As a step towards making its trading system fully automated, Nepal Stock Exchange (Nepse) has asked Yomari Incorporated to undertake a detailed study on whether to upgrade or replace the existing trading system. Yomari Incorporated is a permanent representative of British software developer Comdaq Ltd which developed the current trading system for the stock exchange. Yomari has been undertaking annual maintenance of Nepse’s computerised trading system since the last six years. Today, Nepse’s general manager Sitaram Thapaliya and Yomari’s representative Rajesh Maharjan signed a contract regarding annual maintenance, says a press release issued by Nepse. According to the press release, Yomari will not only ensure that the trading system is free of any glitches but also submit a report on whether to replace or upgrade the existing system within six months. Nepse’s trading system requires automatic post-trade activities and needs to be compatible with CDS and Clearing’s clearing and settlement system. Likewise, the system will also need to automatically adjust market indicators that are adjusted manually at present. In addition, the trading system will also need to have an effective surveillance system in place so that unsolicited transactions can be flagged on time. Nepse, that had started operations in 1994, used an open-out-cry system for trading until August 2007. In 2007, Nepse moved to screen-based trading by setting up a Wide Area Network (WAN) that enabled brokers to be connected with Nepse’s server from their offices.
Posted on: Tue, 24 Sep 2013 03:10:15 +0000
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