Nepse embraces automated system

Casting off the outdated Open Cry system, the country's only secondary share market the Nepal Stock Exchange (Nepse) has adopted the automated system.

The automation of the stock exchange was inaugurated on Friday by Finance Minister Dr. Ram Sharan Mahat.

"Now we can avoid human error that was associated with the Open Cry system," said Pramod Bhattarai, a manager at Nepse. Besides, the automated system will also help control price-rigging in share transactions," Bhattarai added.

The automation of Nepse was carried out by Comdaq Limited under a project financed by the Asian Development Bank. The Aries Group from USA was primary consultant to this project and Mercantile Office System (MOS) partnered with Comdaq Limited in supplying the advanced hardware needed to run the platform.

"From the very beginning of this project, Comdaq endeavored to provide Nepal Stock Exchange with our proven 'next generation' exchange that is very affordable, low cost to run, scalable and available to more market opportunities than ever before," said Troy Miranda, Chief Operating Officer, Comdaq Ltd.

"The system has been designed as per International specifications and has been specially customised to local Nepal Stock Exchange requirements," Miranda said.

The automation of Nepse is expected to allow it to accelerate financial integration with the global markets. nepalnews.com sd Aug 24 07

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