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Strategies & Market Trends : India Coffee House -- Ignore unavailable to you. Want to Upgrade?

To: Mohan Marette who wrote (9586)	11/14/1999 2:34:00 PM
From: Mohan Marette	Read Replies (1) \| Respond to of 12475

IT arm of NSE ties up with Citil (Citicorp Info Tech) for a brokers' plaza nse-india.com citibank.com Arnab Mukherjee Mumbai 14 NOVEMBER (et) CITICORP Information Technology Industries Ltd (Citil) and NSE.IT, the National Stock Exchange's infotech subsidiary, will set up Brokers' Plaza - a virtual private website for NSE stockbrokers to link up with their intermediaries like sub-brokers, clients and investors. The facility will allow brokers to carry out their dealings electronically using the Net and will create a common shared market for e-trade. The roll-out of this utility among NSE's 850 members will begin in the first quarter of 2000. NSE's daily turnover is around Rs 3,000 crore and approximately 4.5 lakh transactions are recorded every day. The setting up of the Plaza follows the signing of a memorandum of understanding (MoU) between Citil and NSE.IT to form an alliance to offer solutions/services to stock exchanges world-wide. The techno-commercial details of the association are being worked out and will culminate in the signing of a formal agreement within 3-4 weeks. Speaking to The Economic Times, the two signatories on the MoU, Deepak Ghaisas, chief financial officer of Citil and Satish Naralkar, executive director, NSE.IT, said that by the time the guidelines for e-trading were formulated and regulatory framework finalised and cleared by the Securities and Exchange Board of India (Sebi), the venture will be ready with its offerings. "We expect the guidelines and framework to be finalised within 2-3 months, and are aiming to be ready to roll-out our services as soon as that happens," said Mr Ghaisas. NSE.IT was recently formed by spinning off the IT department of the National Stock Exchange. Citil, an affiliate of Citicorp, specialises in providing information technology solutions to the financial sector, and boasts of a presence in 63 countries. "We see a lot of synergy in this partnership because of our domain knowledge and Citil's technological expertise," said Mr Naralkar. Neither of the two companies will take any equity stake in the other at present, nor will they form a joint venture. "We will work on a project-to-project basis, and all the projects are expected to be multi-million dollar ones. We will pool in products and resources and decide on splitting revenues based on how much each one contributes to a project," said Mr Ghaisas. They expect to rope in six stock exchanges as customers in 2000. "Today, in the infotech industry, 'Made in India' has become a successful strategy. We now intend to recreate that success for 'Made by India'," said Mr Ghaisas. The collaboration will also focus on developing electronic-trading infrastructure, implementing data warehousing and business intelligence solutions for stock exchanges and capital markets, and take up consulting assignments for concept preparation, business planning, IT and infrastructure set-up, selection and implementation of exchange solutions and data centre operations.