Robo Trading Software For NSE & BSE: Robo trading Software for NSE, BSE & MCX

Robo trading Software for NSE, BSE & MCX

Robot trading software, popularly known as Autotradingsoftware will create and execute buy,sell signals automatically in your broker terminal. human participation are very limited in the Auto trading software. The users can activate and de-activate the service with a single button. robotrading software is used by many nse and mcx clients in India. Robot trading software will work with Amibroker and Mt4 software, if the technical chart show a buy or sell signals, the Autotradingsoftware will execute the trade in broker's trading platform.

"The secret behind a successful trading is a good risk reward ratio. If you ignore this, surely, you will loose. It won't care, which great chart or trading strategy you are using. Most of the chart providers and tips providers are ignoring RRR. Result... yes...you know it."

"Emotion is the Biggest Enemy of Trading. Use Auto Trading software...and see the difference."

What is Robotic Trading System?

Robotic trading system also referred as algo trading, automatic trading, algorithmic trading or automatic trade executor, allow traders to enter and exit to the trade without human intervention based on simple or complex conditions.

Most of the Robotic Trading systems required a charting software with real time data, Trade executor plugin and brokers trading terminal. All you need to do is activate a strategy in your charting software and run robotic trade plugin. it will run until you deactivate it. You can monitor your performance any time and make real time changes as needed.

The first thing in Robotic trading is to create a trading strategy. The strategy can be moving average crossover,pivot level break, opening range breakout(ORB) or oscillator related strategies.

eg: if your strategy is 20-5 moving average crossover. whenever 5 period moving average cross 20 period moving average in upward direction, a buy condition will occur and robotic trading software will place a buy order to your trading terminal.

Based on your exit strategy, it will book profit or exit when stop loss hits. For example if your buy price is 7700 , target is 7750 and stop loss is 7680. after executing the buy signal robo trader will monitor the chart for 7750 or 7680 to exit from the long position.

For making complex trading strategy, you should have good knowledge of technical analysis and programming skills or you can subscribe from an expert.

"95% Traders are loosing their capital due emotional Trading. Use Robo Trader to avoid it."

REAL ROBO TRADER

The Ultimate auto trading software.

  Features:

Real and paper trading mode

Trade with Unlimited scrip

Control switch for long only, short only or long+short only

Part quantity profit booking mode.

Target 1 and Target 2 profit booking options.

Level based trading for pivot,Gann or Fibonacci traders.

Xsignal-YScrip Trading First Time in India

Trailing stop loss

trailing stop loss on target 1 hit

Stop loss@entry (at Target 1)

reverse on stop loss

Set active daily profit/loss

Time management

scrip wised risk management

Quantity management.

Reverse signal trading  NEW

Trade notification by sound or email.

VPS (Virtual Private Server) facility on demand.

Multi-User robo on demand (for brokers & sub-brokers)

*Suitable for any Amibroker AFL

Excel based strategy executer

**MultyScript basket trading New

Option strategy automation First time in India

Lowest monthly subscription.

Compare our robo with others and then decide...

a simple robotic trading AFL

//it is very simple robotic trding strategy

//for Creating Complex strategis please Contact www.realsenseindia.com or call to 9142227173

_SECTION_BEGIN("Price");

SetChartOptions(0,chartShowArrows|chartShowDates);

_N(Title = StrFormat("{{NAME}} - {{INTERVAL}} {{DATE}} Open %g, Hi %g, Lo %g, Close %g (%.1f%%) {{VALUES}}", O, H, L, C, SelectedValue( ROC( C, 1 ) ) ));

Plot( C, "Close", ParamColor("Color", colorDefault ), styleNoTitle | ParamStyle("Style") | GetPriceStyle() );

_SECTION_END();

m14=EMA(C,50);

Buy=Cross(C,m14);

Short=Cross(m14,C);

Sell=Short;

Cover=Buy;

Buy=ExRem(Buy,Short);

Short=ExRem(Short,Buy);

PlotShapes(IIf(Buy, shapeUpArrow, shapeNone),colorBlue, 0,L, Offset=-45);

PlotShapes(IIf(Short, shapeDownArrow, shapeNone),colorRed, 0,H, Offset=-45);

PlotShapes(IIf(Cover, shapeSmallCircle, shapeNone),colorBlue, 0,L,Offset=-35);

PlotShapes(IIf(Sell, shapeSmallCircle, shapeNone),colorRed, 0,H,Offset=35);

r1=amitradingsa();

copy and paste the above code to amibroker along with robotic pluggin and test it.

*What is the advantage of robotic trading?***

It's reducing your emotions. Emotions have a major roll in our trading success, especially in day trading. It is a perfect alternative to control the emotions.

It's preventing from over trade. Most of the traders have this issue. when market is highly volatile, traders will tempt to over trade and it may end with huge loss.

Maintaining discipline. It is an another enemy of the trader. late entry, changing the stop loss,waiting for more profit etc...

Improves trading speed. After appearing the buy signal, normally within 3 seconds order will be placed to your terminal. But Manually it may take 10 to 30 seconds.

Suitable for any liquid market. Yes, it is suitable for equity trading, Futures & Options trading, Commodity trading and currency trading.

Basket trading. Basket trading is a high probability trading strategy. Especially in intraday. But it is very difficult to execute manually. Robo trading is a perfect choice for basket traders.

Consistent Result. It is an another advantage, which is very difficult to achieve in manual trading.

How its work?

whenever a Buy, Sell or Short, Cover signals triggers in charting platform, the signal will send to the Now/Nest terminal instantly. As per the SEBI guidelines the user will have to monitor and approve the order before sending to the exchange.

Step 1.Charting Platform (Amibroker with strategy)

(a buy order triggered in the strategy)

Step 2. REAL ROBO TRADER

(order received)

Step 3. Now/Nest/ODIN/ANGEL DIET Terminal

(order placed)

*Simple to use interface with drag-n-drop operations.

*Zero Programming Knowledge is required to use this Trading Plugin.

*Can be applied to already-live trading system without writing / editing any code.

The basic Robotic Trading settings.

Select Scrip Parameters.

Select the Terminal or Paper Trading mode.

Select Your Amibroker chart which you want to connect Robort.

Right Click on the chart.

Select Parameters.

Switch Amitrading live: Yes

Show buttons: Yes

Trade on : Signal Bar (if your Buy Sell signal is consistant or select Next Bar.

