Nordic exchange operator OMX and the Bombay Stock Exchange (BSE) have signed an agreement under which OMX will deliver trading and clearing systems to strengthen BSE’s derivatives and securities trading capabilities.
Under the agreement, BSE will implement a system from OMX that will serve as its new trading and clearing platform for derivatives and cash securities. The first stage of the system roll-out is targeted for launch by mid 2008.
The launch the new trading platform is part of BSE’s strategy to enhance the volume capacity in the cash market, and also to offer a more robust derivatives platform to the Indian market. OMX says 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.
“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,” says Rajnikant Patel, managing director and CEO, BSE. “OMX fits this profile perfectly, and has demonstrated a strong commitment to delivering a platform that we are confident will provide an enriching experience to the market intermediaries and investors in doing business with BSE.”