BSE appoints three top officials
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.
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