Japanese technology company Daiwa Securities Group will team up with the Myanmar- based ACE Date Systems in providing security and technological assistance to the nascent Yangon Stock Exchange (YSX), the exchange has announced.
“Daiwa and ACE are collaborating to implement a security system for the exchange high-standard technology,” said U Thet Htun Oo, executive senior manager of the Yangon Stock Exchange.
Only First Myanmar Investment (FMI) and Myanmar Thilawa have thus far been permitted to trade shares on the exchange from among six originally listed companies, while trading on the exchange is limited to the hours of 11am-1pm, unlike exchanges of foreign countries, which practice a system of continuous trading.
“We’re still focusing on online trading, but it’s not up to a high standard yet. We’re still waiting on permission from the regulator, so we’re not at the juncture whereby we’re able to offer such a service,” said U Thaung Han, managing director of CB Securities.
Those wishing to buy and sell shares on the YSX can currently only do so by visiting a securities company in person and making trade requests over the telephone.
“Once trading transactions can be made online, the need for many people to waste their time to visit the securities companies will be rendered redundant. It’s much more convenient if shares can be traded remotely from one’s home,” said U Kyaw Oo, a trader.
An American IT company has taken responsibility for providing technological support for CB Securities, while all other securities companies apply fully secure security systems.
The YSX was established by the Myanmar Economic Bank, which owns a 51 per cent stake in the exchange, and the Japanese Daiwa Institute of Research, which owns 30.25 per cent, while it is known the exchange has a working capital of K32 billion.
Source: Myitmakha News Agency