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Fiji’s South Pacific Stock Exchange (SPSE) today turned its trading floor into an electronic system, no longer requiring brokers to be physically present at the floor to execute trades.
The system was launched by Attorney General and Minister for Trade and Industry Aiyaz Sayed-Khaiyum.
SPSE chief executive officer Jinita Prasad said the system was made possible through a sublicensing agreement with Australia’s National Stock Exchange (NSX).
“Basically the system will not require brokers to be physically present at the trading floor at 10.30 every morning, they can trade at normal trading hour from their work trade or station anywhere,” Prasad told FijiLive.
“Now this requirement of being not physically present at the call session allows them to be based anywhere and still be able to attend to their clients, get their orders and post it on the board and match it and execute them,” she said.
It took the SPSE almost two years to debate the issue of going electronic and cost around $220,000.
“After debating and dissecting it and really finding out the core benefits and what would work for the exchange, the decision to go ahead started and that was followed by a lot of training of the staff and training of the stock brokers to understand the stock system.”
Prasad believes the new electronic trading system will increase trading and attract more brokers.
“Electronic trading increases our exposure and awareness amongst the members of public and that will gradually increase the volume,” she said.
The system will be upgraded by the NSX through the sublicensing agreement.
