The advantage of working for a duopoly – especially one which is quasi government are manifold. One is you get paid like the private sector and second is you are sure to be secure, get stock options, have an indexed pension, etc. Must be funny in a rich man’s world – like Abba Said!
Look at how childish both the exchanges are in their behaviour. BSE (the real name is The Stock Exchange, Mumbai) wanted to change the timing by a pifling 10 minutes, but the NSE decided to be one up – and said we will start trading at 9 am.
To me this is as funny as a mutual fund saying ‘This year we will sell equity funds’ – it is not about what they want, it is what the investor will buy.
In case of BSE and NSE – clear case of a stupid monopoly by a quasi government body – both of them did not bother what the end customer (for both the exchanges it is their immediate members) wanted. If the brokers decide to stay away from the exchanges from 9 am to 10 am, what will the exchanges do? Pray tell me ‘top management’ ? A few brokers may start early, there may be a few stray trades, but it will not be easy. If the software lock had a time lock of 9.55am, that will have to be changed. People will have to start early and gear up to longer working hours. Thankfully both the exchanges run their own clearing house – will they change the timing. I am sure they have no clue about how they are going to react. High time the newer stocke exchanges are allowed to start. MCX / Financial Technologies and Reliance ADAG are waiting to launch their exchanges (surely Rajnikant Patel is watching from the sidelines.
A very quick dipstick survey (fully biased -all gujju brokers who love to sleep late) got the same result – ‘I will continue to start at 10 am’ kind of an attitude. Even their customers who trade normally come into their offices by 10.30 – waiting for the volumes to develop. Will anything change here? Yes employees will have to come in early, leave at the same time or later – increased workload. The telivison channels will have to worry less about program will have to work less (search less for ‘what to do’), chai wallah near broker’s offices will sell more chai…
Incidentally volumes may go up….
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