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Daily Business News All Daily Business News
12 Mar 2014
DSE move on to procure software despite BSEC ban

The Dhaka Stock Exchange has selected two companies to procure a new automated trading system for the bourse despite the fact that the Bangladesh Securities and Exchange Commission put a ban on the procurement process.

In January, the stock market regulator had put the ban due to an allegation of irregularities as Nordic Growth Market NGM AB, a Swedish stock exchange, had withdrawn itself from the software procurement process blaming that the bourse’s process of procurement as non-professional and opaque. The BSEC had also asked the bourse to submit all the documents regarding the software procurement process for a review. Asked, a BSEC high official on Tuesday told New Age that the regulatory embargo on the bourse’s automation system procurement process was still in place as the BSEC was yet to complete its review process.

As per the DSE board decision made on Monday, the bourse will procure its matching engine from NASDAQ OMX, an American multinational financial services corporation, and the order management system from FlexTrade, a US-based multinational company, DSE sources said. The board meeting was chaired by DSE chairman Siddiqur Rahman Miah. The DSE board also asked the bourse’s management to negotiate with the software companies for lowering prices, the sources said.

The matching engine and the OMS will cost the DSE around Tk 75 crore in the first five year of their installation, they said. The DSE will need more money for completing its automation process. Of the cost for the matching engine and the OMS, the DSE will have to pay around Tk 27 crore in the first year of installation, but the figure might be changed after negotiation with the vendors, the sources said. On February 25, the bourse’s new board had arranged a meeting to make a decision on procuring the matching engine and OMS for the bourse but the BSEC again had asked it (the DSE) not to make any decision on the issue until the regulator completes the review of the procurement process.

The demutualised board of the bourse following the BSEC’s verbal order refrained from taking any decision and formed a four-member committee to reassess the whole process. A DSE high official told New Age on Tuesday, ‘The bourse is at a crucial situation as our contract for the hardware support expired on February 28. Even if we extend contract with the vendor, it (vendor) will not be able to provide necessary hardware to the DSE as the products are out of production now. That’s why the bourse is in hurry.’ The DSE on June 10, 2012 introduced the online-based trading system MSA Plus.

Source :: The New Age