MUMBAI: The Bombay Stock Exchange (BSE), under the aegis of its youngest-ever Tips to pick potential stocks
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chief executive and a new top team, is looking to list and Tips to pick potential stocks
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innovate to win back market
share lost to upstart rivals.
“We want to transform this institution from what was essentially a single-product exchange to one which offers tradable products across all asset classes,” 36-year-old CEO Madhu Kannan, who took up the job earlier this year, said at the Reuters India Investment Summit in Mumbai on Tuesday.
The BSE, founded in 1875, has in recent years lost market share to its younger rival, the National Stock Exchange (NSE), which was founded in the early 1990s, and faces challenges from upstart exchanges.
The BSE has about 5,000 listed companies, more than any other bourse in the world, while the NSE has about 1,400. But the daily average turnover for the NSE in 2009 has been triple that of the BSE.
Not only did the BSE lose market share to the NSE, it also began offering currency futures after the NSE did and followed the NSE in forming overseas alliances.
Frankfurt-based Deutsche Boerse and Singapore Exchange each hold 5 percent stakes in the BSE.
“Any new products that are being launched, where the score is still 0-0, we want to be seen as very, very aggressive,” the avid cricket fan said, adding that technology, innovation and understanding the customer was his strategy for the future.
To jumpstart its technological innovation, the BSE bought Marketplace Technologies and will next week launch a data feed that is several times faster than its existing offering.
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