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February 9, 2001
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Money > Business Headlines > Report February 9, 2001 |
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NYSE shortlists Indian firms for technologyNetscribes/Amitava Sanyal The New York Stock Exchange has stepped out of the US for the first time to shop for technology, and it has come to India. The Big Board has shortlisted half a dozen top-rung software companies, including Wipro, in its quest to enhance the speed of transaction on the bourse, which has a market capitalisation of $17 trillion. "I wouldn't like to go in for a technology tie-up right away. I would rather do a pilot with one of them first. So far, all of them have promised us wonderful things," Roger Burkhardt, chief technology officer at NYSE, told NetScribes. He was in Bombay to attend the Nasscom 2001 IT conference. Burkhardt maintained that it was not the price advantage that drew him to India. "When Wipro listed on NYSE, I had a chance to meet Azim Premji and was impressed by the work they were doing. The interest started then," he said. Wipro has been inducted into the new TMT index the bourse plans to launch next month. NYSE, which spent about $300 million on technology last year, reckons the robustness and speed of its IT infrastructure as bread and butter. Consider this: There are 10,000 voice and data circuits connected to the trading floor over about 250 miles of fibre optic cables. The data centre at the bourse runs on 1,000 mainframes and servers. All this to handle a trading volume of 10 billion shares a day. In 2000, the average daily trading volume on the bourse rose 54 per cent year-on-year to 100.6 million shares. James E Shapiro, senior managing director (Asia Pacific) at NYSE, said that after having talked "with practically hundreds of Indian companies", he expected 4-5 to list on the bourse this year. Among 434 foreign companies listed on the bourse currently, only five are Indian. And what was the most important message Shapiro had for Indian companies? Communicate the business rationale to investors more effectively. "ICICI is doing a wonderful job of this. They are spending a lot of time in the US," he said. SEE ALSO: |
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