Bombay Stock Exchange, Eurex join tech forces

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In a pursuit of speed and greater efficiency, Eurex Group and the Bombay Stock Exchange (BSE) unveiled plans "to deepen their strategic partnership through a long-term technology alliance."

Under the new deal, the BSE will adopt the Eurex technology roadmap and roll out Deutsche Börse Group's trading architecture as a first step. Forexmagnates reports that "BSE aims to replace its derivatives market platform in the course of 2013 and plans to subsequently replace also its cash market platform."

Analysts say the Bombay exchange is looking to have the same trading and clearing speeds of major markets as well as "reliability and order-handling capacity." In the new alignment, the BSE will have greatly reduced its IT and operations costs.

"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," said Ashish Chauhan, MD and CEO of BSE.

He adds, "It will quickly put BSE into the Premier League of exchanges in terms of the performance of our matching engine and overall technology infrastructure."

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