Click Start Auto Trading.

Call-09142227173 or mail realsenseindia@yahoo.com or visit www.realsenseindia.com for more details.

Nifty January futures plunge 5%, leaves players guessing if it’s an outcome an algorithmic trade

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NEW DELHI: The BSE has tweaked the Base Minimum Capital (BMC) norms for brokers, a move that will ensure that the deposits are maintained with the exchange and not with the clearing corporation.

The Base Minimum Capital (BMC) is the deposit maintained by the member of a stock exchange against which no exposure for trades is allowed.

It is meant for meeting contingencies in any segment of the exchange and commensurate with the risks that the broker may bring to the system.

"...all deposits towards BMC will be required to be maintained with exchange," BSE said in a circular.

Currently, the BMC is blocked from the collaterals maintained with BSE's clearing corporation, ICCL, (Indian Clearing Corporation Limited (ICCL).

"The Exchange (BSE), with ICCL, has initiated the process of segregating and taking over the collateral towards BMC from the collaterals maintained with ICCL," it added.

In the initial phase, the cash equivalent component of BMC collateral, to the extent possible, will be segregated from the collateral deposits maintained with ICCL and kept separately with the exchange.

Any shortfall in BMC collateral taken over by the exchange would be blocked from the collateral deposits of trading member maintained with ICCL.

The BSE said trading members would be intimated on the collaterals that have been taken over from ICCL towards BMC.

Brokers have been asked to ensure that at the time of renewals of fixed deposits (FDs) and bank guarantees (BGs) given as collateral to the clearing corporation, such amounts (to the extent of the shortfall) are deposited with the exchange.

"Trading Members, whose shortfall in BMC is blocked from the collateral deposits maintained with ICCL, shall ensure at the time of renewing their bank guarantees, fixed deposits with BGs/ FDs with ICCL or depositing additional collaterals with ICCL, that FDs/ BGs to the extent of such shortfall is drawn in favour of the BSE and deposited with the exchange," the BSE said.

"Such Trading Members can also voluntarily deposit FDs/ BGs with BSE towards BMC and to that extent the BMC will not be blocked at ICCL," it added.

According to norms, stock brokers or trading members should maintain a minimum capital of Rs 10 lakh in case of trading of securities are done through their own money rather than customer's without using Algo trade.

In 2013, capital market regulator Sebi has increased the base minimum capital (BMC) deposit for stock brokers to up to Rs 50 lakh, from a maximum of Rs 10 lakh earlier, especially the ones dealing with algorithmic trading (algo), in order to mitigate risks in the market.

///////////////////////////////////////MUMBAI: Was it a fat finger error or an algorithmic trade? That was the question that brokers were asking themselves after the Nifty futures fell and then dramatically recovered in early trades on Tuesday. At around 9:15 am, the Nifty futures opened for trading at 8422, but fell to 8000 at around 9:55 am and then quickly recovered more than 100 points.

A crash in Nifty futures in early trades resulted in margin pressure on those who were trading with a stop loss. Nifty futures of January shed 15.40 lakh contracts in open interest on Tuesday. "It looks mostly like an erroneous fat finger to me," a derivative analyst with a foreign broker told Reuters.

On October 5, 2012, the Nifty index had crashed 920 points wherein a trader with Mumbai based brokerage Emkay Global was said to have punched the trade.Nifty January futures plunge 5%, leaves players guessing if it's an outcome an algorithmic trade.

source:http://articles.economictimes.indiatimes.com/2015-01-07/news/57791636_1_nifty-futures-nifty-index-fat-finger-error

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Tightening the norms for algorithmic trading, the Securities and Exchange Board of India (SEBI), on Tuesday, made it mandatory for the users to have their systems audited every six months, and increased penalties on errant stock brokers.

Algorithmic trading or ‘algo’ in market parlance refers to orders generated at a super-fast speed by use of advanced mathematical models that involve automated execution of trade.

It is mostly used by large institutional investors. It has raised concerns that algo exposes small investors, and the market itself, to possible systemic risks.

SEBI first issued guidelines on algo trades in March, 2012, after it witnessed a growing trend of usage of advanced technology for trading in financial instruments.

In a circular issued on Tuesday, SEBI said it had decided to review the algo guidelines following representations made by its Technical Advisory Committee, and the new norms would come into effect from May 27.

As per the amended guidelines, stock brokers and traders offering algo facility would need to subject their algorithmic trading system to audit every six months so as to ensure compliance with the requirements prescribed by Sebi and the stock exchanges. Such audits would need to be undertaken by a system auditor with relevant certifications.

Sebi has also allowed the stock exchanges to impose “suitable penalties” in case of failure of the stock broker or trading member to take satisfactory corrective action within a time-period specified by the bourses.

The regulator has also asked the bourses to periodically review their surveillance arrangements to better detect and investigate market manipulation and market disruptions.

Source: http://www.thehindu.com/business/markets/sebi-tightens-algorithmic-trading-norms/article4736556.ece

Credit Suisse launches algorithmic trading in India

ECONOMICTIMES.COM Jun 22, 2009, 10.25pm IST

NEW DELHI: Credit Suisse's Advanced Execution Services (AES) unit has launched algorithmic trading in Indian equities. With this Credit Suisse clients can now employ a comprehensive range of AES algorithmic trading strategies for Indian equities, being able to trade more efficiently and achieve best execution.

Since the formation of the AES group in 2001, the bank has pioneered new technology and brought it to as many markets as possible. In Asia Pacific, Credit Suisse AES became the first foreign broker to launch Direct Market Access (DMA) in Malaysia in January 2008 and followed this up by becoming the first foreign broker to offer DMA in the Indonesian market last August. Credit Suisse AES was also among the first foreign brokers to offer DMA in India in September 2008, the company said.

"Sophisticated liquidity-seeking algorithms will help deliver better execution to clients trading Indian equities," said Brook Teeter, head of AES Sales for Asia Pacific.

Investors will be able to automate their trading strategies and customize the algorithms to serve their objectives. This will help them reduce signaling risk and market impact and to access liquidity at the optimal price.

Algorithms have become increasingly popular globally as investors have sought to trade more efficiently and avoid sharp spikes in volatility while minimizing market impact, particularly given the less liquid market conditions prevalent in many markets over the last 18 months.

