Citigroup Global Markets on Wednesday said it has become the first brokerage house in India to launch the next generation industry-driven messaging standard- Financial Information Exchange protocol adopted by the National Stock Exchange of India.
The platform offers cutting edge execution to use the protocol to transact in an electronic, transparent, cost- efficient and timely manner.
"Citi is proud to bring the next generation of messaging standard to India in collaboration with the NSE. It is designed to improve the efficiency of India's equity markets while bringing together our global capabilities under a single platform," Citi's Head of India Equity Technology, Kumar Goradia, said in a statement here.
The internationally recognised standard FIX has been extensively tested by Citigroup for the last six-months in collaboration with NSE, the first exchange to implement this protocol in India.
"Support for FIX is an important part of NSE's efforts to improve throughput and efficiency of pre-trade message processing. We expect the use of FIX messages to become widespread in all market segments. We congratulate Citi on being the first to go live with FIX in India," NSE's Vice President, New Products, Vidhu Shekhar, said.
