BSE initiates technology programme for FY17

Leading bourse BSE has initiated its technology programme for the current financial year, which will help its trading members use newer technology on the exchange's platform.
Under the technology programme, BSE bears the cost for the software license for algo trading and market access on behalf of the members.
Algo software is provided to members for trading from their co-location and non co-location sites registered with the exchange.
Besides, BSE also bears the cost of infrastructure for co-location rack space as well as algo trading servers.
"The technology programme for 2016-17 will be applicable to all BSE trading segments with effect from April 1, 2016," BSE said in a circular.

BSE has informed its members that NTT- Netmagic IT Services would be the hardware services vendor and would provide and manage the co-location facilities on the stock exchange's premises.

Greeksoft Technologies, uTrade Solutions, Thomson Reuters - Omnesys Technologies, Symphony Fintech Solutions and Resolute Softech are the software vendors who are providing the algo trading IDs to members under BSE Technology Programme FY2016-17.
Noting that the technology set up at India Inx is similar
to one offered by it on the domestic bourse, Chauhan said that its trading platform has achieved a speed of 3-4 microseconds at the international exchange, bringing it in league with technology in rest of the world.

India International Exchange will offer T7 trading platform, currently used by BSE with speed of 6 microseconds.
Moreover, a new management has been put in place for the India International Exchange and is presently run by BSE officials.
"BSE has identified people to run all the departments. It has also hired people of Indian origin from overseas... currently it has a capacity of 70-100 people," Chauhan said.
Asked about sharing cost of operation, Chauhan said that currently BSE will undertake the cost on its own, however, once the exchange is stabilised and gain liquidity, it can explore opportunity to sell stake in it to other players.

The GIFT city will be the first IFSC of India where there would be no levy of securities transaction tax, commodities transaction tax, stamp duty, service tax and income tax. Only MAT (minimum alternate tax) will be applicable.
The international exchange would help Indian corporates raise equity from foreign investors by getting listed and provide companies incorporated outside India a platform to raise money in foreign currencies by the issuance and listing of their equity shares on the international exchange.
IFSC offers various benefits to market players including low cost of operations, low priced resources including land as compared to other countries like Singapore and Dubai.