---------------------------------------------------------------------------- The Florida SunFlash Bombay Stock Exchange Automates With Sun SunFLASH Vol 39 #8 March 1992 ---------------------------------------------------------------------------- India's Premier Stock Exchange to Invest $30 Million in High Technology MOUNTAIN VIEW, Calif. --March 18, 1992-- The Bombay Stock Exchange has designed a comprehensive strategy to automate its trading floor based on sophisticated computers from Sun Microsystems Computer Corporation (SMCC). The move is expected to prepare the exchange for more than 150,000 trades per day which is the estimated trade volume for 1993 and twice its present volume. The total integration, software and hardware costs for the exchange's new computerized system will be $30 million over the next 12 months. "Our aim is to elevate the efficiency of the exchange to meet world-class standards," said Hemendra Kothari, president of the Bombay Stock Exchange. "The use of advanced technology will increase both the accuracy and capacity of trade and help India's finance industry keep pace with leading international markets." The Bombay Stock Exchange is the largest in India. It is next only to the Taipei Stock Exchange and the Tokyo Stock Exchange in terms of trades per day, and well ahead of the New York Stock Exchange and the International Stock Exchange of London in terms of peak transaction density. According to A.V. Sridhar, vice president of Wipro Infotech the authorized SMCC distributor upon completion of the project, traders will have on-line access to various trading positions and pricing data. This information will be updated interactively as trading takes place. Traders will also have the ability to access the Press Trust of India news service's "STOCKSCAN," and see trading information displayed on a number of overhead 27-inch screens simultaneously. Automation Plans CMC Ltd., the consultants to the exchange, has structured a four-phase plan to connect new and existing computers, including 3,000 PCs and a mainframe from ICL. According to Mr. Rawalgaonkar, CMC's project manager, the new Sun workstations and servers plus advanced networking technologies, including those in the Solaris(R) distributed computing environment will be used as the "glue" to achieve this massive undertaking. CMC Ltd. will be working closely with Wipro Infotech Ltd. to implement its computerization plan. The firm will also manage the development of the application software. The first phase of the automation plan includes the installation of 50 entry-level SPARCservers and a SPARCserver 470, and was completed in January 1992. Each SPARCserver system will be used as a gateway for approximately 16 PCs, while the SPARCserver 470 will act as the central database server. CMC estimates that all four phases will be completed by January 1993. Currently, the summary of a day's transaction is not available until the start of the trading session on the following day. This is primarily due to a procedure that requires a day's transactions to be manually keyed into the ICL mainframe and then processed a task that typically requires four hours to complete. In the new system, workstations and servers will update trading positions instantaneously. The selection of Sun computers by the Bombay Stock Exchange demonstrates how heavily the financial world relies on computers that incorporate technologies called UNIX(R) and RISC to keep up with increasing "realtime" tracking requirements. SMCC leads the worldwide financial workstation market, with a 55.5 percent share, according to a survey by International Data Corporation. Sun computers are also used by the New York Stock Exchange, National Association of Securities Dealers (NASD), London International Financial Futures Exchange, the Philadelphia Stock Exchange and the Boston Stock Exchange. "Professionals in the financial world have an almost insatiable need for performance. And they continue to turn to workstation and server technology to meet that need," said Lionel Lim, SMCC's managing director for the ASIAN/India subcontinent. Mr. Mayya, executive director of the Bombay Stock Exchange, added, "Our aim is to move ultimately to the so-called 'T+3' system in which the delivery and payment of a trade takes place on the third day after the transaction. This is the global objective by, say, 1993 or so. The process we have initiated will, I am sure, help us to achieve this objective." PR contact: Sun Microsystems Computer Corp. Lauren Swingle (415) 336-7273 ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ For information send mail to info-sunflash@sunvice.East.Sun.COM. Subscription requests should be sent to sunflash-request@sunvice.East.Sun.COM. Archives are on solar.nova.edu, paris.cs.miami.edu, uunet.uu.net, src.doc.ic.ac.uk and ftp.adelaide.edu.au All prices, availability, and other statements relating to Sun or third party products are valid in the U.S. only. Please contact your local Sales Representative for details of pricing and product availability in your region. Descriptions of, or references to products or publications within SunFlash does not imply an endorsement of that product or publication by Sun Microsystems. John McLaughlin, SunFlash editor, flash@sunvice.East.Sun.COM. (305) 776-7770.