Hi @VenuMadhav. @nithin . Interoperability was on to-do list for Sebi since the beginning of 2019. Though it was live on the backend side for clearing but is still not fully operational on the front end side. Is it still on the to-do list for Sebi and brokers? If yes, then what plans does Zerodha have regarding this. I remember Nithin gave a timeline of 6 months back in April 2020.
We have to update our Order management system for this. While it is ready and tested, we still have to deploy it. This is quite a risk process for us and hence going slow. We have a bunch of new updates that also need to be pushed, so we will probably do it all together. Can’t really give you a timeline on this.
Hi @nithin . Interoperability is really critical on days like today when one of the exchanges system malfunctions. I think today’s example really makes it’s release to be prioritized.
@nithin had earlier mentioned that they are ready with interoperability at the backend.And after the below update it looks like they will try to square it off on bse. But not sure unless concrete updates from their end.
Plan of action: If NSE isn’t back up by 2.45 pm, we will block all new MIS & CO orders for the day and attempt to square off all equity MIS & CO positions on BSE. Unfortunately, we will not be able to do anything with intraday F&O positions if NSE isn’t back up.
With everything that went down on 24th feb , I think it is high time that interoperability access for users should be made live before something of this sort happens again. Although closing down positions before extended hours were announced sounds reasonable but zerodha being a top broker with many users ,squaring off at market orders on bse led to huge impact costs for everyone. Only if users had the access to square off earlier on bse , the impact wouldn’t have been huge. Being a number one broker I am sure such things should be on priority.
As I mentioned in the first response, this is a critical update that needs a lot of changes. Since we depend on a vendor for our core order management system, these upgrades become even riskier. We have been working on our own OMS, which is in beta, so we will have an interop whenever we go live with it. The target is the financial year-end.
