The Hindu : Business : OMX expertise for BSE

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Saturday, Jan 12, 2008
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OMX expertise for BSE

Special Correspondent

OMX will deliver trading and clearing systems

First phase launch by mid-2008
New platform for derivatives

MUMBAI: The Bombay Stock Exchange (BSE) and OMX have signed an agreement on Friday under which OMX will deliver trading and clearing systems to strengthen BSE’s derivatives and securities trading capabilities.

Under the agreement the BSE will implement a system from OMX that will serve as its new trading and clearing platform for derivatives and cash securities. The trading platform is part of the 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. OMX is a leading expert in the exchange industry. The OMX Nordic Exchange comprises over 800 companies including its alternative market First North. OMX provides technology to over 60 exchanges, clearing organisations and central securities depositories in over 50 countries.

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, said Rajnikant Patel, Managing Director and CEO of BSE, while addressing a press conference here. The clearing system will allow BSE to clear a wider range of products, as well as offer a new set of clearing services to its members. In addition to the technology implementation, the agreement encompasses a business partnership with the joint objective to drive and grow business at the BSE.

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