Bangladesh Securities and Exchange Commission has instructed Dhaka Stock Exchange to change its faulty online trading software MSA Plus soon. “We are taking steps to change the platform for smooth online trading, as per BSEC’s recent order,” Swapan Kumar Bala, chief executive of DSE, said.
The instruction from BSEC came in July following losses of trading hours over technical glitches on the platform, which was launched on June 10, 2012. “But the replacement of the software will require upgrading of the entire trading system,” Bala said.
In February, the DSE board formed a five-member panel to get to the root of the matter. The body found the MSA Plus platform, acquired from UK-based software vendor Xchanging for around $600,000, to be faulty and recommended migrating to a new one. The premier bourse has already reached out to NASDAQ Stock Exchange, a premier US-based bourse, to find a solution, said a DSE official preferring anonymity. “The American bourse last month gave a demonstration of an improved technology-based trading system. The DSE board was very much impressed and directed the management to start negotiations with NASDAQ.” He added that the bourse, however, did not make the full payment for the MSA Plus software as “it never worked properly”.
The securities regulator had also formed an investigation committee in February, as investors faced problem in placing buy and sell orders of Orion Parma’s shares on its debut day.
Source :: The Daily Star
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