Ricardo Esteves has seen business and economics through many lenses. He joined the Financial Services Industry in 2009, and has been a financial journalist since 2011. He holds a degree in Business Administration and has experience producing real-time news, from both buy-side and sell-side, as well as for retail traders, brokers and service providers. Esteves' work has appeared in a variety of online publications including FX Street and FinanceFeeds.
Nasdaq has agreed to deliver a customized real-time clearing, risk management, and settlement technology to one of the world’s largest stock exchanges, the National Stock Exchange of India (NSE).
A second agreement, with the stock exchange‘s innovation and technology subsidiary NSEIT, will allow the American company to NSEIT’s capability in implementations and project augmentation globally. The two exchanges agreed to explore business opportunities across listings, corporate and market services and data and innovations in products, processes, and technology.
The current clearing and settlement system deployed at the NSE is operated by the National Securities Clearing Corporation Limited (NSCCL) a wholly owned subsidiary of NSE. Nasdaq’s post-trade technology utilizes the Nasdaq Financial Framework, which will enable all asset classes to be cleared and settled in one system. The increased efficiency and flexibility reduces risks in the post-trade area alongside international best practices and standards.
Vikram Limaye, Managing Director and Chief Executive Officer of NSE, commented:
“The continuously evolving market needs for products and effective risk management, require us to continue to evolve our delivery models. NSE has always been a leader in technology solutions. NSCCL’s tie-up with Nasdaq will provide us the right platform and technology backbone to effectively synergize post-trade delivery capabilities. The adoption of this new technology platform customized for our needs will also allow NSCCL to stay nimble and manage the evolving ecosystem far more efficiently. Further, I am confident that the broad-based strategic partnership agreement with Nasdaq will take the relationship between the two exchange groups to the next level and would benefit capital markets in both the countries.”
“This new partnership with NSE marks a major milestone for Nasdaq in providing a suite of real-time post-trade technologies to one of the largest clearing houses in the world. We will use this new partnership to bring Nasdaq’s premium market technology, the Nasdaq Financial Framework, to the Indian capital market and to explore new opportunities for collaboration across each other’s businesses. Additionally, we look forward to our partnership with NSEIT to work together to expand our technology delivery capabilities.”
Nasdaq has deployed its market infrastructure technologies in more than 100 marketplaces, regulators, clearinghouses, and central securities depositories across the world.