FOR DECADES sweaty brows and torn shirts were occupational hazards(职业危害) at the Bombay Stock Exchange (BSE)(亚洲最古老的证券交易所). Brokers jostled and jockeyed(推搡争夺), bellowing(大声吼叫) bids and offers while sealing trades with hand signals. Circulars were printed in Gujarati(古吉拉特语，孟买交易员的主要语言), the main language of Mumbai’s traders. Founded under a banyan tree(榕树，印度文化与商业的象征) in 1875, the exchange long dominated share trading in India. Market abuses, such as insider trading, were rampant(猖獗的).
几十年来，满头大汗和衬衫撕破一直是孟买证券交易所（BSE）的“职业病”。经纪人们推推搡搡、你争我夺，一边大声报出买价和卖价，一边用手势敲定交易。通告用古吉拉特语印刷，那是孟买交易员的主要语言。该交易所1875年在一棵榕树下创立，长期以来主导着印度的股票交易。内幕交易等市场滥用行为十分猖獗。
Enter the National Stock Exchange(国家证券交易所登场) (NSE). Put into operation in 1994, this public-sector(公共部门的) initiative offered a single nationwide computerised exchange, linked by satellite phones (India’s state-run landline network was not up to the task(胜任、能担当)). Trading was faster and more transparent. The slick(精明的、圆滑的) upstart(新贵、暴发户) quickly displaced its older, clubbier(更封闭排外的), sweatier rival. Having captured a big chunk of the stock-trading business, the NSE finally listed its own shares on September 24th.(在拿下股票交易业务的很大份额后，NSE 终于于9月24日上市。) They rose by about 4% in their first hour of trading. The sale created a graceful exit route(体面的退出通道) for its existing owners, including some of the public-sector banks that helped birth it.
印度国家证券交易所（NSE）登场了。这一公共部门主导的举措于1994年投入运营，提供了一个全国统一的计算机化交易所，通过卫星电话连接（印度国营固定电话网络无法胜任）。交易更快、更透明。这个精明的新贵迅速取代了更老、更封闭、更“汗流浃背”的对手。在拿下股票交易业务的很大份额后，NSE 终于于9月24日上市。其股价在交易首小时上涨约4%。此次上市为现有股东——包括一些帮助其诞生的公共部门银行——提供了一条体面的退出通道。
The NSE surged(飙升、猛涨) alongside Indians’ interest in stocks—and especially options tied to them. It overtook the Chicago Mercantile Exchange (CME)(芝加哥商品交易所，全球衍生品巨头) to become the world’s largest market for derivatives(衍生品) in 2019. Over the next five years transactions truly rocketed(一飞冲天、猛增). In the 12 months to March 2024 it handled 97% of India’s options volume. Premium turnover(权利金成交额) (ie, amounts paid for contracts) averaged about $150bn a month. Transaction fees linked to this trading accounted for about two-thirds of the NSE’s operating revenues for that year.(与这些交易相关的手续费约占 NSE 当年运营收入的三分之二。)
NSE 的崛起与印度人对股票——尤其是与股票挂钩的期权——的兴趣同步飙升。2019年，它超越芝加哥商品交易所（CME），成为全球最大的衍生品市场。此后五年，交易量真正一飞冲天。在截至2024年3月的12个月里，它处理了印度97%的期权交易量。权利金成交额（即购买合约支付的金额）平均每月约1500亿美元。与这些交易相关的手续费约占 NSE 当年运营收入的三分之二。
