Here's some news that will gladden the heart of many traders. Excerpt from 'The Hindu' - 21st Apr.
RIL chief financial officer Alok Agarwal said at a media interaction after the earnings release that RIL is seriously working on a massive expansion of proprietary trading business by launching a full-fledged brokerage arm under its financial services vertical launched last year with DE Shaw of the US in an equal JV.
On the brokerage entry, Mr. Agarwal said: We want to make our brokerage arm to be based on algorithmic trading but will be a completely new model of brokerage.
When asked on the proposed entry in a business segment that is bleeding, Mr. Agarwal said: We are sure with latest technology we can conquer that.
...currently it is still at the drawing board level and we are still putting in a team, he added.
RIL and DE Shaw put in USD 5 million each into the financial services arm so far, he added.
In March 2011, Reliance Industries Limited and the D E Shaw group announced that they have agreed to establish a joint venture to build a leading financial services business in India.
The partners had said the joint venture would incorporate the DE Shaw groups investment and technology expertise with Reliances operational knowledge and extensive presence across India to offer a comprehensive array of financial services to the Indian marketplace.
RIL chief financial officer Alok Agarwal said at a media interaction after the earnings release that RIL is seriously working on a massive expansion of proprietary trading business by launching a full-fledged brokerage arm under its financial services vertical launched last year with DE Shaw of the US in an equal JV.
On the brokerage entry, Mr. Agarwal said: We want to make our brokerage arm to be based on algorithmic trading but will be a completely new model of brokerage.
When asked on the proposed entry in a business segment that is bleeding, Mr. Agarwal said: We are sure with latest technology we can conquer that.
...currently it is still at the drawing board level and we are still putting in a team, he added.
RIL and DE Shaw put in USD 5 million each into the financial services arm so far, he added.
In March 2011, Reliance Industries Limited and the D E Shaw group announced that they have agreed to establish a joint venture to build a leading financial services business in India.
The partners had said the joint venture would incorporate the DE Shaw groups investment and technology expertise with Reliances operational knowledge and extensive presence across India to offer a comprehensive array of financial services to the Indian marketplace.