New Delhi, Aug 2 : Bombay Stock Exchange Ltd. is proud to announce it has been recognized by Red Hat, the world's leading provider of open source solutions, as a 2016 Red Hat Innovation Award winner.
BSE was honored in the Infrastructure category, recognizing notable flexibility, scalability, cost effectiveness, performance, and security within an infrastructure.
Asia's first stock exchange BSE has more than 5,500 companies are listed on BSE, making it the world's largest exchange by members listed.
For two decades, BSE struggled under the weight of its proprietary technologies. The old infrastructure limited innovation, and the high cost of upgrades ultimately made its system economically unfeasible.
BSE collaborated with Red Hat to build an entirely new trading system on open source technology, powered by Red Hat Enterprise Linux.
Since implementing the new trading system, BOLT Plus, BSE has increased its volume from 10 million orders a day to 400 million, cut hardware costs by 66 percent, and increased trading speed from 10 milliseconds to six microseconds.
Since 2007, Red Hat has recognized the achievements of customers and partners worldwide who demonstrate creative thinking, determined problem solving, and innovative uses of Red Hat technology with the Red Hat Innovation Awards.
The Red Hat Innovation award winners from the last decade represent leaders from around the world and across industries who are using open source solutions to transform their organizations and enable faster innovation.
For the 2016 awards, more than 60 nominations were received with judges selecting one winning project in six categories that exemplified the most innovative achievements used to answer complex IT challenges with Red Hat solutions.
"We are honored to receive a 2016 Red Hat Innovation Award. Our switch to open source has been exemplary and the results have proven Red Hat to be a reliable and critical technology partner.
With Red Hat's open source technology, we have been able to achieve flexibility, agility, and scalability needed to meet our changing market demands," said Managing Director and CEO BSE, Ashish Kumar Chauhan.
"Red Hat has always been there to support us in our day-to-day operations and such trust helps us simplify our business.
Today, Red Hat is our backbone and an intrinsic part of our business transformation story," added Ashish Kumar.
"We would like to congratulate BSE on winning a Red Hat Innovation Award. BSE has effectively implemented open source solutions to build their new BOLT Plus trading infrastructure and break free from vendor lock in," said Managing Director India Red Hat, Rajesh Rege.
"Today, BSE has been recognized as the fastest stock exchange in the world, with speeds reported to be 10 times faster than the next fastest exchange.
BSE is one of Asia's most reputed stock exchanges and their openness to innovate and change is admirable," added Rajesh Rege.