Nordic and Baltic market operator OMX has inked a deal to supply a trading and clearing platform to the Bombay Stock Exchange (BSE).
The OMX platform will support the BSE's derivatives and cash securities operations. Under the deal sub-contractors Headstrong and HCL Technologies will deliver some of the components and services required for the project.
The first phase of the system roll-out is targeted for launch by mid 2008.
OMX says the deployment is part of BSE's ongoing efforts to transform its IT infrastructure to match the growing needs of the marketplace. The new trading platform is part of BSE's strategy to increase volume capacity in the cash market. OMX says its clearing system will allow BSE to clear a wider range of products, as well as offer a new clearing services to its members.
In addition to the technology implementation, OMX says the agreement with BSE includes a business partnership with the joint objective to drive and grow business at the Indian exchange.
The deal is the latest in a number of contracts that OMX has won with exchanges around the world. Earlier this week the Swedish group reported a new deal with Agora-X, a new US marketplace for over-the-counter (OTC) commodity contracts. Towards the end of last year OMX also won deals with Tokyo Commodity Exchange, Singapore Commodity Exchange, Singapore Exchange, Bolsa de Valores de Colombia and DEX, a new derivatives exchange that is being launched in Canada.