Financial Times

IAA pioneers real time stock trading technology

Investor Access Asia (IAA) recently launched a technology that makes the Colombo Stock Exchange (CSE) accessible to investors anywhere in the world, through the provision of the first seamless Internet trading system for stockbrokers in Sri Lanka.

IAA CDAX (Colombo Direct Access eXchange) system is aimed at further enhancing the development of electronic trading on the CSE by making the CSE completely accessible to the modern investor. With the introduction of this system to brokerage houses, IAA is set to revolutionise the investment patterns on the Colombo bourse, an IAA statement said.

The first transaction on CDAX was executed through brokerage house, Asia Securities, a wholly owned subsidiary of Asia Capital Ltd. CDAX technology is currently being used by Asia Securities, SC Securities and MBBL Philip Securities.

CDAX takes the information available on the present CSE screen at brokerages and transmits a more user-friendly real-time trading system onto the Internet. The system was conceptualised and designed in-house by IAA Director Ralph Wijesinghe and developed by Efutures (Pvt) Ltd.

Radhika Philip, IAA Research and Development Director explained that just as automated trading systems (ATS) completely transformed the daily workings within the Colombo Stock Exchange by removing the open outcry system of trading, IAA brings pioneering technology to brokerage houses to completely revolutionise investor accessibility.

"The IAA CDAX system will provide a live feed of real time information from the CSE ATS terminals at registered IAA brokers and in turn re-broadcast that information real-time on the Internet to brokers and their clients."

Asanga Seneviratne, Director of IAA, said IAA gives CSE registered stockbrokers the ability to increase investor access to the live market. Investors can watch stock movement on the CSE from their personal computer anywhere in the world.

IAA's directors are M.M. Udeshi (Chairman), Asanga Seneviratne (Managing Director), Radhika Philip (Business Development and Research), Dinesh Saparamadu (Technology) and Ralph Wijesinghe (Systems Architecture and Operations).