Dse Trading
3 foreign cos make presentations on software to replace MSA Plus
Three foreign companies on Wednesday made presentations on their online-based trading software before the Dhaka Stock Exchange which has taken a move to replace the bourse’s faulty software MSA Plus. The three foreign companies are NASDAQ Stock Exchange of the USA, Millennium IT of Sri Lanka, and Europe-based NGM. The Bangladesh Securities and Exchange Commission recently asked the bourse to replace the MSA Plus as it repeatedly failed to execute trade orders.
The DSE has already signed an agreement with the NASDAQ OMX for getting a need assessment report for the bourse for the next 10 years. The assessment report will include technical requirement, human resources requirement and support that would be required during the period.
‘We have gone through three separate demonstrations of three software service provider companies today [Wednesday],’ a DSE official told New Age.
‘The presentation provided by the respective software vendor covered the support, including online trading facility, support for the customers of the member-broker houses, scope to run bond and derivatives market,’ he said.
Earlier on September 11 the DSE signed an agreement with the NASDAQ under which the US stock exchange will study the technical requirement of the DSE for the next 10 years with a cost of $0.18 million excluding travel allowance of the study team.
As per the agreement, NASDAQ has to submit its study report within the next six to eight weeks and the bourse will make decision of taking new trading software considering the need assessment report.
The DSE on June 10, 2012 had introduced the online-based trading system MSA Plus.
The trading software, however, had failed to cheer the investors as its operational flaws delayed trading for one hour on two separate occasions when new companies made their debut on the bourse late last year.
The software also had failed to execute buy and sell orders on several occasions.
Following the incidents, the BSEC had launched an investigation and found that the glitches resulted from negligence by the software vendor as well as the DSE.
Xchanging, a UK-based software vendor, had provided the software at a cost of around $0.6 million.
-With New Age input
