The BSE Online Trading System (BOLT) and later developments

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Old 17-Feb-2010
The BSE Online Trading System (BOLT) and later developments

The Bombay Stock Exchange (BSE) switched over from the open outcry trading system to a fully automated computerized mode of trading known as the BSE Online Trading (BOLT) system in 1995. This system, which is both order and quote driven, was commissioned on 14 March 1995 and in May 1995, it was introduced for all the securities listed on the BSE.

Actually, it started with the screen based trading and in September 1997, switched over to the direct online access facility. In the initial stages, BOLT was available to brokers of the BSE based in Mumbai through leased lines. Today, it is available all over the country and even abroad.

Firms that have generated significant profits are those that follow the best forex practices. In spite of the lure of more profits, these traders never gave up the business ethics that they had adhered to earlier. Thus, major developments have taken place in the forex market, mainly due to the presence of those honest players.

In the currency market, even though the prominently traded currencies are the US dollar, Japanese yen, the Euro and the British pound, almost all the other major currencies of the world are also traded in different parts of the world. In most instances, the trade in currencies takes place more frequently if there is a booming trade between particular countries.

Almost all the countries of the world have trade relationships with the United States, Japan and the European Union. It is this advantage that has resulted in the US dollar being the most traded currency in the world. All the trade in commodities and other goods are invoiced in the dollar. Literally speaking, the US is the main beneficiary of the liberalized financial system.

In the currency market, there are about 10 currencies on which a majority of the trade is taking place. A similar situation can be seen in the stock market in Mumbai. The benchmark index is determined by the performance of a few most traded securities on any trading day.

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