On-Line Computerised Trading System in Calcutta Stock Exchange
The Calcutta Stock Exchange has implemented a fully computerised On-Line Trading System known as C-STAR (CSE ONLINE Screen-based Trading And Reporting System) in 1997. The main system hardware is a Tandem S74000 series machine with customised software prepared by CMC Ltd. for both Local Area Network and Wide Area Network to broker offices in various parts of India apart from Calcutta and its outskirts. The local area network technology used in state-of-the-Art with optical fibre cables being used to hook up individual terminals with the main system. A dual ring topology has been used in case of failure of one communication line. The wide area network works on Router/Modem through Leased Circuits. CSE uses higher end fault tolerant systems for its trading and related functionalities. It uses Integrity Non-stop S74000 systems for its online trading systems (CSTAR). The systems have been designed to deliver the best performance without compromising on key factors of availability, scalability, ROI and TCO.
An additional Disaster Recovery System to take care of natural calamities/unexpected breakdowns consisting of a Tandem S74000 series machine has also been installed at a site away from the main system. Individual broker workstations comprise Intel Pentium based personal computers with super VGA Colour Monitors and working under Microsoft Windows operating system (Compatible with both Windows NT Workstation and Windows 2000 Professional Operating Systems). A contingency pool capable of accommodating around 50 brokers has also been set up to help members in case of exigencies (earlier it used to accomodate 200 people). The entire project was carried out by CMC Ltd.
The Exchange had transferred 101 "B" group non- specified scrip of the On-Line Trading Environment with effect from 26th February, 1997 and this project was inaugurated by the Hon’ble Chief Minister of West Bengal, Shri Jyoti Basu. Subsequently the remaining "B" and all "Permitted" group Scrips (approx. 3500) were transfers on to the C-STAR System with effect from 7th March, 1997. The Exchange finally shifted the entire "A" group specified securities on to the C-STAR System with effect from 4th April, 1997. Thus the era of Out-cry system of Trading which was approximately 90 years old was finally brought to an end. On-Line Trading is expected to prove beneficial to investors because it will offer interalia complete transparency of all transactions, and eliminate errors as matching will be done by the central computer.