National Commodity Exchange Ltd, (NCEL) on Friday has signed an agreement to purchase a complete turnkey solution for electronic trading from Patsystems Plc, UK.
"On Friday we have achieved a major milestone towards being fully operational by June 2004. Members and their clients will be provided a state-of-art trading platform which will be accessible using the Internet as well as a leased line", said Salim Chamida, Chairman NCEL.
NCEL will be first Pakistan's multi-commodity futures exchange, which will provide a platform for price discovery, thus helping farmers, traders and end-users.
"NCEL, upon being fully functional, will pave the way for farmers to farm for the market and gain access to organised finance in the country. With the exchange, farmers will be able to see six month future prices and plan accordingly," said Assim Jang, Managing Director NCEL.
Patsystems Plc are a global leader in the supply and support of trading and settlement solutions for electronic derivative exchanges.
Their technology is used by four Japanese commodity exchanges and one Agriculture Futures Exchange of Thailand (AFET) to provide mission critical order entry, order management, risk management, trade matching, monitoring and surveillance, settlement and back office systems to more than 300 members. These exchanges are currently processing more than 300,000 orders per day.
The J-Trader front end trading platform, which will also be made available in Urdu to NCEL's members and their clients, is now one of the most widely distributed derivatives trading solutions in the world. It is used by more than 35 banks and brokers in Asia, the US and Europe, to provide real-time trading and risk management to 5,500 traders, operating on 13 electronic exchanges.
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