Nepal Stock Exchange (Nepse) has asked Yomari Incorporated to help it decide whether to upgrade or replace its trading system.
Yomari Incorporated – a permanent representative of British software developer Comdaq Ltd that developed the existing trading system for the stock exchange – has has been asked to undertake a detailed study.
Currently, it has been helping maintain Nepse’s computerised trading system since the last six years as a local technical help.
Nepse general manager Sitaram Thapaliya and Yomari’s representative Rajesh Maharjan today signed a contract that will help Nepse decide whether to replace or upgrade the existing system within six months.
The current trading system has been troubling the Nepse and brokers hitting the daily trading at the secondary market.
Nepse’s trading system also requires automatic post-trade activities that is also compatible with CDS and Clearing’s clearing and settlement system that has recently come into operation, according to the Nepse.
“The trading system should also automatically adjust market indicators that are adjusted manually at present,” it said, adding that the trading system should also have an effective surveillance system in place.
Nepse, that had started operations in 1994, used to have an open-out-cry system for trading until August 2007.Nepse upgraded itself to screen-based trading system through Wide Area Network (WAN) that enabled brokers to be connected with Nepse’s server from their offices and trade.