The spread of the CoronaVirus Pandemic and the nationwide lockdown in India has affected businesses of all shapes and sizes. The brokerage industry was also impacted for various reasons including the lack of preparedness to deal with such an unprecedented period of lockdown that required work from home arrangements. While this has rendered many brokerages inoperative, FYERS was not affected in any way due to our Business Continuity Planning (BCP) and contingency measures taken beforehand to ensure a 100% work from home scenario. For more information, please read this article. Our approach enabled us to manage without any disruptions and thus our team was able to implement new features, handle the unforeseen risks and volatility in the markets in the last 6 weeks. Here are some developments from our end:
- The loading speed of the higher timeframe intraday charts is fixed. You can now load any intraday timeframe charts without any delay.
- Introduced Economic Calendar, Fundamental Widget, Technical Analysis Widget, and other TradingView widgets. We’re working on introducing a few more in the near future.
- We launched a few updates on the FYERS API to help Algo Traders.
- While volatility was at it’s highest during the last 10 years, we introduced dynamic leverage for trading equities using a factor of VAR Margins instead of fixed leverage per stock. We managed risks and yet provide reasonable leverage. BO/CO orders were only disabled for extremely volatile scrips and during periods where marketwide circuit limits were triggered or chances of it triggering was high.
- The meltdown in crude oil prices on 20th April led to a historic settlement price of -₹2880 per barrel. Since MCX was closed at 5 PM, market participants were exposed to a huge overnight risk when WTI prices collapsed below $0 per barrel for the first time ever on NYMEX resulting in an overall loss of around ₹450 crores on MCX. FYERS was not exposed to this incident due to our prudent risk management practices. Overnight positions were closed by our RMS team in the previous trading session itself to avoid overnight risk. However, it must be noted that such risks are unforeseeable and has affected the broking community significantly. Although we were not affected, we have taken steps to safeguard clients and ourselves. Check our policies on commodities.
- Keeping in mind the increasing technology costs, changing economic environment, and the associated risks in our business model, we have increased our minimum brokerage slightly in line with our peers. Instead of 0.01%, it will be 0.03% or ₹20 (Whichever is lower) for futures and the intraday equity segment. For more details, please visit our pricing, charges list, and support articles (1) (2) (3) (4). There is no change for Options and the overall structure is the same with a maximum of ₹20 per executed order. This will be applicable with effect from 11th May 2020, Monday onwards.
- We have made strides with our upcoming mobile app. Without announcing deadlines, we are hopeful of launching it next month. You can expect a much simpler user experience in the new app.
- We’re working on providing a single ledger/account for all segments in NSE, BSE & MCX. This will help in the cross-utilization of funds as you will not need to maintain funds separately for trading in commodities.
- Mutual Funds Portal is ready to go. Just a few final touches.
- To provide market data to Algo traders that use our Trading API, we’ve tied up with a well-known data vendor. We’ll publish a blog post about this soon. There are other things in progress that we’ll write about in future notices.