New Delhi, Sept. 7 (PTI): Reliance Money (R-Money) has forged an alliance with OptionsXpress, the third largest online broker in the US.

The partnership will enable Indian investors to access the US stock market. Besides, non-resident Indians and persons of Indian origin residing in the US will be able to trade in the Indian stock market, R-Money CEO Sudip Bandyopadhyay said.

R-Money can use this opportunity as a starting point to expand its presence in the US and Canadian markets, he said.

It has similar tie-ups in the UAE, Saudi Arabia and Hong Kong and plans to expand its operations in other countries.

Bandyopadhyay said the company was looking to enter Malaysia and Canada in the coming months and aimed to generate 50 per cent revenue from overseas markets by 2012.

The deal with OptionsXpress will provide an opportunity to R-Money’s 27 lakh customers to diversify their portfolio by trading in overseas stocks, he said.

Indian retail investors will be able to access the New York Stock Exchange, Nasdaq and the Philadelphia Stock Exchange and can trade in all US delivery-based instruments such as equities, mutual funds and bonds.

The US equity markets are mostly liquid and allow investors to spread domestic and sectoral risk more effectively, he said.

OptionsXpress operates the third major online brokerage platform in the US, after E*Trade and Charles Schwab, and provides securities brokerage products and trade execution.

R-Money, part of the Anil Ambani group’s financial services arm Reliance Capital, provides services ranging from equities, equity options and commodities futures, mutual funds, life and general insurance products, offshore investments and credit cards.

It is the largest broking house in the country with over two million customers and 8,500 outlets across 4,250 locations and seeks to change the way investors transact in financial markets and avail themselves of financial services.

The average daily volume on the stock exchanges is Rs 2,000 crore, representing approximately three per cent of the total stock exchange volume.

Last month, R-Money said it was eyeing to raise around Rs 250 crore by selling a part of its equity in the wholly owned subsidiary, Riyada Reliance Money, in Saudi Arabia.