One strategy aimed at minimizing this impact is SNIPER, an aggressive and opportunistic liquidity-seeking algorithm developed by Credit Suisse to pick off liquidity as it becomes available at a target price. Usage of SNIPER has more than doubled during the last 18 months, reflecting many investors desire to achieve rapid execution while markets have been volatile.

The AES suite of algorithms also includes traditional algorithmic strategies that seek to divide trading volumes up over time and strategies that seek to trade at the Volume Weighted Average Price of a stock. Additionally, AES offers strategies that seek to minimize implementation shortfall - or the difference between the price at which a client decides to trade and the actual execution cost – such as INLINE and other liquidity-seeking strategies like GUERRILLA.

source: http://articles.economictimes.indiatimes.com/keyword/algorithmic-trading

NEWS

SEBI issues rules for algorithmic trading

March 31, 2012 | ET Bureau

MUMBAI: The capital market regulator has put checks and balances in place for high-frequency trading. SEBI has issued detailed guidelines asking exchanges to contain possibilities of potential systemic risk caused by the use of sophisticated automated software by brokers to trade on stock exchanges.

The regulator said exchanges should ensure that all algorithmic orders, software driven automated order execution engines, are routed through broker servers located in India and have appropriate risk-control mechanism to address the risk emanating from algorithmic orders and trades.

SEBI said the minimum order-level risk controls should include a price and quantity limit check. "The price quoted by the order shall not violate the price bands defined by the exchange for the security.

For securities that do not have price bands, dummy filters shall be brought into effective use to serve as an early warning system to detect sudden surge in prices," SEBI said in a circular posted on its website on Friday.

"The quantity quoted in the order shall not violate the maximum permissible quantity per order as defined by the exchange for the security."

Algorithmic trading or high-frequency trading strategies use mathematical models and powerful computers to order trades at lightning-fast speeds. As opposed to manually punched trades, these trades are faster and so stand to benefit from quick change in prices.

The regulator said in the interest of orderly trading and market integrity, exchanges should put in place a system to identify dysfunctional algorithm, which could lead to a runaway situation and take suitable measures, including advising the member, to shut down such algorithms and remove any outstanding orders in the system that have emanated from such dysfunctional algorithms. SEBI also said in exigency, the stock exchange should be in a position to shut down the broker's terminal.

"At the outset, the regulatory guidelines deal with systemic risk management and do not seem to infringe on a broker's intellectual property, which is great," said Rajesh Baheti, MD, Crosseas Capital Services, a proprietary trader.

The regulator said stock brokers desirous of placing orders generated using algorithms should give an undertaking to stock exchanges that they have real-time monitoring systems to identify algorithms that may not behave as expected.

Besides, stock brokers should maintain logs of all trading activities to facilitate audit trail. "The stock brokershall maintain logs of all trading activities to facilitate audit trail," SEBI said.

source: http://articles.economictimes.indiatimes.com/keyword/algorithmic-trading

NEWS

Market volatility puts algorithmic trading under pressure

October 27, 2007 | AGENCIES

LONDON : Recent market turbulence has tested banks' technology and is putting a question mark over whether increasingly popular computer-generated algorithmic trading is suited to volatile conditions. Algorithmic trading — where computers make multiple trades in fractions of a second — has soared to make up 30% of equity trading volume according to industry analysts AITE group. It is also increasing popular in the $3.2 trillion a day in foreign exchange market.

EBS, the biggest interbank venue for foreign exchange trading, says algorithmic trading has doubled from around 15% of its volumes at the start of 2006 to 30% now. But traders say current volatility is showing the limitations of this form of trading, in equities and forex.

"Algorithmic trading works by taking historical moves to predict what will happen in the future," said Lee Ferridge, senior proprietary trader at Rabobank.

"When market moves bear little resemblance to what has happened in the past all types of model will struggle."

This certainly appears to be the case for Morgan Stanley who reported a $480 million loss in the third quarter from the bank's in-house equities trading desk that employed computer generated models to drive returns. Hedge funds using algo are also likely to have been hit. The Hennessee Hedge Fund Index fell 0.96% in August compared with an 10.16% increase for the year as a whole. Performance was particularly bad for portfolios employing algorithmic models , said Mehraj Mattoo, global head of alternative investment strategies at Commerzbank Corporates and Markets.

"The losses were caused by sharp moves causing many of the models to trigger sell orders on the same securities at the same time, causing a vicious downward spiral. In some cases high degrees of leverage caused further magnification of losses." The most aggressive risk takers appear to have tried to avoid this kind of loss by pulling out of algorithmic trading when markets were at their most choppy on August 16. "A lot of the high frequency guys like hedge funds and the proprietary trading platforms at banks switched off their engines until the worst of the volatility receded," said a source at a major trading platform. When the crunch came, those with the most at stake pulled in their horns and reverted to more traditional means of trading.This may have been because the technology was simply not up to the job of dealing with the immense volume of tickets, say bank sources.

"Banks have had to deal with up to double the number of tickets per day they are used to and this is stretching their technological capabilities," said a head of electronic trading at a major global bank.

"The sheer volume is testing banks' ability to process and settle the trades and to manage risk positions. If they are approaching the end of a cycle in technology investment their trading engines will start to creak." The big moves in currencies-with the New Zealand dollar losing almost 10% against the yen in the week to August 17, for example-helped push average daily trading volumes for August on Icap's EBS and fixed income platform BrokerTec to $945 billion, up more than 50% on the previous year.

Volatile markets are also making the short term strategies that algorithmic programmes employ underperform, analysts reckon. "The current large daily moves in currencies are meaning that it is the longer term position takers that are those that are making money," said Geoff Kendrick, currency strategist at Westpac. "Those looking on an intra-day basis are having to step down for the moment."

source: http://articles.economictimes.indiatimes.com/keyword/algorithmic-trading

NEWS

Brokers upgrade to algorithmic trading for FI clients

May 17, 2011 | Shailesh Menon

MUMBAI: An increasing number of broking firms in India are offering algorithmic trading to lure large institutional investors.

Most big broking firms have updated their trading software to enable algorithmic trading that allows investors to obtain the best possible price without significantly affecting a stock's price and raising purchasing costs.

About 18% of total trades on Indian stock exchanges are done through algorithmic commands. This compares with about 60% of the overall trades in Hong Kong and Singapore markets that are done using algorithmic strategies, according to exchange sources.

