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Thomson Reuters has developed India’s first Financial Information Exchange (FIX) protocol based trading front-end system “NEXTRA”, for National Commodity & Derivatives Exchange Limited (NCDEX), India’s leading commodity exchange, to help customers seamlessly trade commodities on the exchange. NEXTRA is built on the OMNESYS NEST platform, which brings greater scalability, convenience, speed, security and transparency to the users.
The entire Front-end Exchange-level computer-to-computer (CTCL) solution is provided by Thomson Reuters as managed services to NCDEX wherein Thomson Reuters remotely monitors and manages the setup from their operations centre based out of Bengaluru. The NEXTRA product consists of both the Corporate Manager and CTCL trading product based on the FIX protocol.
NEXTRA is equipped to execute regulatory changes quickly and cost-effectively, which assists in efficient intra-day closure, pre-order checks and order flow monitoring. It is one of the country’s fastest trading systems which brings a dynamic experience to users to execute complex trading strategies. It will also be better suited to offer products such as options and indices, besides handling high frequency/algorithmic trading.
NEXTRA is equipped with a large processing capacity of 1,000 orders per second (which can go up to 3,000 orders per second).
Speaking about the product, Mr. Pradeep Lankapalli, Managing Director, South Asia, Thomson Reuters said, “NEXTRA brings the global FIX protocol to India’s prime commodities market. Customers and the wider industry will benefit from the efficiency, security and transparency of this innovative trading system on NCDEX.”
Mr. Samir Shah, Managing Director and CEO, NCDEX, said, “It is our endeavour to offer the market participants a superior and much improved trading experience and we are happy to have found an opportune partner in Thomson Reuters. NEXTRA cuts across the spectrum of all users of the platform and is our investment in the future.”