BOLT   B SE  O n- L ine  T rading System  Presentation by Dilip Oak Gen. Manager  - DOT Bombay Stock Exchange Ltd, Mumbai
AGENDA <ul><li>Introduction to On line - screen based trading </li></ul><ul><li>Need for screen-based trading </li></ul><u...
Need for BOLT  <ul><li>Poor transparency </li></ul><ul><li>15 days + settlement cycle </li></ul><ul><li>Poor liquidity </l...
BOLT - BSE On Line Trading System <ul><li>Features : </li></ul><ul><li>1 .  BOLT Architecture </li></ul><ul><ul><li>Powerf...
2.  Establishing reliable connectivity - Network Ethernet Based VSAT Based Leased lines (MLDN) 3.  Supported by *  Help De...
TYPES  OF ORDERS <ul><li>4.  Orders </li></ul><ul><li>- Limit orders </li></ul><ul><li>- Market orders </li></ul><ul><li>-...
Features of Orders <ul><li>Retention , net position, oddlot </li></ul><ul><li>Colour schemes, background colour </li></ul>...
<ul><li>5.  6A / 7A Interactive trade confirmation </li></ul><ul><li>6.  Control mechanism </li></ul><ul><li>-  Daily circ...
<ul><li>7.  Auction </li></ul><ul><li>- Sessions </li></ul><ul><li>- Offer entry </li></ul><ul><li>- Matching </li></ul><u...
<ul><li>8 .  Broadcast </li></ul><ul><li>- Market view </li></ul><ul><li>- Best five quotes </li></ul><ul><li>- Total dept...
<ul><li>9.  Total dematerialisation </li></ul><ul><li>- Exceptional Physical trades (Exit route) </li></ul><ul><li>- Compl...
<ul><li>10.  On-line facility </li></ul><ul><li>- Sauda book </li></ul><ul><li>- Report downloading (dload) </li></ul><ul>...
<ul><li>Scrip Help </li></ul><ul><li>- Ex-dates </li></ul><ul><li>- Book Closure </li></ul><ul><li>- No Delivery period </...
<ul><li>12.  Country-wide SPREAD </li></ul><ul><li>- 400 cities </li></ul><ul><li>- 14500 terminals </li></ul><ul><li>- 90...
<ul><li>13.  Response Time </li></ul><ul><li>- Less than 1 seconds - will be reduced  further </li></ul><ul><li>- Matching...
<ul><li>14.  Trading Backed by Risk Management </li></ul><ul><li>- Trade Guarantee Fund </li></ul><ul><li>- Customer Prote...
Downloading facilities <ul><li>Trade data </li></ul><ul><li>Member query data / breakup data </li></ul><ul><li>Net positio...
Daily Trading Sessions on BOLT <ul><li>Opening Session   08.45 a.m. To 09.00 a.m. </li></ul><ul><li>Log-in Session 09.00 a...
Check & controls on BOLT <ul><li>- Member level </li></ul><ul><li>- Registration / activation / de-activation (member TWS)...
Advantages of BOLT <ul><li>Transparency of trades </li></ul><ul><li>Enhancement of market quality thru liquidity </li></ul...
