BSE head sees tighter algo Trading rules as boon for Markets

Proposals by India's main capital markets regulator to tighten rules on algorithmic trading could help boost confidence in markets and won't hurt the country's second biggest bourse, the head of Indian exchange operator BSE Ltd told Reuters. The Securities and Exchange Board of India (SEBI) last week unveiled a discussion paper on various limits on algo traders, including reduced speed limits at which trades are executed, due to concerns about fair access to markets. 

 

"Well-designed forward looking regulations create better trust," Ashishkumar Chauhan, chief executive of BSE, Asia's oldest exchange, said in an interview with Reuters late on Wednesday. "We are not worried about undue impact on our business," he said, adding that he expects the new rules could actually boost, rather than decrease trading volumes. 

 

Algorithmic trading has become a major source of income for both the BSE and its larger rival the National Stock Exchange Ltd. The new rules could come into force as both exchanges look to go public. The BSE is soon expected to file a listing application that bankers estimate could value the exchange at about $750 million to $1 billion. 

 

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