The Bombay On-line Trading System (BOLT) is CMC's on-line Trading System for trading in Stocks. The System is operational at Bombay Stock Exchange - the premier Stock Exchange in the South East Asian region since March 1995. It is one of the few Stock Trading systems around the globe, which handles hybrid/mixed mode of trading i.e. Order driven as well as quote driven.

The Bolt system has Enabled the exchange to meet the following objective:

	Reduce and eliminate operational inefficiencies inherent in manual systems
	Increases trading capacity of the stock exchange
	Improve market transparency, eliminate unmatched trades and delayed reporting
	Promote fairness and speedy matching
	Provide for on-line and off-line monitoring, control and surveillance of the market
	Smooth market operations using technology while retaining the flexibility of conventional trading practices
	Set up various limits, rules and controls centrally
	Provide brokers with their trade data on electronic media to interface with the Broker's Back Office system
	Provide a sophisticated, easy to use, graphical user interface (GUI) to all the users of the system
	Provide public information on scrip prices, indices for all users of the system and allow the stock exchange to do information vending
	Provide analytical data for use of the Stock Exchange

Trading on CMC's Trading system BOLT can be carried out for Normal segment as well as in the Auction, Odd lot segment, Continuous Net Settlement, etc. The system is capable of handling 2.5 million orders per day. Today, there are around 9000+ BSE trading terminals spread across India.

The brokers / traders operate from their own offices and send their quotes, orders, negotiated deals, in-house deals, auction orders as the case may be to the Central Trading Engine (CTE) through the Broker Work Station (BWS). The Best Bid and the Best Offer (based on price and time priority) in the market form what is known as the Best Bid and Offer (BBO) for each scrip.

The BBO of all the scrips in the market are available to all the BWS through a mechanism called broadcast of the market information. The buy and sell orders placed by the broker / trader will be matched at the best available price in the market for that scrip, at the time of the order. Subsequent to matching, trade confirmations are sent to the respective workstations, which can be printed on-line.

BOLT was developed on Non Stop Tandem platform keeping in view the criticality of the application.

Solution architecture

Strengths

	Reduces or eliminates operational inefficiencies inherent in manual systems
	Increases the trading capacity of the stock exchange
	Improves transparency, eliminates unmatched trades, no delay in reporting
	Smooth market operations using the latest technology
	Allows setting of various checks, limits, for better control
	Provides trade data using electronic media to the broker using an interface with the broker's back-office system
	Provides user information (like scrip prices and indices) to all users
	Provides analytical data to the stock exchange

Experience
BOLT implementation and maintenance is one of the major successes of CMC. A group of about 50 engineers are working for maintenance and enhancement of the BOLT system.

Indicative client list

	BSE, Mumbai
	Kolkata Stock Exchange

Case study
BSE, Mumbai

Contact
Head - BFS
CMC House
C-18, Bandra-Kurla Complex
Bandra (East)
Mumbai - 400 051
Tel: 022-26591000-2
Fax: 022-26591046
Email : bfs@cmcltd.com

Note:
Odd lot segment: Before shares were dematerialised into the electronic form (demat), they were maintained in physical form, as share certificates, and had to be traded in marketable lots (in multiples of 50 shares). Any figure other than a marketable lot was known as an odd lot.