FE Report
The Dhaka Stock Exchange (DSE) Friday signed an agreement with two US-based companies - NASDAQ OMX and FlexTrade Systems - to upgrade its existing trading system to a 'next-generation, world-class' trading platform.
DSE managing director Professor Swapan Kumar Bala, NASDAQ OMX managing director Robert Fröjd, and principal and executive director of FlexTrade Systems Bertrand Rassat signed the agreement on behalf of their respective organisations at a city hotel.
After the signing ceremony, Mr Swapan Kumar Bala said, "We are very pleased to have partnered with NASDAQ OMX and FlexTrade Systems for upgrading our trading platform after an extensive selection process by our board of directors and management, ably supported by our officers right across the exchange".
"We look forward to continuing our important work of serving the interests of our shareholders, our regulator, our broking intermediaries and all the capital market participants."
He said this process was started over six months ago, and a total of 15 international solution providers participated in the selection process with the final short-listing carried out by an external expert committee. "DSE is grateful for the guidance and advice, provided by the Bangladesh Securities and Exchange Commission (BSEC) on this project," he added.
Mr Robert Fröjd said, "We are very proud to be selected by the premier exchange in Bangladesh, to provide it with our world-leading trading system - X-Stream INET. We look forward to a long and successful relationship with DSE and supporting its business development plans in this strategically important and dynamic part of the world."
Mr Bertrand Rassat said, "We are delighted to be part of the process of upgrading the trading system at DSE. Our deployment at the bourse represents an important milestone in the strategic positioning of our global exchange execution management systems." "We are confident of meeting the needs of DSE in this mission critical project," he added.
NASDAQ OMX is the world-leading provider of stock exchange trading systems with XStream INET being the fastest in operation in the world. NASDAQ OMX's exchange technology, including trading, clearing, CSD and market surveillance systems, is in operation in over 80 international exchanges across USA, Europe, Asia, Australia, Africa and Middle East.
FlexTrade Systems, an award-winning US-based company, offers cutting-edge broker order and execution management systems, and is deployed across 175 institutional customers across USA, Europe and Asia. Its systems meet the increasingly demanding requirements of international buy-side and sell-side institutions and financial intermediaries.
The systems from NASDAQ OMX and FlexTrade Systems are both compatible with the product rollout plans of DSE, and will meet the business requirements of the exchange and participating local and international financial intermediaries.
