ANMI StockTech western region unveils: 82 pc of stock brokers set to invest in cyber security
Mumbai, Jan 13 (FN Bureau) The Association of National Exchanges Members of India (ANMI), which comprises over 900 exchange brokers and members on Friday conducted India’s largest survey on StockTech to study the technological trends in the stock brokering industry and the extent of technology penetration in the capital markets. The survey’s findings indicate that 53.1% of participants said they had no IT-related problems in 2023. It was noted in the survey report from the previous year that stockbrokers experienced more IT-related issues in 2023 than in 2022. According to the majority of respondents, there was a 20% rise in technology expenditure in 2023. Furthermore, it was shown that 25–50% of business operations were converted from physical to digital.
Additionally, it was discovered that, in comparison to the prior year, stock brokers are now investing more in cutting-edge technology like algorithmic trading and artificial intelligence (AI). As company operations go from being physical to being digital, there is still a substantial demand for IT workers and technology investments. The 2023 StockTech survey respondents also revealed that they plan to focus on technology based on algorithms to improve customer experience. Furthermore, the operations departments of the companies surveyed are focusing on adopting new technologies for better results. V S Sundaresan, Executive Director of SEBI commented on the occasion: “ANMI Stock Tech stands as a commendable tech knowledge-sharing platform. Embracing technology demands caution, as its transformative prowess brings forth both efficiency and risk.
While regulators enlighten us about potential risks, users must diligently exercise their due diligence. In this age of swift innovation, the responsibility to strike a delicate balance between progress and prudence rests jointly with creators and adopters alike.” Milan Parikh, the Chairman of ANMI Western Region, explains that technology is allowing companies to integrate stock market investing capabilities into their current product offerings. This trend is being driven by API-based brokerage firms, which provide APIs to manage the entire process from account opening and funding to trading, management, and market data. Milan has shared some insights regarding algorithmic trading in India. He mentioned: “The popularity of algorithmic trading is increasing day by day, and there is numerous algorithmic trading software available in the market which can help traders in automating their trading activities. According to their survey, most of the respondents are using algo trading to provide better services to their customers.”