Sri Lankan technology turns stock trading future ready
By Marisa Wikramanayake
Colombo Stock Exchange (CSE) members now have a new platform for their stock trading activities thanks to Iron One Technologies.
Iron One Technologies launched its new product, the ATRAD Stock Trading Solutions Suite, at the Cinnamon Grand hotel last week. The event was attended by the CEOs and selected senior management personnel of Colombo Stock Exchange member firms and other large corporations. Capital Trust’s CEO Tushan Wickramaratne, Candor CEO Ravi Abeyratne, NDB Stockbrokers CEO Prasansini Mendis and Taprobane Securities CEO Niranjan S. Niles were among those who attended the event.
The Sun Microsystems certified real-time, online stock trading software will enable members to trade remotely from any location and it is hoped that it will promote trading by foreign funds and investors. It is DVP enabled (delivery versus payment) allowing for equity trading, can handle third party orders sending Bloomberg orders through to the new CSE system and incorporates the latest international standards.
“Iron One’s ATRAD is future ready,” said Iron One Technologies’ Chief Operations Officer Ranjitha Kurupumulle.
It was introduced to a few CSE firms in July this year and those testing the beta version are already fans, according to Iron One Technologies CEO and Director Lakmini Wijesundera, who is the ‘Female ICT Leader of The Year for 2014’ and was also listed as one of the 50 most powerful women in Sri Lanka by Echelon Magazine.
“We see a lot of synergy between ATRAD and our current partner companies,” she said in her welcome speech to the attendees.
NDB Securities, Capital Trust Services, Taprobane, Serendib Stockbrokers, Candor Equities, First Guardian Equities, Claridge Stockbrokers, LOLC Securities, SC Securities and Assetline are just a few of the brokers using the ATRAD software suite.
Iron One Technologies, a Sri Lankan-based firm, has grown rapidly over the last decade, with offices in the United States and Malaysia and partnerships across the globe. It was founded by Lakmini Wijesundera and Sanje Widyaratne in 2006, with 10 technology professionals and now comprises over 100 technology professionals and services over 15 countries.
Globally, its clientele include prestigious companies such as Malaysia Stock Exchange (Bursa Malaysia), Delloite & Touche’, Maxis Telecom, May Bank Financial Group, RHB Financial Group, and Hong Leong Financial Group. Within Sri Lanka, Ironone’s clientele covers over 40% of the listed companies and large enterprises such as John Keells, Hemas, Carsons, Commercial Bank, Sampath Bank, BOC, Union Bank, Peoples Leasing, Sri Lankan Airlines, Seylan, MBSL, GoodHope, Nations Trust Bank, and the Colombo Stock Exchange.
The company recently signed an MOU with the London Stock Exchange to further help development of software for the financial trading sector.
“What impresses me about them is their customer focus, their product innovation and their flexibility,” said London Stock Exchange’s John Head Rapson.
Pix by Upul Abaysekara
