BSE planning to join with ISE

Mumbai: In order to offer a bigger and better platform to traders, the board of the Bombay Stock Exchange (BSE) is planning to sign a memorandum of understanding (MOU) with Inter-connected Stock Exchange of India (ISE). This will enable ISE members to directly access the trading platform of BSE. Currently, ISE members can trade on the BSE and the National Stock Exchange (NSE) through their wholly-owned subsidiary ISE Securities & Services (ISS).

Once the proposal is approved by the BSE board the trading volumes in the exchange can be increased. In the last two years, BSE has seen a substantial decrease of its market share to the NSE. "Our management has cleared this proposal and has already submitted it to BSE," said ISE Managing Director P.J. Mathew. Though, top BSE executives are in favor of allowing direct trading access to ISE members that will help the exchange in boosting its volume, certain section of the exchanges trading members are not happy with the proposal.

ISE has 825 trading members of which 430 trade through its broking subsidiary ISS and generate an average daily turnover of Rs. 350 crore. "We are waiting for the final approval from BSE board for signing MoU that will enable our members to access the BSE trading platform directly," Mathew added.

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