Date:09/09/2008 URL: http://www.thehindu.com/2008/09/09/stories/2008090961061600.htm

Business

Reliance Money, U.S. firm sign MoU

Special Correspondent

To provide access to U.S. markets

NEW DELHI: Anil Dhirubhai Ambani-owned Reliance Money on Monday announced an exclusive agreement with Nasdaq listed OptionsXpress Holdings to provide access, custody and execution in the U.S. markets for its customers.

Making this announcement here, Sudip Bandyopadhyay, Director and CEO, Reliance Money, said: “We have always given top priority to adding value to our customers through our innovative products and services and our strategic tie-ups. Our tie-up with OptionsXpress will now open a safe, secure and cost effective transaction platform for our customers to trade in the US markets,” he added.

Indian investors were looking at diversifying their portfolio and overseas trading service enabled them to do so, he said.

The U.S. equity markets were mostly liquid and allowed investors to spread country and sectoral risk more effectively. Customers could also invest in sectors such as biotechnology, semiconductors and internet companies that are underrepresented here, he said.

Customers will get access to AMEX, NYSE, Philadelphia Stock Exchange and Nasdaq. “The two firms have similar business cultures in regard to persistent innovation and complement each other in markets where the other does not have presence. We look forward to bringing our award winning platform, execution and service to India,” David Fisher, Chief Executive Officer, OptionsXpress Holdings, said.