Financial Technologies bags Vadodara SE subsidiary order

By Our Convergence Bureau | 12 Sep 2003

Representing one of the largest exchange-trading networks, the VSE will deploy approximately 600 trading terminals to be used by members to trade both on Bombay Stock Exchange (BSE) as well as the National Stock Exchange (NSE) markets.

Says FTIL managing director Jignesh Shah: "The VSE win is an endorsement of our technical competence and quality-promise to provide customised and cost-effective trading solutions to our Customers. With this deal, FTIL has established its leadership in delivering transaction technologies to stock exchanges."

The VSE mandate comes close on the heels of the successful implementation of similar exchange solutions by FTIL in Gujarat at the Ahmedabad Stock Exchange (ASE) and the Saurashtra Kutch Stock Exchange (SKSE) for their subsidiaries.

Currently five stock exchanges are using FTIL''s transaction automation systems for their subsidiary operations. These include the Interconnected Stock Exchange (a conglomeration of 14 regional participating exchanges with 425 users with a combined peak daily turnover of around Rs 1 billion), the ASE (about 400 users with a combined peak daily turnover of around Rs 900 million), the Cochin Stock Exchange, the VSE and the SKSE (Rajkot). Of these, the ASE and the SKSE are technology replacement sites wherein the previous technology vendor was replaced by FTIL.

As part of its business expansion drive, the VSE went through a rigorous process of short-listing prospective technologies and finalised FTIL as its technology partner for its subsidiary operations. FTIL''s ''best-of-breed'' technology offering, superior credibility and standing in the market, combined with its institutional support facilities emerged as the key differentiator for the client.