"All leading funds use algorithms to increase their trade impact. Faster order execution has become important as returns are now generated playing price volatility," said the head of investments of a fund house. Algo trading involves use of advanced mathematical models to make transaction decisions in financial markets. It helps high-volume investors to place larger orders without disturbing the stock price.

Large blocks of shares are usually purchased by dividing the large share block into smaller lots and allowing complex algorithms to decide when the smaller blocks are to be purchased. More than 150 broking firms in India have started using algorithms, according to a report from business consultancy firm Celent. Of these, 10–15 have proprietary algos for strategy and trade execution exclusivity.

"Algo trading is becoming more popular among institutional investors adopting option trading strategies. This, at some level, resulted in option volumes going up by about 81% last year. We offer high-frequency trading to institutional clients selectively," said Rashesh Shah, chairman and chief executive officer, Edelweiss Capital that services about 600 institutional investors.

Motilal Oswal, chairman, Motilal Oswal Financial Services, said: "Algorithms bring efficiency to stock trading. High-speed trading will be an important offering (to institutional clients) from the side of top brokers." The level of algo trading in equity derivatives, especially index options, is much higher than it is for cash equity.

The ease of dealing on a single exchange, namely National Stock Exchange, for equity derivatives, and the lower securities transaction tax on derivatives trading are some of the reasons for this development, the Celent report said. Celent expects technology spending levels to go up to $55 million in 2012 from $45 million in 2011.

"Algo trading volumes have gone up significantly on Indian bourses. However, most of the volume is happening in top-50 stocks, where liquidity is high. Option-based strategies are also gaining popularity," said Richard Bentley, industry vicepresident (capital markets), Progress Software, a London-based IT company specialising in market technologies. Mr Bentley expects algo trading volumes in India to touch 50% in the next five years.

source: http://articles.economictimes.indiatimes.com/keyword/algorithmic-trading

NEWS

India's catching up with Asian peers in algorithm trade

October 26, 2010 | Apurv Gupta , ET Bureau

MUMBAI: Algorithmic trading in shares listed on Indian stock exchanges could account for 30% of the overall cash market volumes by 2012, compared with around 20% at present, according to US-based consulting firm Celent, citing liquid stock exchanges, sophisticated technology and connectivity as the enabling factors.

Algorithmic trading — also commonly known as programmed trading — entails the use of a pre-written software code to execute transactions, without manual intervention. They are of two types: execution and situational. Execution algorithms minimise the impact cost while executing large orders by spreading them through the day, with price and volume specifications . Situational algorithms are more sophisticated and triggered when certain conditions are fulfilled. For instance, a complex algorithm could generate a buy order depending on a combination of moves in stock price, index level and currency rate.

"India represents an excellent opportunity for algorithmic (quantitative or systematic) traders due to the confluence of several factors: a supportive legal and regulatory framework, well-established and liquid stock exchanges, sophisticated technology and connectivity to the exchanges, presence of all major banks and broking firms, abundance of people with relevant knowledge and experience , and limited competition in the space," says the Celent report , titled, " Electronic Trading in Asia-Pacific : A Market by Market Update on the Dynamic Region" .

According to the Celent report , algorithmic trading in five of Asia's leading markets — Singapore , Hong Kong, Japan, Australia , and India — has seen a sharp rise in the past couple of years.

Celent expects that within three years, these markets will have caught up with the European market in terms of volumes of algorithmic trading and high frequency trading ( HFT). For instance, in Singapore, the introduction of ADR trading was accompanied by tax exemptions to encourage market makers to participate. Similarly, there are rebates for options trading in Hong Kong. In the case of India, the report says that adoption of new technology has been gradual compared with some of its peers in Asia, and this trend could continue.

"The tight spreads (difference between bid and ask prices), low visible liquidity on the bid and offer , and high trade rate require a lot of effort and skill to execute a good trade," Sensex 137 ptssays the report, adding that the imposition of securities transaction tax has reduced the prospects for arbitrageurs and high-frequency traders, and impacted algorithmic trading to some extent.

source: http://articles.economictimes.indiatimes.com/keyword/algorithmic-trading

NEWS

Worried, but no plans to ban algorithmic trading products: SEBI

November 29, 2011 | PTI

MUMBAI: Capital markets regulator Sebi today ruled out a ban on algorithmic trading products, even though it said is "worried" by the rapid adoption of these tools and called for appropriate risk management systemsto be put in place by market players using them.

Sebi is not looking at banning these products, Sebi Chairman U K Sinha told reporters on the sidelines of a CII meet on capital markets here, though he added, "But we are worried."

NEWSThe market regulator is slated to conduct a review of its risk management system in the near future and a ban on algorithmic trading products was apprehended by certain quarters following a technical glitch that resulted in the cancellation of all derivatives deals on the BSE during Muhurat trade on Diwali (October 26).

Sebi had said it would do a thorough review of the risk management system in algorithmic trading to prevent a repetition of such incidents. In this regard, Sinha clarified that stakeholders' views will be taken on board.

"We will consult all the stakeholders before taking a decision. Though Sebi is yet to come up with a risk management system for these products, we want all the players to have their own risk management systems in place," Sinha said.

Algorithmic trading systems, or high frequency trading systems, use highly advanced mathematical models to make transaction decisions.

This highly quantitative trading model employs computerised algorithms to analyse incoming market data and implement proprietary trading strategies wherein large quantities of shares are purchased by dividing them into smaller lots and allowing the complex algorithms to decide when the smaller blocks are to be purchased.

Use of these products has been gone up significantly in domestic markets in the last three years.

Joining Sinha, BSE Managing Director and Chief Executive Madhu Kannan said when he joined the premier exchange two-and-a-half-years ago, "Only 5 per cent trades on the BSE used to take place using algo products, but this has now gone up to 25 per cent."

Addressing the Association of National Exchange Members of India last week, Sinha had warned that the market regulator would not allow anybody to mess with its system in the backdrop of some members being allegedly involved in manipulation.

"We have an effective risk management system, but we would not compromise. That is why we are ready to review," he had added.

source: http://articles.economictimes.indiatimes.com/keyword/algorithmic-trading

Sebi tightens algorithmic trading norms; ups penalty for errant brokers

May 21, 2013 | PTI

MUMBAI: Tightening the norms for algorithmic trading,market regulator Sebi today made it mandatory for the users to have their systems audited every six months and increased penalties on errant stock brokers.

