The Bombay Stock Exchange Limited (BSE) has signed a Memorandum of Understanding (MoU) with Belgium-based Swift SCRL, the world's largest financial industry-owned co-operative for for inducing applications of international standards, use of financial messaging in the communication between financal market participants in the India, securities industry apart from establishment of a Securities Market Practice Group.
Swift will make reasonable expertise available to the BSE to support its efforts to ensure global market compatibility. Rajnikant Patel, CEO & managing director, BSE said: "Electronic data transmission in a secure and safe environment to facilitate Straight Through Data Processing (STP) is an imperative for online electronic trading and trading systems, and MoU is intended to introduce the processes and technologies in use in global markets. The partnership will also spearhead introduction of emerging messaging protocols into the Indian securities market."
Charles Legrand, regional head, Middle East and India, said: "This is a great moment for both our organisations. I firmly believe that Swift can play a key role in the Middle East and Indian region. This MoU will result in future progress in addition to our work at the Dubai International Financial Exchange."
BSE, Swift SCRL sign technology MoU
Our Markets Bureau / Mumbai Dec 20, 2005, 23:12 IST
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