With this development, ISE has achieved self-sufficiency on the core functionality of the exchange. The new state of the art software will provide multifaceted facilities to both investors trading through the brokerage houses of ISE as well as the brokers. This advance version of the trading software will also provide online, mobile and SMS trading abilities to the investors and clients of the ISE brokers. This will also provide portfolio management facilities, back office operations, risk management operations, orders routing, data services, direct market access and many other facilities at multiple portals.
According to the ISE, this advance trading facility was made possible only through untiring efforts of the ISE IT staff, TRT committee and MD Islamabad Stock Exchange. Qaiser Mushtaq deserves a special mention being a member at the time and an IT specialist; he spent countless hours to see the development of this state of the art system. Dr Iftikhar Ahmed who chaired the TRT Committee during the development of the IEES system did a fantastic job keeping the whole team focused and fighting tirelessly to remove any hurdles in the development of IEES and its hardware procurement. Special mentioned is to be made of the Chief Manager IT, Farhan Malik and the TRT Secretary, Fozia Irum as they went beyond the call of the duty and worked extra hours tirelessly to make this immense project a success.
Mian Ayyaz Afzal MD/CEO worked day and night to see through the successful development of this software and its implementation. As a coronation note to the end this dream was conceived by Imtiaz Haider (Ex-MD ISE) and Dr Iftikhar Ahmad. ISE has asked the TREC holders to deposit margins in advance while keeping into account the tentative magnitude of the business and line-up the direct settlement/shares delivery system with National Clearing Company of Pakistan (NCCPL) and Central Depository Company of Pakistan Limited (CDC). The ISE like other exchanges follows pre-trade exposure margin regime. The Risk Management Department will recover any shortfall in margins and losses after the trade till its settlement.
ISE has asked all ISE brokers to prescribe the broker/counter part at other exchanges for inter exchanges trade. ISE in first instance facilitate routing of the orders for inter exchanges trades without assuming any liability on its part for those brokers of other exchanges who have Catalyst Order Management System. However, subsequently the facility will be extended for the Order Management System of other vendors. All brokers of ISE are requested to furnish a written agreement/written assent of their counterparts at other bourses who will facilitate the execution of inter-exchange trade of ISE brokers, ISE said.
Presently, the inter exchange trade shall be governed through BTB module of NCCPL for which the brokers of other exchanges shall be primarily responsible for the risk management of such trades. The BTB trades shall be subject to manual affirmation by the trading initiators. However, NCCPL is in process of auto-affirmation of such trades. Besides, NCCPL shall also deploy a risk management regime for such trades very soon. The unified trading system (UTS) will also be made operational simultaneously and any trade executed on UTS and IEES will be clubbed by NCCPL, ISE added.