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Setback to e-trading on DSE

Star Business Report
Introducing e-trading on the Dhaka bourse is facing a setback as complexities arise from the use of omnibus accounts for share transactions.
Although Dhaka Stock Exchange (DSE) is ready in principle to launch e-trading using MSA-Plus software, the nonexecution of securities rules on omnibus accounts holds back the bourse from going for a virtual marketplace.
DSE said it would be able to start e-trading immediately after the omnibus account issue is resolved.
“Each individual investor must have a beneficiary owner's account to start the MSA-Plus software,” said Ahsanul Islam, senior vice-president of DSE.
In an omnibus account, there are hundreds or even thousands of clients or investors and a merchant bank acts as a portfolio manager of the account and deals with share transaction on behalf of its client base with only one BO account, he said.
An omnibus account is a specific kind of stock holding account that involves multiple investors.
In the omnibus account, the account manager holds investments of various clients in one account, which he or she trades on behalf of the client base.
There is a regulatory notification, which was issued in 2008, on omnibus accounts that stated each portfolio manager will buy-sell shares on behalf of clients through BO accounts for each client, Islam said.
"Instead of separate BO accounts, a merchant bank uses only one BO account with separate client codes,” he said.
“We want to launch the MSA-Plus software following the securities rules appropriately, and we placed the issue today (yesterday) before the Securities and Exchange Commission and merchant bankers,” he said.
The market regulator yesterday sat with DSE and Bangladesh Merchant Banker's Association (BMBA) to discuss the launch of the MSA-Plus software on the prime bourse.
MSA-Plus is an upgraded trading software. With MSA-Plus in place, a virtual marketplace for share transactions will be created. It will be a bridge to real-time online trading, through which investors themselves can execute the trade.
MSA-Plus will allow stock investors to place buy or sell orders online on the internet from any location. It means stock investors would not have to place buy or sell orders with authorised traders.
Quoting Arif Khan, a member of SEC who presided over yesterday's meeting, the DSE vice-president said: "The SEC member will place the issue before the commission, which will take a decision about it.”
Mohammed A Hafiz Khan, president of BMBA, however said there is a lack of coordination on the omnibus account issue.
"We discussed the issue with the regulator and the bourse,” he said, adding that the problem would be resolved as soon as possible.