CSE on path to complete digitalisation | Sunday Observer

CSE on path to complete digitalisation

15 January, 2023
Investor contribution to total turnover
Investor contribution to total turnover

The Colombo Stock Exchange (CSE) will complete the third and final market digitalisation process soon, the Chief Executive Officer Rajeeva Bandaranaike said.

He was speaking at a media briefing organised by the CSE at Shangri La Hotel on Wednesday.

“We have already completed the third and final phase of the digitalisation program. The migration of our legacy data centre to a state-of-the-art new data centre too has been completed,” he said.

The CSE has already commenced a project to introduce the Central Counter Party System (CCP) which reduces settlement risks when executing transactions, Bandaranaike added.

The CSE has also completed the entire set of rules of the Stock Exchange and the CDS to be in line with the new SEC Act which is due to presented to Parliament soon.

A demutualisation of the market is now in the process of being implemented to promote good governance. “This will change the structure of the CSE and bring it in line with global standards.”

“We also continue focusing on improving non-Financial Information and ESG reporting. We expanded the CSE regional branch network broadbasing initiatives to make the market accessible for more users. The CSE Academcy was set up for greater investor education,” he said.

Chairman CSE Dilshan Wirasekara said that despite a contraction of the economy, protests and political unrest there was a positive foreign investor appetite in the market. “Due to this the CSE had an all-time high foreign investment of Rs. 50 billion coming into the country. This is a remarkable achievement against a challenging economic environment.”

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