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NSE gets BSE nod for multiple SE trading solution

This article was posted on Jun 12, 2009 and is filed under Market News

MUMBAI: The National Stock Exchange (NSE) has received in-principle approval from the Bombay Stock Exchange (BSE) to develop a solution that would allow NSE/BSE brokers to trade on multiple exchanges. This would enable simultaneous trading in NSE and BSE-listed companies, said persons familiar with the development. BSE has given the green signal to create the solution that would enable a broker using NSE’s front-end software called NOW, to enable trade on NSE cash/derivative/currency and also on BSE’s cash as well as on NCDEX.

It is also learnt that technical tests towards this are underway. “This requires integration as it involves sharing of application programmes. All that is still being worked out,” said persons connected with the project. This means that BSE will now have access to a larger network of NSE members.

NSE’s ‘NOW’ is an efficient, fully-integrated, multi-market front end solution that allows trading members to access markets. These markets can be tapped by members and their clients using different means of connectivity — via internet, VSAT and the leased line. Order routing will be done only through exchange-defined application programme interface. NSE’s NOW is a widely prevalent model used in western markets also and a fully hosted and managed facility.

When contacted, persons connected with the development said: “We are working with BSE and NCDEX to operationalise this soon.” National Commodity & Derivatives Exchange is a nation wide, technology-driven, online commodity exchange with an independent board. Its promoter shareholders are LIC, National Bank for Agriculture and Rural Development (Nabard) and NSE.

A BSE spokesperson declined to comment. When contacted, the head-equity at a large domestic brokerage said it was an additional option for a market participant. “It is a win-win situation for a market participant with innovative solutions coming their way. As the industry is growing, competition is hotting up,” he added.

Electronic trading was introduced in India by NSE, which developed its technology in-house. To counter the growing popularity of the electronic platform, BSE contracted the erstwhile CMC, to develop the Online Trading system — BOLT (BSE Online Trading Terminal), which has been operational since 1995.

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