India’s stock exchange teams with Nasdaq for tech boost
The National Stock Exchange of India (NSE) and Nasdaq have signed an agreement through which Nasdaq will deliver a customised real-time clearing, risk management and settlement technology to NSE. Nasdaq will also utilise NSE’s capability in implementations and project augmentation globally.
The two exchanges signed a memorandum of understanding (MOU) to explore business opportunities across listings, corporate and market services and data and innovations in products, processes and technology.
“The continuously evolving market needs for products and effective risk management, require us to continue to evolve our delivery models,” says Vikram Limaye, managing director and chief executive officer, NSE.
Nasdaq’s new post-trade technology will replace NSE’s current clearing and settlement system operated by the National Securities Clearing Corporation Limited (NSCCL), a wholly owned subsidiary of NSE.
“NSCCL’s tie-up with Nasdaq will provide us the right platform and technology backbone to effectively synergise post-trade delivery capabilities. The adoption of this new technology platform customized for our needs will also allow NSCCL to stay nimble and manage the evolving ecosystem far more efficiently,” adds Limaye.
These changes aim to “increase efficiency, effectiveness of the market, supported by a flexible and efficient technology to reduce risks in the post-trade area”.
“We will use this new partnership to bring Nasdaq’s premium market technology to the Indian capital market and to explore new opportunities for collaboration across each other’s businesses particularly around listings, corporate services and our market services,” says Adena Friedman, president and CEO, Nasdaq.
Nasdaq’s tech is operated in more than 100 marketplaces, regulators, clearinghouses and central securities across the world
NSE’s trading, clearing and surveillance systems have been in-house developed.
