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Our Bureau

Kolkata, Dec. 10

The Calcutta Stock Exchange (CSE) has planned to revamp its trading platform C-Star to make it more efficient and cost-effective. At a press conference on Thursday Ms Molly Thambi, Managing Director and Chief Executive Officer of the exchange, said that a new and improved trading platform, with better technological backbone, would be ready by April 2010. It would require upgrading the software.

“We are looking at alternatives to install a functionally better performer than the existing one, which is more than a decade old,” she said. CSE is the oldest and the third stock exchange in the country, apart from the two national exchanges NSE and BSE, having its own platform.

It is also planning to strengthen its risk management system and surveillance mechanism. It has already improved the risk management system in the thriving BSE-CSE trading system. CSE brokers, under an arrangement, now trade on the BSE platform issuing their contract notes. There are now 10 exclusively CSE-listed companies, whose stocks are also permitted for trading on the BSE.

It announced an extension of the listing amnesty scheme for erring companies in terms of compliance to March 1 from December 31. The scheme is meant to regularise listing without penalty and resume trading in their stocks. A total of 2,600 companies are listed on the CSE currently. Its present monthly turnover is Rs 535 crore. It also offers Internet trading facility.

With no other regional stock exchanges functional in the eastern and north-eastern States, CSE is seeing an opportunity for growth through geographical expansion. Ms Thambi said the exchanges primary focus was on putting the house in order. "Growth and development would follow," she added.

BSE's MD and CEO, Mr Madhu Kannan, who was also present at the conference, said that he was optimistic about the collaborative moves between the two old exchanges.

He said the new BSE derivative products, which would be formally launched (after a soft launch), on December 18 should take six months to stabilise. "I hope traders would like avail themselves of the new opportunities. The BSE derivatives products would provide arbitrage and rollover opportunities in the middle of the month," he added.

He expected BSE would be able to launch the proposed non-equity trading platform early next fiscal.

More Stories on : Stock Exchanges | West Bengal | Outlook

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