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INTRODUCTION
The trading on stock exchange exchange in INDIA used to take place through open outcry method without use of information technology for immediate matching or recording of trades. This was time consuming and inefficient. inefficient. This imposed limits on trading volumes and efficiency. In order to provide efficiency, liquidity, and transparency NSE and BSE introduced nation wide online fully automated “SCREEN BASED TRADING SYSTEM”
SCREEN BASED TRADING
NSE’s screen based trading is known as NEAT-
National exchange for automated trading.
BSE’S screen based trading is known as BOLT-
Bombay online trading.
Ticker window
MECHANISM OF ONLINE TRADING
NSE has main computer which is connected through “VERY SMALL APERTURE TERMINAL”(VSAT) installed at its office. THE main computer runs on a fault tolerant “STRATUS” mainframe computer at the exchange. Brokers have terminals installed at their premises which are connected through VSATS.
HOW TO PLACE ORDER An investor informs broker to place an order on his behalf. The broker enters the order through his PC, which runs under windows NT and sends signal to the satellite via VSAT. The signal is directed to mainframe computer at NSE via VSAT at NSE’s office. A message relating to the order activity is broad casted to respective member.
To enter a buy order
BASIS OF OPERATION
The online trading operates on the strict basis of PRICE PRIORITY and
TIME PRIORITY
HOW TO ENTER SELL ORDER
Same as the process involved in the placing of the buy order.
To enter a Sell order
LOGGING ON
On starting NEAT application, the logon screen appears with the following details.
USER ID
TRADING MEMBER ID
PASSWORD NEW PASSWORD
TERMINOLOGIES OF ONLINE TRADING
Snap quote:- feature available to get instantaneous market information on a desired security. Active and Passive orders:- when any order enters the trading system, it is an active order. It tries to find a match on the other side of books. If it finds a match trade is generated, if does not finds match it turns to passive order which is stored in order book.
MOVEMENT
Circuit breakers:- Started implementing compulsorily from July 02, 2001. The circuit breakers will be operated at the three stages of INDEX movement, either way viz at 10%, 15%, 20%.
