Bombay exchange opts for Eurex platform in tech alliance
The Bombay Stock Exchange has become the latest exchange to sign up for Deutsche Börse’s Eurex platform, with the announcement of a long-term technology alliance under which BSE will join the Eurex technology roadmap and deploy Deutsche Börse Group’s trading architecture.
As a first step, BSE will replace its derivatives market platform in the course of 2013 and plans to later replace its cash market platform.
The new partnership means that the Bombay exchange will be using the same platform as has been used at International Securities Exchange since summer 2011 and which is currently being rolled-out at Eurex Exchange. This will reduce technology development and installation cost for Eurex and ISE members who want to connect to BSE and vice versa as well as strengthen the case for cross-listing, the pair say.
“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, managing director and chief executive 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.”
“This technology alliance strengthens our long-term partnership with BSE, and is another milestone in our Asian strategic roadmap, in which India obviously plays an important role. This technology alliance also contributes to growing our global liquidity network, based on common market infrastructure, for the benefit of both our partners and our members,” said Andreas Preuss, chief executive of Eurex and deputy chief executive of Deutsche Börse.