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Business as usual

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Linkfest:September 29,2014

Some stuff that I am reading today morning:

Meet the husband-wife duo with the 100% success rate in startup world (ET)

Oppenheimer:Indian market can double in 5 years  (MoneyControl)

Why Diageo is struggling with USL’s books (Mint)

Savvy retail investors can’t get enough of equities (BS)

Hawkins Cookers-My journey as an investor (Ankur Jain)

How to reject a stock (ValueInvestorIndia)

8 things to learn from Japan’s biggest day trader (Zor Trades)

Zero Hedge:Wall Street’s daily dose of doom and gloom (Money)

Bill Gross loses PIMCO power struggle (Bloomberg)

Hinduism and Science (Media Crooks)

 

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Excerpts

BSE eyes most advanced bourse slot

 

Hat Tip: Shivam Bose

Disclosure:I am market making in the shares of Bombay Stock Exchange

Having begun with a humble background of functioning under banyan trees, India’s leading bourse BSE is now eyeing a slot among the world’s most technologically advanced exchanges and is targeting ten-times faster trades on its platform within three years.

Already, the exchange has made significant changes in its technology and has attained a response time of 200 micro-seconds for trades executed on its platform, BSE CEO Ashish Chauhan said.

The aim is to bring the response time further down to 20 micro-seconds within the next three years, Chauhan told PTI in an interview here.

Today 200 micro-seconds of response time puts us in top 5-10 per cent of the exchanges of the world in terms of the ability to give he response time. It is not only about the speed but also about scalability that is the ability to take order, he said.

“Today we are able to handle 500,000 orders in a second at the response time of 200 micro seconds. If you are able to take large orders, your response time should not suffer,” he said, while adding that proper safeguards are also in place to guard against any risks attached with high-speed trading.

Chauhan said: “We have also implemented a framework that ensures that this is lowest cost, but highest in terms of technology. We have used open source software. We have utilised the technology prowess of India to ensure that we are able to get more from the same hardware.

“We also implemented in April 2014 the new technology we had acquired from Deutsche Boerse and in 5-6 months that it has been in practice our number of orders per day has gone up already three times. Earlier it was 12-15 crore orders on best of the days, and today we are recording 40-45 crore orders a day on a regular basis.”

from DigitalFC

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Excerpts

Ruchir Sharma:What is driving Indian markets?

Also keep in mind that for the last few months I agree with you that Indian politics has played a dominant role in driving this market but there are many other factors at work which have driven the Indian market over time.

One very significant factor has obviously been the state of global risk appetite and of global liquidity and I think that here there is something more concerning in fact at this stage because I know that in India we have been very much lost to the domestic political scene.

Let us not forget that the Indian market over a period of time is still extremely linked to what happens globally, never before in the history of markets have markets been so high five years after recession ended. So, you have asset price inflation across the world and some of that asset price inflation has also helped India and Indian equities do well over the last five years. I agree that lot of the factors have been domestic but some of the asset price inflation has also played a role in lifting assets to a level which is somewhat disconnected from underlying economic reality. That is one big factor we have to keep in mind.-said Ruchir Sharma

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Politics

Three Cheers for Justice Da Cunha

Source:Ramesh