Algorithmic trading or 'algo' in market parlance refers to orders generated at a super-fast speed by use of advanced mathematical models that involve automated execution of trade. It is mostly used by large institutional investors and has raised concerns that algo exposes small investors, and the market itself, to possible systemic risks.

Sebi first issued guidelines on algo trades in March 2012, after it witnessed a growing trend of usage of advanced technology for trading in financial instruments. In a circular issued today, Sebi said it had decided to review the algo guidelines following representations made by its Technical Advisory Committee and the new norms will come into effect from May 27.

Such audits would need to be undertaken by a system auditor with relevant certifications.

Sebi has also allowed the stock exchanges to impose "suitable penalties" in case of failure of the stock broker or trading member to take satisfactory corrective action within a time-period specified by the bourses.

"In order to further strengthen surveillance mechanism related to algo trading and prevent market manipulation, stock exchanges are directed to take necessary steps to ensure effective monitoring and surveillance of orders and trades resulting from trading algorithms," Sebi said.

The regulator has also asked the bourses to periodically review their surveillance arrangements to better detect and investigate market manipulation and market disruptions.

In March last year, Sebi had asked the exchanges to implement a framework of economic disincentives for high daily order-to-trade ratio for orders placed from trading algorithms by prescribing penalties in form of 'charges to be levied per algo orders' at various levels.

"The penalty rates specified by the stock exchanges have been reviewed and in order to provide sufficient deterrence, stock exchanges are directed to double the existing rates of 'charges to be levied per algo orders' specified in their circulars/notices," Sebi said.
The stock exchanges have also been asked to impose an additional penalty 'in form of suspension of proprietary trading right of the stock broker/trading member for the first trading hour on the next trading day in case a stock broker/ trading member is penalised for maintaining high daily order-to-trade ratio', if such an entity has been penalised on more than 10 occasions in the previous thirty trading days.

Sebi said this step would discourage repetitive instances of high daily order-to-trade ratio. Sebi also said that the deficiencies or issues identified during the audit of trading algorithm or software of brokers would need to be reported to the stock exchanges immediately after the completion of such audits.

Further, the stock broker and trading members would need to take immediate corrective actions to rectify such issues or deficiencies. In case of serious deficiencies or issues or failure to take satisfactory corrective action, the broker or trading member would be barred from using the trading software till the time these issues are rectified and a satisfactory system audit report is submitted to the stock exchange.

source: http://articles.economictimes.indiatimes.com/keyword/algorithmic-trading

NEWS

Sebi meet from January 27 to discuss risks of algorithmic trading

January 23, 2014 | PTI

MUMBAI: To address the challenges posed by algorithmic or high frequency trading, market regulator Sebi will organise a two-day conference starting January 27.

The high frequency trading exposes the market to possible systemic risks.

The rise of High frequency trading (HFT), a type of algo trading, has raised concerns with regard to its impact on market quality, financial stability and regulatory framework.

The Securities and Exchange Board of India (Sebi) is organising its first 'international research conference' from January 27-28 here.

The theme of the conference is "HFT, Algo Trading and Co-location," according to a statement.

During the two-day conference, participants will also discuss issues related to information asymmetry, retailinvestors, HFT in developing countries and technology as an enabler to re-level the field.

Academicians, market practitioners, regulators from countries such as the US, Spain, Australia, Canada and Japan, among others, would participate at the event.

"There is a divide in pool of thoughts over positive impact of HFT and associated risks. Because of its relative novelty and the uncertainty related to many of the trading strategies being used today, the debate over high frequency trading is of contemporary relevance," Sebi said.

"As both old and new emerging markets continue to become highly digitised, algo trading strategies will constantly advance," it added.

Sebi first issued guidelines on algo trading in March 2012, after it witnessed a growing trend of usage of advanced technology for trading in financial instruments. Later in 2013, the regulator tightened the norms related to algo trading.

source: http://articles.economictimes.indiatimes.com/keyword/algorithmic-trading

NEWS

High frequency trades form just one-third of total volumes in India

April 11, 2014 | Biswajit Baruah , ET Bureau

MUMBAI: The obscure world of high-frequency trading (HFT) has come under the spotlight of late after Michael Lewis's latest book 'Flash Boys: A Wall Street Revolt'.

In India, too, the revelations in the book have caught the attention of critics, authorities and market players, but that is yet to spark a hue and cry as in the US. This is because such trades account for just a third of the total trading volumes on Indian bourses against the 60-70 per cent in most developed markets in the US and Europe.Volumes under algorithmic trading — a type of HFT — which was launched in India in 2009, witnessed a spurt initially, but have remained stagnant of late as the regulator frowns on the influence of such trades on the market. In algorithmic trading, a system executes pre-programmed orders based on timing, price, or quantity of the order. In most cases, the orders are executed by the computer.

As a result, the speed of execution has reduced from milliseconds to microseconds and is expected to move to nanoseconds. The big players in the business in India are said to be foreign investment banks such as JP Morgan, Morgan Stanley, Credit Suisse, and Deutsche Bank.

"Algorithmic trading has not picked up in India as the awareness about this particulate trading platform is not much among market participants. At this juncture, only select institutional clients and HNIs are using this platform," Sudip Bandyopadhyay, managing director and CEO at Destimoney Securities, said.

"The algorithmic trading programme is very successful when there is increased volatility in the markets, as our own brokerage algorithmic software is designed like that," he said. Algorithmic trading has opened up faster access to Indian markets for financial institutions across the world. However, better algorithms with mathematically proven strategies that consume liquidity and faster systems with very low latency are the need of the day.

Critics said it can cause sudden market crashes and easily mask market manipulation or other illegal activity. In HFT, the objective is to enter and exit frequently and take advantage of daily and intra-day changes.

Typically, HFT does not lead to any delivery positions and all transactions are reversed in the same day. "In the past few months, foreign institutional investors ( FIIs) have used the algorithmic trading platform for buying shares.

Algorithmic trading gives the best price advantage in the market as the system has the speed advantage," said Raghu Kumar, co-founder at RKSV, a Mumbai-based discount brokerage.

source: http://articles.economictimes.indiatimes.com/keyword/algorithmic-trading

NEWS

Tax benefits to help FPIs adopt algo-trading in big way

September 21, 2014 | PTI

NEW DELHI: As a liberal tax regime kicks in for overseas investors from next fiscal, the FPIs (Foreign Portfolio Investors) are expected to expand their activities in Indian markets by using the high-frequency trading technology, experts say.

