Mumbai, February 05, 2020: National Stock Exchange of India Ltd (NSE), India’s leading stock exchange launched Request for Quote (RFQ) Platform in debt securities on February 4, 2020 in the presence of SEBI Chairman Shri Ajay Tyagi and Shri Vikram Limaye, MD & CEO, NSE. On the day one, the NSE RFQ platform received encouraging response from the market participants. The first trade got executed between ICICI Securities Primary Dealership Ltd. and Punjab National Bank for Rs. 25 crores in Non-Convertible Debenture (NCD) of IRFC, maturing on April 14, 2023.
More than 30 participants have completed registration on the platform on the very first day, which indicates encouraging interest of market participants in the new electronic trading platform for the bond market. Overall, 24 RFQs were initiated in 17 unique securities on the platform and 15 participants actively participated on the platform on the first day.
The NSE RFQ platform is hosted on CBRICS environment which is currently used by market participants for reporting and settlement of trades. The eligible participants on NSE RFQ Platform includes all regulated entities, Listed Corporates, Institutional Investors as defined under SEBI ICDR Regulations, 2018 and All India Financial Institutions.
The NSE RFQ platform covers the entire trade cycle starting from initiating a quote for a security, interacting with various participants, doing multiple rounds of negotiations, mutual agreement between counterparties on the terms of transaction, reporting and settlement.
About National Stock Exchange of India Limited (NSE):
National Stock Exchange of India Ltd. (NSE) is the world’s largest derivatives exchange by trading volume as per the statistics published by Futures Industry Association (FIA) for 2019. NSE is also ranked 3rd in the world in the cash equities segment by number of trades as per the statistics published by the World Federation of Exchanges (WFE). NSE was the first exchange in India to implement electronic or screen-based trading. It began operations in 1994 and is ranked as the largest stock exchange in India in terms of total and average daily turnover for equity shares every year since 1995, based on SEBI data. NSE has a fully-integrated business model comprising exchange listings, trading services, clearing and settlement services, indices, market data feeds, technology solutions and financial education offerings. NSE also oversees compliance by trading and clearing members with the rules and regulations of the exchange. NSE is a pioneer in technology and ensures the reliability and performance of its systems through a culture of innovation and investment in technology. NSE believes that the scale and breadth of its products and services, sustained leadership positions across multiple asset classes in India and globally enable it to be highly reactive to market demands and changes and deliver innovation in both trading and non-trading businesses to provide high-quality data and services to market participants and clients.
