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E-mailMumbai, 16 November 2009
Newedge, a global leader in multi-asset brokerage, today announced the launch of Newedge Broker India Private Limited, a securities company based in Mumbai.
The company is focused on providing financial derivatives and cash equities to institutional foreign investors. Newedge Broker India Private Limited employs 20 staff and holds membership and licenses to trade on the NSE (National Stock Exchange of India) and BSE (Bombay Stock Exchange).
“The new entity brings to India a separate and distinct brand which is recognized globally as a leader in the broking industry. The change in structure is significant and provides a platform for further expansion in India,” said Jerome Burban, Managing Director of Newedge India Broker Ltd.
Burban said the company is eager to expand its foreign client base while increasing exposure to domestic institutional clients. Another area of potential growth is through the introduction of commodity products, which is aimed at capitalizing on rising interest in India, he added.
Newedge has identified India, alongside China, as a priority for expansion as the company continues to grow its business. Expectations for additional growth are backed by the rise in volumes on India’s financial markets. The NSE ranked number 8 in the Top Derivatives Exchanges in 2008, with two of its contracts in the top 10 among Equity Index Futures and Options.
“The establishment of an India entity is a proud achievement and a logical step for a global company such as Newedge looking to reinforce its position as one of the world’s biggest futures brokers,” said Patrice Blanc, Chief Executive Officer of Newedge. “Our operations in India will prove important for all our clients as they can benefit from our mix of local knowledge, market expertise and proximity to the exchanges and regulators.”
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