By -
Jul 3, 2014
Trading on India’s BSE Ltd. exchange
was disrupted by a technical error for at least the third time
since April, hampering efforts by Asia’s oldest bourse to
compete with National Stock Exchange of India Ltd.
The BSE closed its markets because of a “network outage,” Yatin Padia, an exchange spokesman, said in a text message today. The bourse’s network service vendor is working to resolve the issue and trading will resume once that’s done, he said. The exchange has been halted for more than an hour since Chief Executive Officer Ashishkumar Chauhan said in a text message it would be back up in a “few minutes.”
The BSE, India’s largest bourse until 1995, handles about 17 percent of trading in cash equities and and about 20 percent in derivatives. The benchmark S&P BSE Sensex Index (SENSEX) last traded 0.3 percent higher at 25,928.26 before the halt. The 50-stock CNX Nifty Index rose 0.2 percent as of 11:13 a.m. in Mumbai as trading on NSE was unaffected.
The BSE “should take full advantage of the technologies available and try and make the system work in every situation,” Deven Choksey, managing director of Mumbai-based K.R. Choksey Shares & Securities Ltd., said by phone.
Today’s halt follows a trading system snag that delayed order execution on the BSE twice in April, after the bourse started a new platform to increase speed.
To contact the reporters on this story: Rajhkumar K Shaaw in Mumbai at rshaaw@bloomberg.net; Santanu Chakraborty in Mumbai at schakrabor11@bloomberg.net
To contact the editors responsible for this story: Michael Patterson at mpatterson10@bloomberg.net Phani Varahabhotla
The BSE closed its markets because of a “network outage,” Yatin Padia, an exchange spokesman, said in a text message today. The bourse’s network service vendor is working to resolve the issue and trading will resume once that’s done, he said. The exchange has been halted for more than an hour since Chief Executive Officer Ashishkumar Chauhan said in a text message it would be back up in a “few minutes.”
The BSE, India’s largest bourse until 1995, handles about 17 percent of trading in cash equities and and about 20 percent in derivatives. The benchmark S&P BSE Sensex Index (SENSEX) last traded 0.3 percent higher at 25,928.26 before the halt. The 50-stock CNX Nifty Index rose 0.2 percent as of 11:13 a.m. in Mumbai as trading on NSE was unaffected.
The BSE “should take full advantage of the technologies available and try and make the system work in every situation,” Deven Choksey, managing director of Mumbai-based K.R. Choksey Shares & Securities Ltd., said by phone.
Today’s halt follows a trading system snag that delayed order execution on the BSE twice in April, after the bourse started a new platform to increase speed.
To contact the reporters on this story: Rajhkumar K Shaaw in Mumbai at rshaaw@bloomberg.net; Santanu Chakraborty in Mumbai at schakrabor11@bloomberg.net
To contact the editors responsible for this story: Michael Patterson at mpatterson10@bloomberg.net Phani Varahabhotla
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