The Colombo Stock Exchange (CSE) launched a state-of-the-art new generation Depository System for its fully owned subsidiary, the Central Depository Systems (Pvt.) Ltd (CDS) and an upgrade to the Automated Trading System (ATS).
The significant event that took place yesterday (2) was the inauguration of the Bell Ringing Ceremony, from the purpose built platform on the trading floor, at the CSE’s World Trade Center offices to open the day’s trading.
This tradition is followed by many stock exchanges globally. The CSE in keeping with the tradition followed by many of its peer exchanges globally will open trading with the formal bell ringing ceremony on the first day of trading for all new companies listing on the CSE and at other special events, such as yesterday.
The CSE would also make the bell ringing ceremony a regular feature by inviting special guests to perform this task.
The Bell Ringing Ceremony was officially launched by the Chairman of the Securities and Exchange Commission of Sri Lanka Dr. Nalaka Godahewa and the Chairman of the Colombo Stock Exchange Mr.Vajira Kulatilaka in the presence of a gathering of Directors, Management and staff of the CSE, Commission Members and Directors of the SEC, CEO’s of Member Firms, Investors, other invitees and the media.
The new generation CDS system which was also formally launched yesterday and lays the platform for future enhancements relating to post trade Clearing and Settlement services and moving to a Delivery Verses Payment (DVP) system of settlement and a Central Counter Party (CCP) System.
The new CDS features avant-garde technology that supports multi-asset classes and caters to the overall strategic goals of the CSE to improve trading infrastructure.
The new system uses technology that comprises of a three-tier architecture which ensures system robustness, flexibility and adaptability.
The CDS for shares and Corporate Debt in Sri Lanka was first launched in 1991 and was the first depository in South Asia and one of the first depositories globally. The 19 year old legacy system is now being replaced as a part of the CSE’s strategy for infrastructure development.
The upgrade also brings the CSE on par with other Asian Exchanges, by the adoption of best practices for post trade depository services.