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Bolt_saurabh

  1. 1. BOLT B SE O n- L ine T rading System Presentation by Dilip Oak Gen. Manager - DOT Bombay Stock Exchange Ltd, Mumbai
  2. 2. AGENDA <ul><li>Introduction to On line - screen based trading </li></ul><ul><li>Need for screen-based trading </li></ul><ul><li>Features of BOLT </li></ul><ul><li>Checks & controls on BOLT </li></ul><ul><li>Trading on BOLT - present & future </li></ul><ul><li>Key statistics </li></ul><ul><li>BOLT information provider </li></ul><ul><li>Conclusion </li></ul><ul><li>Question & Answer </li></ul>
  3. 3. Need for BOLT <ul><li>Poor transparency </li></ul><ul><li>15 days + settlement cycle </li></ul><ul><li>Poor liquidity </li></ul><ul><li>Computer & Network evolution </li></ul><ul><li>global trend - globalization </li></ul><ul><li>Competition </li></ul><ul><li>Faster spread of equity culture </li></ul><ul><li>resulted in </li></ul><ul><li>BSE’s Online Trading System (BOLT) </li></ul>
  4. 4. BOLT - BSE On Line Trading System <ul><li>Features : </li></ul><ul><li>1 . BOLT Architecture </li></ul><ul><ul><li>Powerful Back-end – HP 2 x NS16000 (Client server) </li></ul></ul><ul><ul><li>Windows - NT Front end </li></ul></ul><ul><ul><li>Efficient Network - Own VSAT HUB </li></ul></ul><ul><ul><li>Total fault Tolerant - OLTP </li></ul></ul><ul><ul><li>High Reliability and availability </li></ul></ul><ul><ul><li>80 x 146 GB Disks </li></ul></ul>
  5. 5. 2. Establishing reliable connectivity - Network Ethernet Based VSAT Based Leased lines (MLDN) 3. Supported by * Help Desk facility * Contingency Pool
  6. 6. TYPES OF ORDERS <ul><li>4. Orders </li></ul><ul><li>- Limit orders </li></ul><ul><li>- Market orders </li></ul><ul><li>- Hit/Take orders </li></ul><ul><li>- Odd lot orders </li></ul><ul><li>- Buy-back order facility </li></ul><ul><li>- Stop loss orders </li></ul>
  7. 7. Features of Orders <ul><li>Retention , net position, oddlot </li></ul><ul><li>Colour schemes, background colour </li></ul><ul><li>Institutional ID - Client, Own, FI, WH </li></ul><ul><li>Batch Entry - Orders / auction offers </li></ul><ul><li>Total quantity & revealed quantity - dripfeed </li></ul>
  8. 8. <ul><li>5. 6A / 7A Interactive trade confirmation </li></ul><ul><li>6. Control mechanism </li></ul><ul><li>- Daily circuit filters </li></ul><ul><li>- Capital Adequacy check (Intra-day trading limits) </li></ul><ul><li>- Gross Exposure check </li></ul><ul><li>- Trader-wise controls </li></ul><ul><li>- Yes or No - Binary control </li></ul><ul><li>- Exposure limit </li></ul><ul><li>- Buy - limits / sell - limits </li></ul><ul><li>- Scripwise control limits </li></ul><ul><li>- Groupwise control limits </li></ul><ul><li>- User activation / deactivation </li></ul><ul><li>- User password authentication </li></ul>
  9. 9. <ul><li>7. Auction </li></ul><ul><li>- Sessions </li></ul><ul><li>- Offer entry </li></ul><ul><li>- Matching </li></ul><ul><li>- Auction Report download </li></ul>
  10. 10. <ul><li>8 . Broadcast </li></ul><ul><li>- Market view </li></ul><ul><li>- Best five quotes </li></ul><ul><li>- Total depth - buy and sell </li></ul><ul><li>- Last traded rate & quantity </li></ul><ul><li>- Trades / values / volume </li></ul><ul><li>- Lower / upper circuit limit rate </li></ul><ul><li>& weighted Avg. rate </li></ul><ul><li>- Open / high / low / close </li></ul><ul><li>- Touch line - configurable </li></ul>
  11. 11. <ul><li>9. Total dematerialisation </li></ul><ul><li>- Exceptional Physical trades (Exit route) </li></ul><ul><li>- Complete Rolling settlement T + 2 </li></ul>
