The Bombay Stock Exchange (BSE), Asia’s oldest bourse, on Tuesday announced three senior management-level appointments, as it tries to battle to regain market share against arch rival, the National Stock Exchange (NSE).

James E Shapiro: Head of Market Development

Mr. Shapiro was formerly managing director of New York-based Galileo Global Advisors, and prior to that senior managing director and vice-president, Asia-Pacific, at NYSE.

Sayee Srinivasan: Head of product strategy

He was formerly with the Chicago Mercentile Exchange (CME) group as director, Asian product and market development. He has also had a stint with the NSE in its derivatives division.

Nehal Vora: Head planning and policy

Having come from DSPO Merrill Lynch where he was director, law & compliance, overseeing equities and investment banking compliance. Prior to that, Mr. Vora was with the Securities and Exchange Board of India in various functions, including derivatives and new products department.

BSE’s market share in the cash segment has now shrunk to 25%, and its derivative segment is almost defunct. With MCX awaiting Sebi nod to start its equity exchange, market watchers say prospects for the bourse look bleak unless it gets its act together quickly.

Already, the BSE has been relegated to the number three position in the currency derivatives segment. Madhu Kannan, the recently appointed CEO of the bourse, is undaunted by the task ahead of him. “Rome was not built overnight,” he said. According to him, the exchange is taking “baby steps” towards a larger goal.