BSE world champion in currency option contracts
The BSE said on Friday that it has become the world’s largest exchange in currency option contracts traded in March 2015. According to the data released by the World Federation of Exchanges (WFE), a total of 24.71 million contracts were traded on the BSE currency option segment in March. In the month of February 2015, the BSE had traded a total of 19.11 million contracts. The bourse recorded a growth of nearly 30 per cent in the number of contracts traded on the segment in March, a statement issued here said.
BSE MD & CEO Ashish Chauhan said, “BSE launched the currency derivatives segment on its new trading platform to “Bolt” and traders can now place in around 5,00,000 orders in a second adding a completely new dimension to trading in the history of Indian stock markets. This technology has made BSE the fastest exchange in India and one of the fastest exchanges in Asia”.
Meanwhile, to safeguard investors of firms listed on non-operational bourses, capital market regulator Sebi on Friday asked all such companies to get listed on the nationwide stock exchanges within 18 months. The promoters and directors of such companies who would fail to list even after the extended time of 18 months would have to undergo ‘stricter scrutiny’ for their any future association with securities market.
The move comes as exclusively listed companies of de-recognised, non-operational or exited stock exchanges have sought time to list in nationwide bourses. The Securities and Exchange Board of India (Sebi) received representations from such companies stating that “although they are interested and eligible to migrate to the main boards of nationwide stock exchanges, they are not in a position to opt for the same due to paucity of time.” “In the interest of investors of such companies, it has been decided to allow a time line of 18 months, within which such companies shall obtain listing upon compliance with the listing requirements of the nation-wide stock exchange, Sebi said in a circular.
However, the timeline has been given, subject to the certain conditions including listing in nation-wide stock exchanges is permitted only in respect of those class of securities that were already listed in the non-operational bourse. These companies seeking listing on nation-wide exchanges would not undergo any material changes in their shareholding pattern which suggests change of control at the time of listing.
The firms which have been moved to dissemination boards of nation-wide bourses and want to migrate to such exchanges but not getting the NoC from non-operational exchanges, Sebi said that in such cases, exclusively listed companies which were filing returns for the last two financial years with their respective Registrar of Companies (RoC) may be treated as a compliant firm.
Bloomberg snag hits Indian and global markets
Trading activities in financial markets in India and many other countries took a hit on Friday after a major technical glitch blacked out the widely used Bloomberg trading terminals for up to four hours. In the UK, the Treasury had to cancel a bond auction that was scheduled to take place on a Bloomberg platform while traders and fund managers in India also said the volumes went down due to the outage.
There were also reports about hacking attempt at Bloomberg’s website, while messaging services of another major financial data and trading terminal provider too went down for a brief period.