| | MARCH 20228TRAVERSING THE CYCLE OF CONTINUOUS INNOVATIONKersi Tavadia, CIO, BSE, shares his views on the paradigm shift which capital markets are undergoing, and how BSE is leading the change. How has the capital market transformed in the recent past in terms of new technology adoption? How do you see the change happening in the way capital markets operate? Capital market is one of the first industries to adopt new technologies. Any new emerging technology generally gets adopted first in the BFSI segment. It is the first consumer of any new technology finding its application the market. With time, BSE in particular has transformed itself into the technology leader. We are rated amongst the thought leaders in technology. We can absorb and implement the new technologies with ease. Adoption wise, BSE is at the forefront of adopting all the new technologies that are relevant and make business sense for us. How is BSE driving the transformation and how is it making the process of trading more efficient?It is actually a journey. At BSE, the entire IT transformation started almost a decade ago and there was a vision to be accomplished. A decade ago, BSE was a proprietary driven architecture company having monolithic architecture which was considered to be good in those days. At that time, availability was the key criteria for a trading platform as we had only one market segment i.e the cash equity segment.But today, we are into every segment, every investment product, and all the financial products. So, what BSE has done over a period of 10 years is that it has created platforms on which you can practically trade anything; any of the financial products. It is more of an investment platform where you can make your investments; whether it is shares, bonds, debenture, mutual funds, commodities, currency, insurance products, or agricultural products. So, BSE's technologies have evolved dramatically over the past decades. It has been a journey in which every year we have been doing something new. Every year, we have refined our existing processes and technologies. It has been a cycle of continuous innovation. Could you share an example of a recent IT transformation which BSE underwent? Traditionally, BSE used to work with a non-stop architecture. It was a completely monolithic architecture, and very expensive computers were required to run the stock exchange. They are called as proprietary technologies. The technology would not be available with multiple vendors. If you would buy a server from a particular company, you would have to buy the VANTAGE POINT
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