May 17 2010
The stock exchange business in India is set to become fiercely competitive with yet another player announcing its tentative entry date.
The Inter-connected Stock Exchange of India (ISE), promoted by 13 regional stock exchanges, on Monday said it would launch live trading on its platform in October.
MCX-SX, promoted by Financial Technologies and MCX, is already awaiting regulatory approval for its launch.
Anticipating cut-throat competition, Bombay Stock Exchange (BSE), Asia’s oldest exchange, has reduced the deposit money for new membership from Rs 1 crore to Rs 10 lakh.
ISE on Monday said it has appointed Tata Consultancy Services (TCS) to provide software solutions for the trading platform. Financial Chronicle in its March 28 issue had reported that TCS bagged the deal to set up the trading platform for the exchange.
ISE will offer “cost-effective trading, clearing and settlement, risk management and surveillance support to over 800 trading members across 79 cities in India supported by its 9 branch offices,” managing director PJ Mathew said.
At one shot, 1,250 companies listed on the 13 regional exchanges will come for trading on the ISE platform. “There will be value unlocking for these stocks, which are more or less illiquid now,” he said.
Out of the 13 promoter exchanges, Kochi, Bangalore, Jaipur, Madras, Madhya Pradesh, Guwahati and Uttar Pradesh exchanges are active.
The Inter-connected Stock Exchange of India (ISE), promoted by 13 regional stock exchanges, on Monday said it would launch live trading on its platform in October.
MCX-SX, promoted by Financial Technologies and MCX, is already awaiting regulatory approval for its launch.
Anticipating cut-throat competition, Bombay Stock Exchange (BSE), Asia’s oldest exchange, has reduced the deposit money for new membership from Rs 1 crore to Rs 10 lakh.
ISE on Monday said it has appointed Tata Consultancy Services (TCS) to provide software solutions for the trading platform. Financial Chronicle in its March 28 issue had reported that TCS bagged the deal to set up the trading platform for the exchange.
ISE will offer “cost-effective trading, clearing and settlement, risk management and surveillance support to over 800 trading members across 79 cities in India supported by its 9 branch offices,” managing director PJ Mathew said.
At one shot, 1,250 companies listed on the 13 regional exchanges will come for trading on the ISE platform. “There will be value unlocking for these stocks, which are more or less illiquid now,” he said.
Out of the 13 promoter exchanges, Kochi, Bangalore, Jaipur, Madras, Madhya Pradesh, Guwahati and Uttar Pradesh exchanges are active.
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