BSE signs MoU with Osaka Securities Exchange

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These are litle older updates for Bombay Stock exchange, but since related to my blog I am posting it The complete original text can be read here.

In April 2011, Bombay Stock Exchange Ltd. (BSE) today signed a memorandum of understanding (MOU) with the Osaka Securities Exchange Co, Ltd. (OSE) to create a cooperative relationship for the development of financial markets in India and Japan. As part of the MOU, both exchanges will seek to develop opportunities which include cross-licensing of indices and other potential areas of co-operation.

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BSE and NASDAQ OMX war takes legal turn

A bitter battle seems to be brewing between Asia’s oldest equity bourse and one of the world’s largest exchange technology providers. While it is already known that an agreement signed between the Bombay Stock Exchange (BSE) and OMX — now known as Nasdaq OMX — in January 2008 has gone sour, an arbitration process is being explored now. ET has learnt that BSE has already sent a legal notice to OMX.

According to people familiar with the development, BSE has sent a legal notice to OMX recently, asking for a compensation of around $137 million by way of lost business opportunity. It has also charged the technology provider with not honouring its commitments.

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It is believed that both parties, accompanied by their legal advisors, met in Mumbai about two weeks ago, but couldn’t reach any settlement. “The board has taken a call to get out of the contract with OMX as they have not kept their commitments,” said a BSE board member.

In January 2008, BSE and OMX signed an agreement, under which OMX was to provide trading and clearing systems to strengthen BSE’s derivatives and securities trading capabilities. The new platform would also have allowed BSE to clear a wider range of products, as well as offer a new set of clearing services to its members. Further, the first phase of the system rollout was scheduled for launch by mid-2008.

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However, the deal was called off later that year. BSE had already paid $5 million as the first tranche to OMX for the contract valued at $37.5 mn. OMX, incidentally, is a technology supplier to more than 70 exchanges globally.
In an emailed reply, the BSE spokesperson said: “The agreement has been terminated and as per the provision of the agreement, there is an arbitration mechanism, which is being explored.”

OMX, on the other hand, refused to comment. “Our policy is to not give detailed comments about our customers. Therefore, we will unfortunately not be able to provide you with any comment,” it said via email. Interestingly, people familiar with the development also say there is a likelihood of OMX filing a counter-suit against BSE in London.

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source - www.economictimes.com

BSE | NIFTY looks @ Lok Sabha elections hoping of turnaround

The stock market is riding a global rally and is hoping a major party wins a strong hand at coming elections, but could be beaten back if a One out of six stocks beat Sensex fractious group of parties including Communists gains influence at the polls.

Investors are pricing victory for a coalition led by either the ruling Congress or Bharatiya Janata Party (BJP) when the world's largest democracy goes to polls between April 16 and May 13 against a backdrop of slowing growth.

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But cracks in the two main national coalitions have raised fears that a "Third Front" could tip the balance of power, which market watchers believe could pull down stocks by between 15 to 30 per cent from current levels.

"Developments in politics seem to be increasing the probability of very fragmented parliament, which could spoil chances for a post-election recovery in markets as well," Morgan Stanley analyst Ridham Desai said in a recent note.

The benchmark 30-share BSE index fell more than 52 per cent in 2008, a record fall, and lost ground at the start of 2009. The index looks to have found a footing since early March, rising 9 per cent in the month on hopes the worst may have passed for the world economy.

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That was enough to see the market finish the March quarter up 0.6 per cent, its first quarterly rise since the end of 2007. It rose another 2 per cent on Wednesday to close at 9,901.99

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