Bombay Stock Exchange (BSE), on Friday, signed a technology pact with OMX Nordic Exchange to strengthen the country’s premier exchange’s derivatives and securities trading capabilities. Under the agreement, OMX will deliver trading and clearing systems to BSE for implementing a system that will serve as their new trading and clearing platform for derivatives and cash securities.
Speaking at the ceremony here, BSE’s Managing Director & CEO, Rajanikant Patel said the trading platform is part of BSE’s ongoing efforts to transform its exchange IT infrastructure to match the growing needs of the marketplace. The first phase of the system roll-out is targeted for launch by mid 2008.
The launch of BSE’s new trading platform is part of its strategy to enhance the volume capacity in the cash market, but also to offer a more robust derivatives platform to the Indian market. “In our selection of a new trading platform we were looking for a partner that could bring proven technology along with strong system capacity and functionality. OMX fits this profile perfectly,” said Mr Patel. However, he was not forthcoming on the quantum of amount spent on the technology by BSE. “Needless to say we are very excited about delivering technology to one of the largest and most active stock exchanges in India,” said Mr Magnus Bocker, CEO at OMX.
Bronze statue
“Through transforming its trading and clearing infrastructure, BSE will be able meet the escalating volume capacity needs of the marketplace, putting them in a prime position for further growth,” he added. Also involved in the project are subcontractors Headstrong and HCL Technologies, who under the agreement will deliver a range of components and services inside the project.
Meanwhile, the BSE on Friday evening also installed a huge bronze statue of bull weighing over a tonne at their premises to symbolize the aspirations of investors in the bull-run market. Unveiling the bronze stature of bull here, Mr Patel said “This is our way of equating Dalal Street to that of Wall Street in US.”
