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From Christine Gaylican, Opalesque Asia:
Multi-asset brokerage Newedge today launched its onshore Indian operations in Mumbai, India headed by managing director Jerome Burban to further enhance cash equity and equity derivatives services to institutional foreign investors.
Pierre Gay, Asia-Pacific chief executive at Newedge in Hong Kong told Opalesque in a telephone interview today that Burban will both be managing the Singapore and India offices.
“We can engage in equity services for institutional investors as we hold membership and licenses to trade on the National Stock Exchange (NSE) and the Bombay Stock Exchange,” he noted.
It also brings proximity to the country's financial regulators, in particular the Securities and Exchange Board of India and the Reserve Bank of India (RBI), which Gay says is also very important.
Initially, Newedge will deliver listed equity products, which has the biggest demand likely to be for index futures, said Gay.
“The company will expand our offering and trade other products and need brokerage services for them if they clamor for it,” he said adding that growth will likely come from foreign customers, who want access to India’s onshore market.
Newedge is a joint venture between French banks Société Générale and Calyon. The firm offers services such as prime broking, asset financing, electronic trading and order routing, cross margining and centralised reporting of client portfolios.
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