Technical glitch in CDS halts trading in bourses
Wednesday, 1 August 2012
FE Report
Share trading at the both bourses -- Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) -- remained suspended Tuesday as Monday's trading could not be settled due to technical glitch in the central depository system (CDS).
Trade settlement through central depository system in the bourses was disrupted Monday due to a technical glitch in the software of the Central Depository Bangladesh Ltd (CDBL), the service provider of the electronic settlement system.
The normal trading, however, will continue from today (Wednesday) as the problem of CDBL software was solved, officials said.
DSE president Rakibur Rahman said that they decided to suspend trading in an urgent board meeting Tuesday morning as Monday's trading was unsettled due to technical problem in the CDBL software.
"We decided to keep the transaction suspended as it would not be right to start share trading without solving the problem appropriately and as the problem solved, the normal trading will begin today (Wednesday)," he said.
Mr MH Samad, managing director and chief executive officer (CEO) of CDBL, said that they had solved the problem. Earlier, the authorities of both the bourses decided to suspend trading for Tuesday as Monday's trading was unsettled due to technical problem in the CDBL software.
DSE website news said, "This is for information of all concerned that due to unforeseen technical problem in CDBL system seller brokers could not transfer the shares sold by them Monday to their respective Clearing Accounts."
"CDBL has sought suspension of Monday's trading until sale transactions of Monday's trade are uploaded to CDBL system," it said.
"DSE Board for the greater interest of the capital market and investors has decided to keep the market closed until sale transactions of Monday's trade are uploaded to CDBL's system," it further said.
Expressing concern over the halt, the investors and stock brokers said the CDBL, operator of the CDS, should immediately upgrade the electronic transaction system for smooth settlement.
The system was disrupted several times since the CDS began operating since January, 2004, sources concerned said.
"We pay much more to the CDBL but get very little service from the company," a DSE DP source said.
Under the central depository system which is operated by CDBL, all paper shares have been turned into electronic ones and transactions in shares are held electronically.
Share trading at the both bourses -- Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) -- remained suspended Tuesday as Monday's trading could not be settled due to technical glitch in the central depository system (CDS).
Trade settlement through central depository system in the bourses was disrupted Monday due to a technical glitch in the software of the Central Depository Bangladesh Ltd (CDBL), the service provider of the electronic settlement system.
The normal trading, however, will continue from today (Wednesday) as the problem of CDBL software was solved, officials said.
DSE president Rakibur Rahman said that they decided to suspend trading in an urgent board meeting Tuesday morning as Monday's trading was unsettled due to technical problem in the CDBL software.
"We decided to keep the transaction suspended as it would not be right to start share trading without solving the problem appropriately and as the problem solved, the normal trading will begin today (Wednesday)," he said.
Mr MH Samad, managing director and chief executive officer (CEO) of CDBL, said that they had solved the problem. Earlier, the authorities of both the bourses decided to suspend trading for Tuesday as Monday's trading was unsettled due to technical problem in the CDBL software.
DSE website news said, "This is for information of all concerned that due to unforeseen technical problem in CDBL system seller brokers could not transfer the shares sold by them Monday to their respective Clearing Accounts."
"CDBL has sought suspension of Monday's trading until sale transactions of Monday's trade are uploaded to CDBL system," it said.
"DSE Board for the greater interest of the capital market and investors has decided to keep the market closed until sale transactions of Monday's trade are uploaded to CDBL's system," it further said.
Expressing concern over the halt, the investors and stock brokers said the CDBL, operator of the CDS, should immediately upgrade the electronic transaction system for smooth settlement.
The system was disrupted several times since the CDS began operating since January, 2004, sources concerned said.
"We pay much more to the CDBL but get very little service from the company," a DSE DP source said.
Under the central depository system which is operated by CDBL, all paper shares have been turned into electronic ones and transactions in shares are held electronically.