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LSE impressed with Colombo Bourse
Tuesday, 16 March 2010 - 9:23 AM SL Time
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Trading at the Colombo (CSE) and the London Stock Exchanges (LSE) has been excellent. The London Stock Exchange is confident about future activities in Sri Lanka. London Stock Exchange Information and Technology Director David Lester told Daily News Business this year is equally important for Sri Lanka and the UK as the entire world is recovering from the global economic meltdown.
* The LSE one of the largest, most successful and dynamic companies in the world
* In October 2007 the exchange merged with Borsa Italiana, creating Europe s leading diversified exchange business, London Stock Exchange Group
* Over 400 firms, mainly investment banks and stockbrokers, are members of the LSE
The progress of the CSE last year was outstanding. We are extremely impressed and confident on the way that the CSE has performed last year, he said.
The main reason for us to select Sri Lanka was that next generation technology products and services supporting our market is found with high performance and reasonable charges, Lester said.
Lester said Sri Lankan IT professionals are well skilled.
The country is much flexible in adopting the latest technology. It is prepared to compete with any standard.
LSE is keen on participating more widely in Sri Lanka in the future.
The conclusion in the acquisition of MillenniumIT and creating an offshore footprint in the country was a major success for LSE.
Technology is a key differentiator for exchanges. With enhanced technologies trading could be done in a competitive and a straightforward manner, Lester said. The LSE will install a high-speed server by September.
It will also install another server in the Italian Stock Exchange by the first quarter of 2011.
The LSE has the world s biggest international capital raising companies. This comprises over 2,500 companies with a large capital of over US$ two trillion.
It is a motivating factor to see such reputed and dynamic investments from Europe strengthening Sri Lankan business, Council for Business with Britain (CBB) Chairman, Anil Wijesinghe said.
He was speaking at the Our Journey to Sri Lanka by the LSE, which was organized by the CBB at the Hilton Colombo Residence yesterday.
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