High frequency trading, also known as Algorithmic Trading (Algo Trading), refers to the automated execution of trades on the stock markets through pre-programmed software platforms installed on servers. The same is becoming popular in India.

While presently only a few Foreign Portfolio Investors (FPIs) have adopted algo-trading, many more a expected to take it up, leading consultancy PwC said.

To improve ease of doing business and for better regulatory oversight, the Indian capital markets regulator Sebi created a new FPI category after pooling together different categories of overseas investors such as FIIs, their sub-accounts and Qualified Foreign Investors (QFIs).

According to PwC, there has been low FPI participation in algo trades so far, mainly because of the ambiguity related to characterisation of their income as 'business income' or 'capital gains'.

"If their income is treated as business income, FPIs could have been taxable at 40 per cent on a net income basis," PwC Executive Director Suresh Swamy said.

"Due to high volume of transactions usually carried on by algo-funds, there was a possibility of that their income would be characterised as business income," Swamy added.

However, with government announcement in budget 2014-15 that the income arising from transactions conducted by FPIs would be classified as capital gains with effect from April 1, 2015, many more investors are likely to take to algo-trading.

"This means FPI's long term capital gains earned on transfer of securities on which securities transaction tax is paid will be exempt from tax," Swamy said.

"While short term capital gains are taxable at 15 per cent," he added.

As per Sebi's latest data there are nearly 8,400 registered FPIs in the country. The FPIs have poured in a total of USD 204.64 billion so far into the economy and are one of the largest drivers of Indian stock markets.

According to the government, necessary amendments to the norms for treating FPI income as capital gains would be made with effect from April 1, 2015.

Under the proposed amendments, any security held by FPI which would be treated as capital asset only so that any income arising from transfer of such security by FPI would be in the nature of capital gain. There is no tax on long term capital gains while short term capital gains are taxable at the rate of 15 per cent.

source: http://articles.economictimes.indiatimes.com/keyword/algorithmic-trading

NEWS

How a two-year-old firm is hitting a daily turnover of Rs 4,000 crore today

September 16, 2014 | Nishanth Vasudevan , ET Bureau

IIf the lives of start-up founders are about sweat, blood and tears, no one told the trio at Mumbai-based discount broking firm RKSV.

"To be honest, we have had a considerably smooth ride," says Raghu Kumar, one of the three promoters, briefly describing in a matter-of-fact tone their two-year journey as entrepreneurs. He means it.

NEWSRather, he prefers to let the numbers speak. Within two years of starting operations and largely operating in a dull market, RKSV is now clocking daily turnover of Rs 4,000 crore.

That's about 1.3 per cent of total turnover of NSE, in a business where even the leaders are at 5-6 per cent. For the US-bred trio — Raghu, brother Ravi and their friend Shrinivas Viswanath — it was a move by the Indian capital market regulator to allow algorithmic trading that encouraged them to dip their toes in Indian waters.

And when the Securities and Exchange Board of India allowed the direct market access (DMA) facility in April 2008, which gives investors direct access to a stock exchange's trading system, they decided to put in both their feet.

Prior to 2009, their only connection with India was the occasional visit to meet relatives. "DMA was the reason we came to India. We saw a lot of opportunities and wanted to explore them," says Raghu, a University of Illinois graduate in actuarial science and finance.

The concept of algorithmic, or high frequency, trading was not alien to them. Before coming to India, the brothers were active in the US foreign exchange markets between 2006 and 2008.

But, in October 2008, they had to wind up after the global financial markets imploded; trading opportunities had dried up, liquidity had shrunk and spreads had widened enough. By then, however, they made a killing of about $2 million, giving them the self-belief — and the capital — to explore other business ideas.

Against The Tide

In 2009, Raghu and Ravi, along with Viswanath, a computer engineer in New York, shifted base to India. Although the Indian markets were alien to them, funding a venture was never a problem.

Raghu and Ravi spent the first two years trading with their own money, which helped them gauge the pulse of the market here. Meanwhile, they secured a membership to the Bombay Stock Exchange, which had slashed its fees significantly to rope in more members.

After making good money in the two years in proprietary trading, they saw stockbroking as a natural progression. But to set up shop in India, at the time they did, was a contrarian call.

Disappointed by the previous government's tardy attitude towards business and economic policies, business confidence in India had hit its nadir. Foreign investors were wary and several nonresident Indians (NRIs) were returning to countries where they held passports. The broking industry was bleeding too. While competition in institutional broking business was fierce, retail investors had deserted the markets.

But there was still a segment of market participants that was underserved: traders, for whom high brokerage costs was making it difficult to make money. "We realised there were many traders who did not have cheaper options to trade," says Kumar. "What shocked us was the number of branches that retail brokerages had, which is not the case in the US."

It did not take too much time for RKSV's business to pick up as its relatively-older rival Zerodha had taken the plunge by then. Although there was little that RKSV could do to hold an edge in terms of technology, it managed to attract clients by launching the 'unlimited trading model', where traders can transact for as many times at a fixed cost.

Currently, RKSV has about 20,000 clients. They are serviced by about 50 employees from its office in Mumbai's emerging financial services hub, Bandra-Kurla Complex. Raghu said the firm is looking to double its client base to about 40,000 in 2014-15. That's not bad for a two-year-old, first-generation firm.

STARTED: 2012 (retail trading)

FOUNDERS: Raghu Kumar, Ravi Kumar, Shrinivas Viswanath

CLIENTS: 20,000

DAILY TRADING TURNOVER: Rs 4,000 crore

REVENUES: Not disclosed

EMPLOYEES: 50

source: http://articles.economictimes.indiatimes.com/keyword/algorithmic-trading

In high-frequency trades, payoffs much higher than losses

April 11, 2014 | Ashutosh R Shyam , ET Bureau

The US securities market regulator, Securities & ExchangeCommission (SEC), allowed the first high-frequency trade (HFT) in 1998. Now, such trades account for almost 60-70 per cent of equity volumes in the US.

A new book by Michael Lewis, called Flash Boys, claims the US stock market is rigged in favour of HFTs, prompting regulators to take a closer look at the trades. ET decodes high frequency trading, also known as algorithmic trading.

What is high frequency trade?

It is a trade based on computer programming, referred to as algorithm that executes orders in exchange-traded securities swiftly. Unlike a trading order initiated by a trader, an algorithm is designed to process a colossal amount of data in a fraction of a second.

