| BPO bug bites global bourses |
| Gaurie Mishra / New Delhi January 21, 2006 |
| NYSE, NASDAQ, Singapore exchange outsource settlement, surveillance. In the next big wave of outsourcing, stock exchanges, including the New York Stock Exchange (NYSE), NASDAQ and the Singapore Stock Exchange, are increasingly outsourcing their critical business applications to Indian IT firms like Wipro and Tata Consultancy Services (TCS). The outsourcing has resulted in cost savings of about 40 per cent for the exchanges, while generating revenues of about $200 million for Indian firms, which are developing solutions in this sector. With both the NYSE and Nasdaq announcing their intentions of becoming profit centres, cost pressures are likely to intensify in the coming months, forcing the bourses to outsource more work to cost-effective destinations like India. |
