Technology, leadership key in stock exchange
Oageng Batenegi | Tuesday October 11, 2016 11:28
He said this is due to the nature of transactions involved primarily; the trading, settlement and maintenance of investor information through the use of technology.
Addressing delegates at the Live2Lead leadership training seminar held at Travel Lodge recently, Tsheole said the faster and more efficient the technology is, the more attractive it is to the stock exchanges. “In fact, in markets that move faster like in New York Stock Exchange there are huge data centres in New Jersey specifically for matching trades and this happens in a fraction of a second,” he said. Tsheole said the BSE has as a result embraced technology as it serves an important purpose of improving efficiencies in line with international best practice. The BSE has so far introduced some technologies. He said the commissioning of the electronic trading system in 2012 has been one of the most important infrastructure investments in the local bourse.
He said the central securities depository (CSD) system, a depository, clearing and settlement system for all transactions executed at the BSE was introduced in 2008. He said it also facilitates custody/safekeeping of securities, securities borrowing and lending as well as collateral management. “We are currently working on improving the website to incorporate modern elements and make it interactive. We are also working on the development of the smartphone app,” Tsheole said.
Tsheole added that the future direction of the use of technology at the BSE looks bright as they are looking at ways to improve their technological advancements. He said there are two trends that are emerging from the technology savvy stock exchanges that make trading easy that they are looking to probably venture in.
According to Tsheole, the trends also provide information to current and prospective investors. This includes Internet based trading which allows investors to execute trades through the Internet with or without the involvement of brokers. “As the BSE we are not yet at this point,” Tsheole said. He said there are also Apps that allow for the process of trading and serve as platforms to share information. “We are currently working on a project to develop the BSE App,” the CEO said.
He also went on to reiterate that as the BSE leadership, they leveraged on technology to guide the future strategic direction of their organisation. Tsheole told Mmegi Business on the sidelines of the seminar that it is crucial for an organisation such as the one in their trade to develop leadership and set of skills which are at a level to match evolution and fast developing financial markets in the industry. “Otherwise you are going to be left behind because the changes and evolution in financial markets move enormously,” he said.