The objective of high-frequency trade (HFT) is to boost profitability by executing bulk trades on any trading opportunity available at wafer-thin margin. The success of an HFT trader depends on the speed of the transaction.

The average transaction time for HFT now is micro-milli seconds. A milli second is 1/1,000th of second and a micro second is 1/1,000,000 of a second.

What is a high frequency trader's mode of operation?

On the basis of historical data, a tested pattern is formed to execute numerous trading strategies. The computer programmer writes an algorithm based on many such patterns.

Depending on the risk-reward rules set in a computer programme, HFT traders move in and out of traded securities, in a time span ranging from a fraction of a second to a few hours.

For instance, on analysing some historical data, a programmer may find that about 70-75 per cent of the time, whenever a particular stock breaks below the 10-day moving average on a weekly basis, it leads to a 5 per cent correction in the stock price.

On the basis of this trend, whenever that particular stock breaks below the 10-day moving average on a weekly basis, the computer will automatically initiate a 'sell' order in bulk quantity.

In other words, an HFT trader exploits predictable temporary deviation from stable statistical relationship among stocks. Rather than long-term investors, an HFT trader usually competes with other HFT traders.

What are the basic rules for an HFT trader?

The odds of going wrong can be as high six out of 10 times, but profits earned on right trades are many times higher than the loss incurred on wrong trades. As a result, Sharpe ratio, a measure of return adjusted for risk, is significantly higher than the traditional buy/sell strategy.

What is the history of HFT trading?

US market regulator Securities and Exchange Commission (SEC) allowed the first HFT trade in 1998. Now, almost 60-70 per cent of equity trading volumes in the US is an HFT.

According to Bank of England, HFT trades in Europe reached 40 per cent of equity order volumes, and in Asia, it ranges between 5-10 per cent. Getco, Knight Capital, Jump Trading, and Citadel are among the largest HFT trading firms in the US.

Why are HFT traders under regulatory lens?

Globally, market regulators believe HFT traders bring excessive volatility to the markets, and pose serious risks to the financial system. While analysing the reasons for the flash crash that occurred in May 2010, the US SEC concluded in its report that the action of HFT traders contributed to volatility.

HFT traders are levied charges for benefiting from the index re-balancing by mutual funds. For instance, on account of market capitalisation adjustment, if a stock is moving in or out of the index, the algorithm provides for a projection of the expected stock price movement on the basis of an institutional order-book leading to really handsome returns.

Italy was the first country to introduce a levy of 0.002 per cent on an equity transaction that lasts less than 0.05 seconds.

What does an HFT trader bring to markets?

An HFT trader acts as one of the most important market-makers and brings down the spread between the bid and ask prices.

For instance, if the bid price of any security is Rs 100 and ask price Rs 101, the HFT trader will try to place an order at Rs 100.05 for bid and Rs 100.95 for an ask quote. This action leads to the execution of the trade.

source: http://articles.economictimes.indiatimes.com/keyword/algorithmic-trading

High frequency trades form just one-third of total volumes in India

April 11, 2014 | Biswajit Baruah , ET Bureau

MUMBAI: The obscure world of high-frequency trading (HFT) has come under the spotlight of late after Michael Lewis's latest book 'Flash Boys: A Wall Street Revolt'.

Volumes under algorithmic trading — a type of HFT — which was launched in India in 2009, witnessed a spurt initially, but have remained stagnant of late as the regulator frowns on the influence of such trades on the market. In algorithmic trading, a system executes pre-programmed orders based on timing, price, or quantity of the order. In most cases, the orders are executed by the computer.

Algorithmic trading gives the best price advantage in the market as the system has the speed advantage," said Raghu Kumar, co-founder at RKSV, a Mumbai-based discount brokerage.

source: http://articles.economictimes.indiatimes.com/keyword/algorithmic-trading

NEWS

'Rapid currency trades may kill arbitrage'

March 12, 2014 | Bloomberg

NEW YORK: Growth in high-frequency and algorithmic trading may promote efficiency in the spot-trading foreign exchange market, according to a research paper published by the Federal Reserve Bank of New York.

Arbitrage opportunities, or market price differences, occurred in about 1 in every 20 seconds between the euro-dollar, dollar-yen and euro-yen currency pairs during the active part of the trading day during early 2000s, Ernst Schaumburg, a research officer at the New York Fed wrote in a report published on Tuesday, citing EBS data.

The discrepancy has declined since about 2004 and has been almost zero since 2008, he said.

While other factors may be at play, "these data are certainly consistent with a view that the rise in algorithmic and high-frequency trading enhanced market efficiency as measured by the availability and persistence of pricing arbitrage opportunities available in the FX spot market," Schaumburg wrote. High-frequency trading in foreign-exchange markets rose to 25% of the market in 2011 from "nearly nonexistent" about 14 years ago, according to the report, citing Bank for International Settlements data.

The report cited an example using 2007 EBS price quotes, in which an investor could have used 1 billion euros to buy $1.316 billion, then converted the position to 154.2 billion yen, and then finally exchanged it again to Europe's common currency, yielding a profit of 120.65 euros per $1 million invested. The so-called round-trip transaction, or triangular arbitrage, doesn't include transaction costs.

"While this profit may seem small, in efficient markets such arbitrage opportunities ought to be short-lived and few and far between," Schaumburg wrote. Schaumburg couldn't immediately be reached by telephone for comment.

source: http://articles.economictimes.indiatimes.com/keyword/algorithmic-trading

NEWS

Sebi meet from January 27 to discuss risks of algorithmic trading

January 23, 2014 | PTI

MUMBAI: To address the challenges posed by algorithmic or high frequency trading, market regulator Sebi will organise a two-day conference starting January 27.

The high frequency trading exposes the market to possible systemic risks.

The rise of High frequency trading (HFT), a type of algo trading, has raised concerns with regard to its impact on market quality, financial stability and regulatory framework.

The Securities and Exchange Board of India (Sebi) is organising its first 'international research conference' from January 27-28 here.

The theme of the conference is "HFT, Algo Trading and Co-location," according to a statement.

During the two-day conference, participants will also discuss issues related to information asymmetry, retailinvestors, HFT in developing countries and technology as an enabler to re-level the field.

Academicians, market practitioners, regulators from countries such as the US, Spain, Australia, Canada and Japan, among others, would participate at the event.

