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| Monday, 23 June 2003 |
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Investor Access Asia facilitates internet share trading Eight brokers targeted to be linked by end 2003 by Ravi Ladduwahetty Investor Access Asia has created another first in trading of financial instruments in Sri Lanka with a new technology named CDAX ( Colombo Direct Access Exchange) which will enable investors to purchase their stocks on the Internet, which is believed to be a strategic move aimed at revolutionising the Colombo bourse. This will mean that the Colombo Stock Exchange will be online and individuals and corporates will be able to access the Colombo bourse by getting into the website www.investor access.net, Investor Access Asia Managing Director Asanga Seneviratne told the 'Daily News'. He said that the system would empower clients' ability to access the CSE and see the depth of the orders available through brokers and make informed investment decisions based on the complete free flow of financial market information in real time and we are the first company in Sri Lanka to do so, he said. There are three stock brokers who have been connected to the IAA system and they are Asia Securities, MMBL Philip Securities and SC Securities and investors could conduct their transactions by going through these brokers on the Internet without telephoning the brokers or standing over the shoulders of the brokers on the floor of the Stock Exchange, IAA Director Radhika Philips told the Daily News She said that IAA was currently negotiating with three other brokers and we are hoping to work with eight brokers by the end of this year, she said. She said that a joint venture with leading mobile phone operator MTN Networks has also been effected so that any investor connected with it could execute trades on the CSE from their mobile phone via the SMS share trading and integrated system. The Dialog coverage extends to over 100 countries which enables investors to monitor their stocks from any part of the world. She said that IAA also offers access to fast moving international financial markets for non resident Sri Lankans and international customers and brokerages These services are provided by the strategic partner of the company-the Refco Group of India. She said that the Government's decision to gradually liberalise the Capital Account and relaxing the exchange controls would be instrumental in would be eventually instrumental in Sri Lankan investors accessing the international financial markets as well. She predicted that the CSE would be positively impacted with this new technology with renewed investor confidence and accessibility. Earlier, addressing a news conference at the World Trade Centre on Friday night, Seneviratne said that the market potential of the Colombo bourse could be much greater with the CDAX system which would be instrumental in increasing the number of regular investors from the present one thousand. Now IAA gives CSE registered stock brokers the ability to increase investor access to the live market. They can watch stock movement on the CSE rom their personal computer anywhere in the world whether from Unawatuna or from New York, he said. MTN Networks Managing Director/CEO Dr. Hans Wijesuriya said that his company has primarily developed the Short Messaging Service (SMS) with IAA as partners where trading could be done on the dialog mobile telephones. This has created a seamless trading system, he said. He said that the system would also enable Dialog clients who go on short overseas stints also to engage in trading with the assistance of the Dialog. He said that Dialog was associated with this pioneering venture and could rely on access facilities. There is no need for voice communication and mobile telephony could enable the one million dialogue users to engage in share trading through this CDAX system," he said |
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