Ten brokerage houses are setting up their own order management system (OMS) so that their clients can trade on the Dhaka and Chittagong stock exchanges directly, Mohammad Mufazzal reported in The Financial Express on 25 August 2023. The system was due to go live the following January.
The brokers named were EBL Securities, Bank Asia Securities, Shahjalal Islami Bank Securities, ONE Securities, Islami Bank Securities, Green Delta Securities, NLI Securities, Apex Investments, Monarch Holdings and UCB Stock Brokerage. Their consortium, Xpert Fintech Ltd, signed an agreement with SK Advisory FZ LLC, a Dubai-based IT firm, for technical support.
The report put the cost of the services at about Tk 3 crore and said other brokers could join later at a lower cost. It noted that most brokers relied on systems provided by the exchanges, which can be overloaded at busy times, and that an own OMS also helps stop trades being placed without a client's consent.
Md. Sayadur Rahman, Chief Executive Officer of EBL Securities, told the paper that clients would be able to trade faster from home once the consortium's OMS was installed.
At the time, the report said, only five brokerages ran their own OMS (LankaBangla Securities, City Brokerage, Shanta Securities, First Capital and United Financial Services), and others, including IDLC Securities, were working on one. LankaBangla Securities' CEO Saffat Reza said investors complain less when trades go through a broker's own OMS, and that it lets brokers serve more clients.
Source: The Financial Express, 25 August 2023.