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BOLT

BSE On-Line Trading


System

Presentation by

Dilip Oak
Dy. Gen. Manager -
Information Systems

The Stock Exchange, Mumbai


AGENDA
) Introduction to On line - screen based trading
) Need for screen-based trading
) Features of BOLT
) Checks & controls on BOLT
) Trading on BOLT - present & future
) Key statistics
) BOLT information provider
) Conclusion
) Question & Answer
Need for BOLT

‹ Poor transparency
‹15 days + settlement cycle
‹Poor liquidity
‹Computer & Network evolution
‹global trend - globalization
‹Competition
‹Faster spread of equity culture
resulted in
BSE’s Online Trading System (BOLT)
BOLT - BSE On Line Trading System

Features :
1. BOLT Architecture

– Powerful Back-end - Tandem S-84016 (Client server)


– Windows - NT Front end
– Efficient Network - Own VSAT HUB
– Total fault Tolerant - OLTP
– High Reliability and availability
– 34 X 8 GB Disks
2. Establishing reliable connectivity - Network

Ethernet Based

VSAT Based

Leased lines (MLDN)

3. Supported by
* Help Desk facility
* Contingency Pool
TYPES OF ORDERS

4. Orders
- Limit orders
- Market orders
- Hit/Take orders
- Odd lot orders
- Buy-back order facility
- Stop loss orders
Features of Orders
) Retention , net position, oddlot
) Colour schemes, background colour
) Institutional ID - Client, Own, FI, WH
) Batch Entry - Orders / auction offers
) Total quantity & revealed quantity -
dripfeed
5. 6A / 7A Interactive trade confirmation
6. Control mechanism
- Daily circuit filters
- Capital Adequacy check (Intra-day trading limits)
- Gross Exposure check
- Trader-wise controls
- Yes or No - Binary control
- Exposure limit
- Buy - limits / sell - limits
- Scripwise control limits
- Groupwise control limits
- User activation / deactivation
- User password authentication
7. Auction

- Sessions
- Offer entry
- Matching
- Auction Report download
8. Broadcast
- Market view
- Best five quotes
- Total depth - buy and sell
- Last traded rate & quantity
- Trades / values / volume
- Lower / upper circuit limit rate
& weighted Avg. rate
- Open / high / low / close
- Touch line - configurable
9. Total dematerialisation
- Exceptional Physical trades (Exit route)
- Complete Rolling settlement T + 2
10. On-line facility
- Sauda book
- Report downloading (dload)
- BSE News - Ticker facility
- Net position - scripwise /clientwise
- Trade / Broker query file download
- Derivative Touchline
Scrip Help
- Ex-dates
- Book Closure
- No Delivery period
- Standard Rate
- ISIN No.
- Dividend
- Special margins - buy / sell

11. Admin Terminal - Master Terminal


12. Country-wide SPREAD
- will be global
- 400 cities
- 6500 terminals
- 500 members
13. Response Time
- Less than 2 seconds - will be reduced
further
- Matching logic - rate & time stamp
- Confirmation of trades - display -
update suada book
- Refreshing touchline & market
view
14. Trading Backed by Risk Management
- Trade Guarantee Fund
- Customer Protection Fund
- Margin Mechanism
- Daily margin
- VaR margin
- Volatality margin
- Mark to market margin, etc.
Downloading facilities
) Trade data
) Member query data / breakup data
) Net position (clientwise / scripwise)
) Auction Data (offers / D.O./Money statement /Entl. Rep)
) Settlement related data
) Money statement, delivery orders, margin, B/S etc.
) Daily price movement
(Open/High/Low/Close/Value/Volume)
) Trade statistics
) Notices
) LSFD (Data /exe)
) No delivery / Margin data
Daily Trading Sessions on BOLT
Opening Session 08.45 a.m. To 09.00 a.m.
Log-in Session 09.00 a.m. To 09.55 a.m.
Continuous Session 09.55 a.m. To 03.30 p.m.
Closing Session 03.30 p.m. To 03.50 p.m.
Post Closing Session 03.50 p.m. To 04.15 p.m.

6A/7A / Member Query Session 04.15 p.m. To 05.30 p.m.


Check & controls on BOLT
- Member level
- Registration / activation / de-activation (member TWS)
- Password mechanism thru unique user ID
- Master Terminal Concept (traderwise controls)
- Private view (modify / deletion of order )
- Capital adequacy / gross exposure check
- Hidden identity
- System level
- TMF for data integrity
- Scrip level
- Circuit filters
- Tick sizes
- Suspension of scrip
- Terminal / user level event log
Advantages of BOLT
) Transparency of trades
) Enhancement of market quality thru liquidity
) Reduction in settlement Risk (guaranteed
settlement)
) Faster settlement T + 2
) Improved access to sensitive information
) Effective dissemination of information thru
DATA FEED
) Simplicity in broker back office operations
) Increases geographical spread
Thank You