NSE Overseas Wing Appoints BSO As Its Global Connectivity Provider
The partnership will help future traders gain faster access to the Indian market through BSO's global network
BSO has been named as the first official worldwide connection provider by NSE IFSC Ltd, the NSE's international exchange. According to a press statement released on Tuesday, BSO's presence in a variety of markets, as well as their low-latency and highly resilient connection service, market players throughout the world will only have access to the NSE IFSC.
The partnership will provide Asian, European and American trading firms with added infrastructure solutions helping future traders gain faster, more secure access to the Indian market through BSO's global network.
Situated in Gujarat's International Finance Tec-City (GIFT-City), NSE IFSC was launched as a global trading platform, offering easy access for foreign investors, multiple products, lower trading costs, longer trading hours, and all transactions traded and settled in US dollars.
As such, the exchange is seeking to sign up global connectivity partners to facilitate international trading firms, of which BSO is the first. The announcement also comes against the backdrop of increased demand from trading firms for connectivity into India, and in particular, GIFT-City.
India has seen significant growth in its trading activity with 8.85 billion contracts traded in 2020. As the only non-domestic official service provider to deliver connectivity into NSE IFSC at GIFT-City, BSO is perfectly positioned to meet increased market demand and support trading firms with secure, low-latency access to the rapidly emerging markets, the release said.
Ravi Varanasi, Chief Business Development Officer and Group President at NSE said it will also encourage international trading members to use this connectivity to provide trading access to their clients through the innovative Segregated Nominee Account Provider (SNAP) framework.
Michael Ourabah, CEO of BSO, said NSE IFSC is fast becoming a leading global exchange, with competitive tax structures, trading hours, and increasingly impressive derivatives volume.
BSO will ensure firms trading via this platform will receive the most secure, reliable, low-latency connectivity between GIFT-City and other financial centres around the world, he added.