The partnership will boost standardisation and harmonisation in India’s securities markets
Mumbai, 10 November 2017 – SWIFT India announces today that Marketplace Technologies Pvt. Ltd (Marketplace), a 100 % subsidiary of the Bombay Stock Exchange (BSE) will act as its Service Bureau for securities markets in India providing a standardised, cost-effective, robust and secured infrastructure to all market participants.
As the Indian regulators are encouraging the adoption of global messaging standards like ISO 20022 to bring operational efficiency in Indian securities market, the partnership with Marketplace is expected to provide easy access to industry players like asset management companies, broker dealers to connect to SWIFT India network which will help securities participants to automate and standardise their communication including areas but not limited to investment account management, fixed income trade settlement & trade reporting, investment funds subscription & redemption which will bring operational efficiency and reduce risk.
Supporting asset management companies (AMC) with their investment cash management activities will be the first flows to go live in November and will be accessible to other securities participants like insurance companies, broker dealers, depositories and custodians.
"BSE is a strong advocate of standardisation and message harmonisation. We are delighted to see Marketplace partnering with SWIFT to provide a cost-effective solution for our market participants to connect to BSE in a secure, resilient and standardised way."
"Partnering with BSE and leveraging their leading position in the field reconfirms our commitment to drive consistent adoption of international standards and best practices in India. A harmonised approach and a consistent collaboration across the market will bring increased operational efficiency to the industry"
SWIFT India Domestic Services Pvt Ltd (“SWIFT India”) is a joint venture created by SWIFT SCRL (Society for Worldwide Interbank Financial Telecommunication), the global banking cooperative, and (in alphabetical order) Axis Bank, Bank of Baroda, Bank of India, Canara Bank, Citibank, HDFC Bank, ICICI Bank, Punjab National Bank, Standard Chartered Bank, State Bank of India and Union Bank of India, to address domestic market needs of the Indian financial services industry. Based on proven SWIFT technology, the company provides messaging services to domestic market infrastructures, banks and corporates, enabling the financial community to exchange automated, standardised financial information securely and reliably, thereby reducing costs and risks, improving compliance and services to its customers. SWIFT India’s mission is to support the community in the next wave of banking industry transformation. SWIFT has been operating in India since 1991.
For more information, please refer to our website www.swiftindia.org.in
BSE (formerly Bombay Stock Exchange) established in 1875, is Asia’s first & now the world’s fastest Stock Exchange with a speed of 6 microseconds. BSE is India’s leading exchange group and has played a prominent role in developing the Indian capital market. BSE is a corporatized and demutualised entity, with a broad shareholder base that includes the leading global exchange- Deutsche Bourse, as a strategic partner.
BSE provides an efficient and transparent market for trading in equity, debt instruments, equity derivatives, currency derivatives, interest rate derivatives, mutual funds and stock lending and borrowing. BSE also has a dedicated platform for trading in equities of small and medium enterprises (SMEs) that has been highly successful.
BSE provides a host of other services to capital market participants including risk management, clearing, settlement, market data services and education. It has a global reach with customers around the world and a nation-wide presence. BSE’s systems and processes are designed to safeguard market integrity, drive the growth of the Indian capital market and stimulate innovation and competition across all market segments. Indian Clearing Corporation Limited, a wholly owned subsidiary of BSE, acts as the central counterparty to all trades executed on the BSE trading platform and provides full novation, guaranteeing the settlement of all bonafide trades executed.
BSE Institute Ltd, another fully owned subsidiary of BSE runs one of the most respected capital market educational institutes in the country. Central Depository Services Ltd. (CDSL), associate company of BSE, is one of the two Depositories in India.