges to be levied per algo orders at various levels. The penalty rates specified by the stock exchanges have been reviewed and in order to provide sufficient deterrence, stock exchanges are directed to double the existing rates of charges to be levied per algo orders specified in their circulars notices, Sebi said The stock exchanges have also been asked to impose an additional penalty in form of suspension of proprietary trading right of the stock broker trading member for the first trading hour on the next trading day in case a stock broker trading member is penalised for maintaining high daily order-to-trade ratio , if such an entity has been penalised on more than 10 occasions in the previous thirty trading days. Sebi said this step would discourage repetitive instances of high daily order-to-trade ratio Sebi also said that the deficiencies or issues identified during the audit of trading algorithm or software of brokers would need to be reported to the stock exchanges immediately after the completion of such audits. Further, the stock broker and trading members would need to take immediate corrective actions to rectify such issues or deficiencies In case of serious deficiencies or issues or failure to take satisfactory corrective action, the broker or trading member would be barred from using the trading software till the time these issues are rectified and a satisfactory system audit report is submitted to the stock exchange.