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BSE derivatives in revival mode
September, 29th 2011

The market-making scheme has done wonders for the Bombay Stock Exchange (BSE). A Rs 107-crore liquidity enhancement incentive programme, introduced two days ago, has seen a Rs 450-crore turnover in equity derivatives segment for the first time. The 1875-founded Exchange, Asias oldest, has sensed a ray of hope. This comes at a time when market players have flayed BSE for not taking steps to revive this segment.

While there was cheer among BSE officials, they say volumes will pick up around Diwali and average daily turnover could touch as high as Rs 25,000-Rs 35,000 crore. On Wednesday, the exchange saw a turnover of Rs 330 crore. BSE has launched the scheme in phases. It will pay Rs 5 crore in the first month and thereafter Rs 17 crore every month to traders for generating volumes on the exchange.

The second phase will start from October 25. The Securities and Exchange Board of India (Sebi) would allow the scheme to go on for six months only. In comparison, the National Stock Exchange, which had launched a market making scheme for its global indices, is generating Rs 100 crore volumes.v, BSE saw the trading of over 9,000 index futures contract and 1,600 options contracts. Currently, the exchange is competing with NSE, which has an average daily equity derivative turnover of Rs 1,00,000 crore. But the exchange is preparing to take care of competition from Financial Technologies promoted MCX SX.

This Friday, Bombay High court will hear the MCX SX versus Sebi case. However, there is a view in the market that MCX SX may get a licence to start equity trading as the court had asked both the market regulator and MCX SX to come with a workable solution.

Sebi on Wednesday gave its permission to the Bombay Stock Exchange to launch its SME exchange, which will allow small and medium enterprises to raise funds from primary and debt markets.

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