Symphony Receive NSE Approval For Algo-Trading
‘Presto’ – Symphony Fintech’s Automated Trading Platform, was approved by the National Stock Exchange (NSE) of India for live trading at a leading Brokerage House. Now, with the approval in hand, the Brokerage can deploy a market-smart auto-trading strategy. The Presto platform had already received approval, from the Multi Commodity Exchange (MCX) for in-house category during 2010.
Until now, the Brokerage used to trade manually, which was error prone & the traders usually missed out on many real-time market opportunities. Presto will now enable the traders to capture alpha while minimizing risk by deploying an intelligent strategy developed by Symphony.
Presto can be used to develop ‘Trading Strategies’ based on fundamental/technical indicators, for instruments that trade in MCX/NSE. One can back-test the strategies after it is developed and paper-trade the strategies and then, deploy the strategies ‘live’. Subsequently, these strategies can be made available to traders as well as sophisticated retail investors. Presto uses the industry standard FIX protocol to interface with the exchange.
“This approval is significant” said Praveen Gupta, CEO of Symphony Fintech. “because, most other platforms approved until now, were not based on the FIX protocol : the industry standard, accepted world wide.” “A FIX based Trading System like Presto can be used by Foreign Institutional Investors without making changes to their existing in-house software.”, he added.