Geojit to launch India's first online trading platform

BANGALORE: Retail brokerage and financial services firm Geojit Financial Services today announced that it would launch the country's first online trading system on Tuesday.

The trading platform called Mercury Online is hosted on Sun Microsystems' network computing architecture.

Geojit will be using Reuters' TIBMercury online brokerage software. Some of the features of the online trading system include trading and order management; live news updates and market information; real time information from BSE and NSE; a research desk, browser-based access and instant transfer of funds online.

Explaining the features of the online trading platform, CJ George, MD, Geojit Financial Services, said that the launch of the online platform was fueled by customer demand and the need for a scalable and robust platform. “Today the number of online trades we handle is around 7000. We expect this to go up by 100,000 a day soon.”

He added that at present less than five percent of Geojit's 2,70,000 customers use the Internet for trading. “However, over the last few months, we have seen the Internet trading volumes increase five times over.”

Geojit has invested Rs 17.5 crores into the platform's technology infrastructure. George said that 350 offices of Geojit would be integrated on the Sun network. Using the new system, Geojit's customers can log in and trade any time from anywhere.

Mercury Online would be deployed on Sun's mid-range data center servers based on Ultrasparc IV processors running on Solaris and Sun cluster.