The Nepal Stock Exchange (Nepse) has gone into rush mode to install a fully automated stock trading system.
It has invited expressions of interest (EoI) to hire a consultant to implement the plan. Nepse General Manager Sitaram Thapaliya said they had issued a second invitation to potential bidders as its first notice published on Feb 4 failed to attract any applicants.
Nepse has been weighing its options whether to upgrade the existing online system or install new software to start a fully automated trading system. “The consultant will make its recommendations based on an analysis of the gap between our available resources and projected requirements,” he said.
Thapaliya added they were looking for companies with at least five years’ work experience and consultants with a minimum of three years’ experience working with the stock exchange. Potential bidders are required to submit their proposals within one month. They have been asked to provide a list of their key professional staff with a guarantee that they will be available full time till the project is completed.
Although the previous manual system of stock trading was replaced by an online system a few years ago, it is yet to be fully automated. According to Nepse, investors still have to visit the stockbrokers personally to do the paper work related to registering buying and selling orders. Similarly, stockbrokers also need to settle the transactions manually.
Thapaliya said that the present system only allows stock to be traded electronically. The rest of the process has to be done manually. After the proposed automation system is implemented, investors will not have to visit the concerned stockbrokers even to book their buying and selling orders. Nepse said that the potential consultant would also be required to present a business requirements specification. “Apart from specifying the nature of the software, the consultant will also recommend the system for data security and a complete strategic plan,” said Thapaliya. He added that the consultant would also suggest necessary amendments to the existing laws to make them compatible with the change in the stock trading system.
“Moreover, the consultant will recommend ways to integrate the new trading system with CDS and Clearing which could help make stock transactions hassle free,” said Thapaliya. Nepse has targeted going into complete automation of stock trading by the next fiscal year.
Source
It has invited expressions of interest (EoI) to hire a consultant to implement the plan. Nepse General Manager Sitaram Thapaliya said they had issued a second invitation to potential bidders as its first notice published on Feb 4 failed to attract any applicants.
Nepse has been weighing its options whether to upgrade the existing online system or install new software to start a fully automated trading system. “The consultant will make its recommendations based on an analysis of the gap between our available resources and projected requirements,” he said.
Thapaliya added they were looking for companies with at least five years’ work experience and consultants with a minimum of three years’ experience working with the stock exchange. Potential bidders are required to submit their proposals within one month. They have been asked to provide a list of their key professional staff with a guarantee that they will be available full time till the project is completed.
Although the previous manual system of stock trading was replaced by an online system a few years ago, it is yet to be fully automated. According to Nepse, investors still have to visit the stockbrokers personally to do the paper work related to registering buying and selling orders. Similarly, stockbrokers also need to settle the transactions manually.
Thapaliya said that the present system only allows stock to be traded electronically. The rest of the process has to be done manually. After the proposed automation system is implemented, investors will not have to visit the concerned stockbrokers even to book their buying and selling orders. Nepse said that the potential consultant would also be required to present a business requirements specification. “Apart from specifying the nature of the software, the consultant will also recommend the system for data security and a complete strategic plan,” said Thapaliya. He added that the consultant would also suggest necessary amendments to the existing laws to make them compatible with the change in the stock trading system.
“Moreover, the consultant will recommend ways to integrate the new trading system with CDS and Clearing which could help make stock transactions hassle free,” said Thapaliya. Nepse has targeted going into complete automation of stock trading by the next fiscal year.
Source
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