The Dhaka Stock Exchange has set a target to launch its new trading software by July 2014 scrapping the present online-based trading software MSA Plus which has been failing to execute transactions repeatedly, DSE officials said. A DSE high official told New Age on Sunday, ‘We are willing to launch the new trading software by July next year, but it will depend on the vendor who will provide the service.’
‘Now the bourse is working to make a short list of vendors who are willing to provide the new trading software. Then the DSE board will negotiate with the vendors regarding the cost,’ he said.
The bourse has targeted to sign a deal with qualified software vendor within the next month, he said.
The DSE high official also said that some amendment to the existing regulations of the bourse might be required to run the upgraded software to be installed.
The DSE took the move to scrap the existing trading software following a BSEC directive as the regulator was not satisfied with the performance of the software after its failure to execute transactions on a number of occasions.
But, replacement of the software will require upgradation of the entire trading system including order management system and matching engine of the bourse, another DSE official said.
The DSE in September signed an agreement with the NASDAQ under which the US stock exchange studied the technical aspects of the bourse to be required for the next 10 years at a cost of $1.80 lakh.
The DSE board in February this year formed a five-member committee headed by Bangladesh University of Engineering and Technology professor M Kaykobad to find out the reasons of the technical glitches of the MSA Plus.
The committee submitted its report in June stating that the MSA Plus was faulty and a number of errors were made when the software was installed.
Despite several attempts to remove the problems, the software still fails to execute transactions.
Xchanging, a UK-based software vendor, provided the software at a cost of around $6 lakh.
-With New Age input
