Dhaka Stock Exchange (DSE) has granted fix certification to six more brokerage houses to launch their own OMS through API connectivity.
These six brokerage houses were formally given fix certification at DSE’s training academy on Wednesday (October 23). DSE Chairman Mominul Islam gave the certification. The program was moderated by Syed Mahmood Zubair, Deputy General Manager, Product and Market Development Department, DSE.
DSE Managing Director (Acting) Satvik Ahmed Shah, General Manager of Product and Market Development Division and Acting COO Md. Chamiul Islam, Chief Regulatory Officer of DSE Khairul Basar, Acting General Manager and CTO (in charge) of ICT Division. Tariqul Islam
The brokerage houses are – Midway Securities Limited, Uniroyal Securities Limited, Prime Bank Securities Limited, International Securities Company Limited CAL (Cal) Securities Limited, Doha Securities Limited.
DSE Chairman Mominul Islam said at the FIX certification ceremony that after every bad period, a new journey begins. I think it has started. The capital market has been under pressure in the past few days. Technology is very important for capital markets. I am very happy that today 6 brokerage houses are accepting FIX certificates. If it is introduced, the capacity of the institutions will increase a lot.
He added that it is a matter of great joy for us that a domestic company is providing this service at an affordable cost. We have a lot of talent. But due to lack of initiative they are not being utilized properly. Small initiatives can help us reach our goals. Which can contribute to the country’s capital market and economic development.
The chairman of DSE also said that if all the brokerage houses introduce their own OMS gradually, the quality of customer service will be improved. Which will play an important role in the development of the capital market. We have always felt that if the stock market is to achieve its primary goals, there is no alternative to advanced digitalization. This issue of fix certification will take us a long way and develop an efficient capital market. The Central Order Management System (OMS) of the Dhaka Stock Exchange has certain feature structures. It is same for all users. Broker Hosted Order Management System (BHOMS) enables a broker to provide value added services to its investors at their own convenience.
In the welcome speech at the beginning of the program, the General Manager of Product and Market Development Division, Acting COO Md. Shamiul Islam said, by implementing a broker-hosted order management system, a track holder company can expand its business by incorporating various processes and services to its customers. An opportunity for trek holder companies to provide competitive services using customized OMS instead of using centralized OMS.
DSE Acting Managing Director Satvik Ahmed Shah thanked those who worked hard to develop and implement the broker’s hosted order management system, saying, “This initiative is not just a technological improvement; This is an important milestone towards enhancing the efficiency and effectiveness of our capital markets. Capital markets are changing rapidly. Keeping up with the growing demand for transparency, speed, and security is critical. Introduction of Broker Hosted Order Management System is a step taken by DSE, which will help our brokers manage orders more effectively and efficiently.
DSE Chief Regulatory Officer Khairul Basar said DSE is always ready for any legal assistance to trek holder companies. He called for conduct of business within the law.
Acting Chief Technology Officer of DSE. Tariqul Islam said, fix certification is an ongoing and long process. He also demanded greater protection of his own IT infrastructure.
DSE Deputy General Manager of ICT Department Hasanul Karim, Cal (Cal) Securities Limited Managing Director Andrew Disan Pushparaj, Doha Securities Consultant Khandaker Mazharul Haque, Midway Securities Managing Director Md. Ashiqur Rahman, Managing Director of Prime Bank Securities. Moniruzzaman, CFA, Anirban Das Gupta, Managing Director of Uniroyal Securities, Peer Ahmed Tusar, Executive Director of International Securities Company and Natek Minar, Managing Director of Quant Fintech.
Note that Dhaka Stock Exchange has taken the initiative to launch API (Application Program Interface) based BOOM from 2020. In view of this, 59 brokerage houses applied to DSE for transacting through its own order management system with API connection to Nasdaq matching engine. Already 16 broker houses have been given fix certification. After getting 12 broker house fix certification they launched their own OMS through API connectivity.
