Trading operations were disrupted for the second time on the Bombay Stock Exchange on Wednesday following the upgradation of its equity segment technology platform to Bolt Plus on Monday.
According to dealers and brokers, they were unable to log in and connect on to the platform and place trades for about 30 minutes on Monday and 15-20 minutes on Wednesday.
According to marketmen, the problem could not be arrested on Saturday — the day of the mock-trading session — owing to poor response of the BSE to the traders’ grievances and consequently spilled over to the next week of the actual rollout.
Suresh Parmar, Associate Vice-President (Institutional Equity), KJMC Capital, said: “As a result of these continued glitches, traders would prefer to shift positions to NSE till the platform stabilises on the BSE. This will bring down trading volumes on the BSE.” In a press statement, BSE acknowledged the issue as a “minor teething trouble during the opening session in the morning which had been identified and rectification put into motion.”
“We believe that systems of various participants will stabilise over a few days in terms of their integration with BSE’s new trading platform,” it added.
Deutsche Boerse system BSE has acquired the new trading system from the Deutsche Boerse. It was rolled out on April 7 and covers the equity segment. Earlier, BSE has already implemented this system for currency derivatives beginning November 28, 2013, interest rate futures on January 28 this year, and equity derivatives on February 10. The new trading system provides a response time of 200 micro seconds with a throughput capacity of five lakh orders a second.
According to the BSE, over the first two days of trading, more than 900 members have traded on this system and more than 13.66 crore orders were entered on the new system, which works out to over 6,000 orders a second on an average basis throughout the day.
“Peak order entry observed was more than 16,000 orders a second. Such high peak rates on the second day of technology implementation were beyond expectations and suggest an excellent adoption of new technology by all market participants,” said the BSE in the press statement. The entire new technology platform has been built on open source software and commodity hardware which provides a cost advantage to the exchange, the exchange said.