Exchange (BSE). NSE trading activity commenced in 1994 and around 1630 equity issues were trading in 2008. Most major stocks are quoted on both NSE and BSE and therefore these exchanges compete both for listings and for order fl ow. On average, around 5.5 million transactions were processed on each trading day at NSE in January 2008. Brokers interact through an automated limit order book and there are no designated market makers.