"As both old and new emerging markets continue to become highly digitised, algo trading strategies will constantly advance," it added.

source: http://articles.economictimes.indiatimes.com/keyword/algorithmic-trading

NEWS

Indian versus US markets: Why a domestic market expert wasn't impressed by 'The Wolf of Wall...

January 19, 2014

Rashesh Shah

I have seen The Wolf of Wall Street and don't think very highly of it, though the acting, particularly Leonardo DiCaprio's, was very good. Firstly, it was way too long. Secondly, the movie was highly exaggerated. It is hard to believe that the things portrayed in the movie — like drinking and doing drugs at work — were common in the US even then. It was more an exception rather than the rule. In the past 15 years such stories have been hard to come by; even the investment banks that we read about, after the Lehman Brothers' collapse, were not on this scale.We need to keep in mind the movie is set in the 1990s when stock markets were not evolved. It was still early days for markets, online trading was nascent and the rules of the game were not established.

Fortunately or unfortunately, India was lagging behind developed markets. We opened the economy in 1991 and online trading came to India only in 1994. Markets here have not seen the high point the US has, not even in 2007. India accounts for only 0.5-1% of the global fee income and broking commission pool, while the US accounts for 30-40%. Average commissions in India in the early 1990s used to be 3-5%, and are today only one-hundredth of that at 0.03-0.05%!

Algorithmic trading now accounts for 90% of volumes here; gone are the rings and the screaming. I still remember the first time I visited the ring at the Bombay Stock Exchange in 1993. I had heard and read a lot about it and it was a surreal experience. It was around 12.30 pm on a really hot day and everyone was sweating and shouting. I could not understand what anyone was saying but people were animatedly buying and selling.

The 1990s and early 2000s were marked by long periods of inactivity. For a year after the Harshad Mehta scam, people in brokerages would come in at 10 am and leave at 10.15 am. There was also a lot of free time once again after the dotcom bust. While in the movie, people are really stressed out at work, here the stress was over not having much to do and the fear of losing one's job.

In India, 80% of the funds flow is controlled by banks whereas in the US it is only 40-50%. Brokers in India never had the kind of money that the movie shows brokers making. Owners of brokerages here couldn't display their wealth the way DiCaprio does in the movie... because there was no wealth here. If the total volume on the markets was Rs 100 crore a day, it was a really big deal. Whenever brokers made some money, they would typically invest in a house. There was no cash flow. I don't remember a single broker whose wealth could be compared to that of an industrialist.

We have never had the excesses of Wall Street because the broking community is quite conservative by nature and also because of the rules put in place by the Reserve Bank of India and the Securities and Exchange Board of India. Most of the community was either Gujarati or Marwari, who are fairly traditional even now. I wouldn't say drinking was absent at parties, but it was relatively uncommon. Most brokerages were also family-owned and therefore an extension of their home. The most important day for brokerages used to be and still is, to an extent, Diwali, the day of Muhurat trading, where most of the owners' family is present. That is the culture.

source: http://articles.economictimes.indiatimes.com/keyword/algorithmic-trading

NEWS

FMC plans stronger risk moves to arrest commex volumes fall

December 16, 2013 | Ram Sahgal , ET Bureau

MUMBAI: Concerned by a sharp fall in commodity exchange volumes, regulator Forward Markets Commission(FMC) might announce stronger risk management measures and a few proposals aimed at attracting greater participation in a market hit by the fallout from a newly-introduced transaction tax and the Rs 5,500-crore NSEL crisis.

Apart from finalising norms on Settlement Guarantee Fund(SGF), used by exchanges to contain risk of counter party default, the regulator could relax exposure limits for brokers and clients in farm and non-farm futures contracts and automated trading norms to deepen the market, said a commodity exchange official privy to discussions held a few weeks ago.

"The specific details of these proposals would be finalised early next month," said the official. "SGF norms will provide comfort to participants that exchanges have the wherewithal to combat risk. At the same time, to boost trading in derivative contracts in agri contracts and especially those where commodity transaction tax (CTT) has been levied, position limits are proposed to be raised. Also, algo guidelines stipulate an order to trade ratio of 20..... that may be relaxed."

For instance, said another exchange official, since CTT was levied on all gold contracts in July, many participants shifted from kilo gold contracts to mini (100 gm) and smaller denomination contracts in the metal. The plan is to increase position limits in such contracts, which would to some extent offset the effects of CTT. In algorithmic trading, every 20 orders currently must result in one trade. That ratio would most likely be increased by FMC.

The need for SGF norms was felt in light of the NSEL scam, which surfaced in July end. Exchanges have to constitute SGF from 5% of gross revenues each year and base minimum capital paid by brokers to become members of an exchange. While it is refundable to brokers, BMC is that portion of deposit on which brokers do not get any trading exposure.

"In a market hit by CTT and the NSEL crisis, these measures could add their mite to the fallen turnover," said Suresh Nair, executive director, Admisi Commodities.

However, other brokers privy to discussions by the newly constituted risk management group - seized of the SGF and position limits proposals - said final norms on SGF will have to take into account the concern that BMC could be withdrawn in case a broker surrenders membership on an exchange. On algo trades, they said that a lot of attention must be paid on how to stop the algo from placing orders relentlessly, especially in contracts where far months are not too liquid. If, for instance, an algo relentlessly sells a near month liquid contract and buys a far month less liquid contract, it could create artificial scarcity in the far month and also price anomaly.

In the fortnight ended November 30, trading volumes on six exchanges led by MCX dipped 65% from a year ago to 2.6 lakh crore. Of this, bullion trade was 1.02 lakh crore, down 72%. The markets have fallen drastically from July mainly because of CTT of Rs 10 per lakh on sell side of non-farm and processed commodities and a 5,500-crore payment default on Financial Technologies-owned NSEL, which has dented investor confidence. FT is also the promoter of MCX, India's largest commex.

source: http://articles.economictimes.indiatimes.com/keyword/algorithmic-trading

NEWS

Sebi tightens algorithmic trading norms; ups penalty for errant brokers

May 21, 2013 | PTI

Such audits would need to be undertaken by a system auditor with relevant certifications.

The regulator has also asked the bourses to periodically review their surveillance arrangements to better detect and investigate market manipulation and market disruptions.

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Indian versus US markets: Why a domestic market expert wasn't impressed by 'The Wolf of Wall...

FMC plans stronger risk moves to arrest commex volumes fall

Sebi tightens algorithmic trading norms; ups penalty for errant brokers

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