Bombay Exchange and Eurex Reach Tech Sharing Pact
BSE aims to replace its derivatives market platform with Eurex's help sometime in 2013 and plans to subsequently replace its cash market platform. The partnership means that BSE can turn to Eurex for future upgrades as well.
By aligning BSE, Eurex Exchange and the International Securities Exchange (ISE) markets on a common trading infrastructure, IT costs for shared customers are expected to fall. This will also reduce technology development and installation efforts for Eurex and ISE members who wish to connect to BSE and vice versa. A Eurex spokesman says that while the common layer of the platform will be shared, BSE's actual platform will have market-specific adaptations.
"We expect our technology alliance with Eurex will help BSE to compete more effectively in India, to help us attract more international participants into our marketplace and improve our market share in derivatives and equity trading," says Ashish Chauhan, CEO of BSE. "It will quickly put BSE into the premier league of exchanges in terms of the performance of our matching engine and overall technology infrastructure."
Eurex bought a 5 percent stake in BSE in 2007.
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