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Two Indian bourses agree on launch of co-location facilities to provide about automated trading

Tuesday, January 12, 2010
Opalesque Industry Update - India’s two stock exchanges are joining the trend to launch “co-location” facilities to provide about automated trading, joining the latest fad in the latest trading technology together with major developing markets in Asia, including Japan, media reports said.

According to a report by FT.com, India’s second largest market by volume, the Bombay Stock Exchange (BSE), has teamed up with information technology company Netmagic Solutions to provide co-location services. This would allow traders to physically locate their computer servers within meters of the exchange’s system for faster execution of transactions.

The report added that the National Stock Exchange, India’s largest market by volume, is scheduled to go live with its new co-location facilities “in the next few weeks.”

MoneyControl.com quoted Madhu Kannan, MD and CEO of BSE as saying: “The first collocation facility provided by Netmagic at BSE premises would help the broking community to host their servers for program trading near to our trading system. It would be exchange neutral and since the facility is extended by one of the best service providers in the industry, member would experience a world class facility at a very competitive cost that can be additionally used for placing orders on multiple exchanges.”

India’s two bourses announcement of co-location facilities were announced as financial experts feared that Singapore’s decision to extend the timing of its bourse may hurt India’s exchanges.

Singapore’s extension of trading hours, according to Business-Standard.com, “may gradually see an increase in Nifty volumes on the Singapore Stock Exchange. This is the second time in the past six months that SGX has extended trading in Asian equity derivatives by over an hour and analysts believe that within the next six months, index futures on SGX will be traded for 23 hours in a day.”

But hedge fund firm Atyant Capital Advisors Pvt. Ltd. (India) expressed expressed confidence that the Indian economy would probably be emerging as the most robust economy in the world in 2010 despite concerns over Indian financial markets being affected by contagion from the rest of the world still remains. - PD -

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