The Bangladesh Securities and Exchange Commission has formed an expert committee to guide the Dhaka Stock Exchange for achieving smooth, efficient, scalable and robust IT system and preventing technical glitches at the bourse.
The BSEC at a commission meeting held on July 19 decided to form the seven-member expert committee to improve the DSE’s information technology system.
The regulator issued an order on the same day over the issue.
The BSEC made Hafiz Md Hasan Babu, a professor of computer science and engineering at Dhaka University, convener of the committee.
The BSEC came up with the decision as trading on the DSE was halted for several times for technical glitches.
Trading on the DSE remained shut for around one hour and 20 minutes on July 18 due to technical glitches.
A number of stockbrokers said that they faced hurdles very often in executing orders due to technical problems at the bourse.
The DSE mobile application is not running smoothly that irritate investors, they said.
The BSEC got a number of complaints over these issues and met with the technical team and management for resolving the matter soon, but the DSE failed to do so, BSEC officials said.
According to the order issued on July 19, the BSEC found limitations concerning the current order management system (OMS), web site and mobile application for trading at the DSE.
The commission observes that stockbrokers/TREC holders have taken initiatives to develop their own OMS that will be connected with matching engine (ME) of the DSE for trading, it said.
Stockbrokers/TREC holders designed OMS requires technical feasibility and compatibility testing and performance evaluation to seamlessly communicate with the matching engine of the DSE, it said.
‘To achieve goals of smooth, efficient, scalable and robust IT systems including OMS, web site, mobile app and related issues, the commission feels that guidance of a technical expert committee in this arena would be appropriate,’ the order said.
So, the commission has constituted an expert committee to be comprised of seven members to carry out specific IT-related duties.
The another members are Mohammed Eunus Ali, a professor of CSE at Bangladesh University of Engineering and Technology, Kazi Muheymin -Us-Sakib, a professor of IIT at DU, Md Abdur Razzaque, a professor of CSE at DU, Md Shohrab Hossain, a professor of CSE at BUET, Habibullah N Karim, coordinator of BlockChain Olympiad Bangladesh, and Md Sohidul Islam, deputy director of the BSEC.
According to the order, the expert committee must guide the DSE’s IT department in technical validation of third-party OMSs to be designed and developed by stockbrokers/TREC holders.
‘The committee must report to the commission on technical feasibility and compatibility of third-party OMS to be deployed alongside the existing FlexTP and also must evaluate its performance to seamlessly communicate with the matching engine of the DSE,’ it said.
‘The committee must submit a user acceptance testing (UAT) report for each stockbroker/TREC holder-designed OMS to the commission within 30 days of the completion of the UAT,’ it said.
The committee will also deal with the DSE’s web site and mobile app limitations in order to resolve those and report to the commission.
The DSE must provide logistic supports and facilities to the expert committee, it said.
The DSE board of directors must also define reasonable allowances/honorarium for the members of the expert committee and must report the decision to the commission by July 31, the order said.
Midway News Team
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