  12. 12. <ul><li>10. On-line facility </li></ul><ul><li>- Sauda book </li></ul><ul><li>- Report downloading (dload) </li></ul><ul><li>- BSE News - Ticker facility </li></ul><ul><li>- Net position - scripwise /clientwise </li></ul><ul><li>- Trade / Broker query file download </li></ul><ul><li>- Derivative Touchline </li></ul>
  13. 13. <ul><li>Scrip Help </li></ul><ul><li>- Ex-dates </li></ul><ul><li>- Book Closure </li></ul><ul><li>- No Delivery period </li></ul><ul><li>- Standard Rate </li></ul><ul><li>- ISIN No. </li></ul><ul><li>- Dividend </li></ul><ul><li>- Special margins - buy / sell </li></ul><ul><li>11. Admin Terminal - Master Terminal </li></ul>
  14. 14. <ul><li>12. Country-wide SPREAD </li></ul><ul><li>- 400 cities </li></ul><ul><li>- 14500 terminals </li></ul><ul><li>- 900 members </li></ul>
  15. 15. <ul><li>13. Response Time </li></ul><ul><li>- Less than 1 seconds - will be reduced further </li></ul><ul><li>- Matching logic - rate & time stamp </li></ul><ul><li>- Confirmation of trades - display - </li></ul><ul><li>update suada book </li></ul><ul><li>- Refreshing touchline & market view </li></ul>
  16. 16. <ul><li>14. Trading Backed by Risk Management </li></ul><ul><li>- Trade Guarantee Fund </li></ul><ul><li>- Customer Protection Fund </li></ul><ul><li>- Margin Mechanism </li></ul><ul><li>- Daily margin </li></ul><ul><li>- VaR margin </li></ul><ul><li>- Volatality margin </li></ul><ul><li>- Mark to market margin, etc. </li></ul>
  17. 17. Downloading facilities <ul><li>Trade data </li></ul><ul><li>Member query data / breakup data </li></ul><ul><li>Net position (clientwise / scripwise) </li></ul><ul><li>Auction Data (offers / D.O./Money statement /Entl. Rep) </li></ul><ul><li>Settlement related data </li></ul><ul><li>Money statement, delivery orders, margin, B/S etc. </li></ul><ul><li>Daily price movement (Open/High/Low/Close/Value/Volume) </li></ul><ul><li>Trade statistics </li></ul><ul><li>Notices </li></ul><ul><li>LSFD (Data /exe) </li></ul><ul><li>No delivery / Margin data </li></ul>
  18. 18. Daily Trading Sessions on BOLT <ul><li>Opening Session 08.45 a.m. To 09.00 a.m. </li></ul><ul><li>Log-in Session 09.00 a.m. To 09.55 a.m. </li></ul><ul><li>Continuous Session 09.55 a.m. To 03.30 p.m. </li></ul><ul><li>Closing Session 03.30 p.m. To 03.50 p.m. </li></ul><ul><li>Post Closing Session 03.50 p.m. To 04.15 p.m. </li></ul><ul><li>6A/7A / Member Query Session 04.15 p.m. To 05.30 p.m. </li></ul>
  19. 19. Check & controls on BOLT <ul><li>- Member level </li></ul><ul><li>- Registration / activation / de-activation (member TWS) </li></ul><ul><li>- Password mechanism thru unique user ID </li></ul><ul><li>- Master Terminal Concept (traderwise controls) </li></ul><ul><li>- Private view (modify / deletion of order ) </li></ul><ul><li>- Capital adequacy / gross exposure check </li></ul><ul><li>- Hidden identity </li></ul><ul><li>- System level </li></ul><ul><li>- TMF for data integrity </li></ul><ul><li>- Scrip level </li></ul><ul><li>- Circuit filters </li></ul><ul><li>- Tick sizes </li></ul><ul><li>- Suspension of scrip </li></ul><ul><li>- Terminal / user level event log </li></ul>
  20. 20. Advantages of BOLT <ul><li>Transparency of trades </li></ul><ul><li>Enhancement of market quality thru liquidity </li></ul><ul><li>Reduction in settlement Risk (guaranteed settlement) </li></ul><ul><li>Faster settlement T + 2 </li></ul><ul><li>Improved access to sensitive information </li></ul><ul><li>Effective dissemination of information thru DATA FEED </li></ul><ul><li>Simplicity in broker back office operations </li></ul><ul><li>Increases geographical spread </li></ul>
  21. 21. Thank You
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