“We were behind the world standards due to the 30 years of war,” Vajira Kulatilaka, Chairman of the Colombo Stock Exchange said.
“There were lot to catch up. This is one of such initiatives that we have taken so far to match and upgrade our systems to global standards.”

He was speaking at the inauguration ceremony held today at Colombo.

The new system lays the platform for future enhancements relating to post trade clearing and settlement services and moving to a Delivery Verses Payment (DVP) system of settlement and a Central Counter Party (CCP) system.

“The Securities and Exchange Commission of Sri Lanka intends to develop the CSE as one of the most technologically advanced stock exchanges in the world, comprising of proper risk management systems and an effective Central Counter Party (CCP),” Nalaka Godahewa, Chairman of Securities and Exchange Commission said.

“The upgraded CDS system will be able to offer more efficient depository services to market participants and investors and lead to broadbase the investor base and increase share ownership among the populace of Sri Lanka.”

(LBO)