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NSE seeks explanation from BSE on volume spurt

LiveMint logoLiveMint 10-07-2017 Jayshree P. Upadhyay

Mumbai: The National Stock Exchange of India Ltd (NSE), which was hit by a technical snag in the early hours of Monday morning, has sought an explanation from BSE Ltd on spurt in its share volumes.

“Significant increase in volume has been observed in BSE Limited. The Exchange, in order to ensure that investors have latest relevant information about the company and to inform the market place so that the interest of the investors is safeguarded, has written to the company. The response from the company is awaited,” said an NSE communication to the BSE.

According to Bloomberg, BSE’s total volume was 350.55 million as of Monday against the average 268.92 million in the last one month. According to BSE officials, trading volumes surged over 250% after glitch hit rival exchange NSE.

NSE stopped trading on Monday morning for three hours, due to a “technical glitch”. This, according to market participants, is the biggest technical snag in recent times. NSE quotes in equity were not updating and trades were not going through in early hours of trades. This, according to exchange officials, was due to a technical glitch. To maintain price parity between equity and derivatives prices, the exchange decided to shut down the cash and futures and options (F&O) segments.

Due to the technical snag at NSE, traders and dealers turned to BSE to conduct their trades, which contributed to volume spurt.

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