DSE runs without chief tech officer

The information and communication technology department of Dhaka Stock Exchange has been running without a chief technology officer for more than a year.

The premier bourse felt the need of a CTO when a technical breakdown in its main engine halted stock trading for hours on Sunday and Monday.

As its IT officials are yet to detect the reasons behind the malfunction, the DSE has called in professionals from the software vendor's office abroad.

Despite two recruitment advertisements, the bourse could not get a CTO as it found no one suitable for the job, which is now being carried out by two deputy general managers with the help of officials from other departments.

But officials said the post is not a lucrative one for an IT professional, as there are no incentives or other service benefits. It is a contractual job without provident fund, gratuity, earned leave and retirement benefits, according to DSE service rules.

“We are still looking for a suitable person who can lead the IT department,” said Swapan Kumar Bala, managing director of the Dhaka bourse, adding that they are initiating a move to revise the service rules.

Meanwhile, Bangladesh Securities and Exchange Commission asked the bourse on Monday to appoint a CTO as soon as possible.

The regulator also directed the DSE to form a strong technology team of its own.

The malfunction first arose on Sunday after the bourse's main engine failed to process the trading information uploaded by TREC (trading right entitlement certificate) to start the day.

TREC holders are required to upload information on their clients and portfolios every day prior to the beginning of share transactions.

Though the DSE officials, with the online assistance of the software vendor's professionals, could process the information for Sunday, the TREC holders faced the same problem on Monday as well.

Due to the technical glitch, stock trading took place between 2:20pm and 4pm on Sunday and between 12:15pm and 4:15pm on Monday, instead of the regular session from 10:30am to 2:30pm.

Trading, however, started at the usual time yesterday, with the market witnessing a slight gain in share prices.

DSEX, the benchmark general index of the DSE, rose 12.14 points or 0.26 percent to finish the day at 4,627.16 points.

The day's turnover, another important indicator of the market, however, declined 2.3 percent to Tk 835.7 crore on transactions of 20.73 crore shares and mutual fund units.

Losers beat gainers 156 to 123, with 36 securities remaining unchanged.