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Dilip Bisoi
Bhubaneswar, Dec 1: The Inter Connected Stock Exchange of India Ltd (ISE), a new stock exchange promoted by 15 regional bourses in the country, will launch its much-awaited inter connected market system (ICMS) in the first week of January.
ISE director Ashok Kumar Sardana said mock trading in the inter connected market system has started at seven regional exchanges from November 22. Around 200 members of Bangalore, Hyderabad, Coimbatore, Cochin, Kanpur, Rajkot and Vadodara stock exchanges are actively participating in the mock operation. The daily volume of turnover at the mock operation is between Rs 100 crore and Rs 200 crore, while 4000-5000 traders are participating in the process. Three more stock exchanges - Bhubaneswar, Indore and Magadh - are joining the mock operation from Thursday, he said.
Sardana, who was here on Tuesday to oversee the arrangements made at the Bhubaneswar Stock Exchange for ICMS operations, told reporters that the Calcutta and Delhi stock exchanges are likely to join the ISE.He said the two bourses have preferred to observe the operations for three months before taking a decision about joining the ISE.
Manoj Thacker, president of the Bhubaneswar Stock Exchange, said the ICMS is the last resort to revive the moribund regional bourses. "We hope the ISE, which would provide a member broker access to a larger, more liquid national market segment, would help the stock exchanges to become operational," he added.
"We may not be able to compete with the Bombay Stock Exchange or the National Stock Exchange, but we hope business at the 15 member bourses of ISE will pick up," he said.
Thacker said his bourse is ready in all respects to participate in the mock trading in the inter connected market system from Thursday. The arrangements for the same are estimated to cost Rs 15 crore.
The ISE manager (market operation) Anjani Sinha has expressed the hope that the ISE will become viable. Stating that the 15 regional bourses are currently transacting Rs 250 crore business per day, hesaid the ISE would break even if the inter connected market system transacts business of Rs 100 crore per day. Sinha expects at least 1000 of the 4200 members of the 15 regional bourses would join inter connected market system. Trading through the inter connected market system would be more cost effective for the members, he said.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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