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Capital Market Systems Interoperability Standards Development

Objectives:

The main objective of the assignment is to prepare the data interoperability standards framework for the stakeholders of the capital market of Bangladesh. The stakeholders include Bangladesh Securities and Exchange Commission (BSEC), Dhaka Stock Exchange (DSE), Chittagong Stock Exchange (CSE), Central Depository Bangladesh Limited (CDBL), Central Counterparty Bangladesh Limited (CCBL), brokers, partner banks, issuers, and others.

Services:

MSL is responsible to:

  1. Review the current hardware and software systems of all the stakeholders of the capital market of Bangladesh.
  2. Analyze bottlenecks and process efficiency improvement for each of the stakeholders.
  3. Ensure data management and governance policies that should be effective, well-controlled with oversight and accountability across its lifecycle.
  4. Prepare draft institutional frameworks that will play a key role in creating the environment where data, technology, and business processes fit with one another.
  5. Prepare data and metadata models by prioritizing internal operational needs and having specific applications in mind. Producers and users of data must have a common understanding of how it is structured in order to effectively exchange it across systems.
  6. Introduce standard classifications and vocabularies to meet the needs of a continuously changing capital market ecosystem, and to ensure that no loopholes exist while under the jurisdiction of the compliance regulations. Classifications and vocabularies need to adapt over time and be continuously changed in order to maintain continuity across all platforms.
  7. Analyze standardized interfaces to manage all the stakeholder organizations’ Application Programming Interfaces (APIs). In order to improve interoperability, all APIs in the capital market should be standardized, have mutually consistent documentation and functionality, implement common design patterns and be built from reusable and scalable components. The Consultant has to define modern interface definitions such as Rest API or AMQ (Advanced Message Queuing).
  8. Assess the acquisition of standards from leading system integrators in markets which follow a similar market architecture through research and development.
  9. Establish data interoperability and governance and rules definition processes of BSEC.
  10. Establish software onboarding and audit trails.
  11. Develop process knowledge platform including standard sounding workflows and publication of the newly prepared data standards.
  12. Set up Family Definitions of clearing and settlement process, KYC (Know Your Customer) and BO (Beneficiary Ownership) process, Custody process, Listing and Delisting processes, and the others.
  13. Set up Schema Definitions of Basic Securities Business Object, Derivative Object, Custodian Standards, Alternative Investment Object, Order Type Business Object, Compliance Processes and Market Participants.
  14. Ensure secure system-to-system communication, scalability of the trading platforms, and market openness for third parties to join for greater innovation.
  15. Combining all the above-mentioned tasks and others if necessary, will prepare draft technological standards for data interoperability among the stakeholders.

Timeframe: August 2021 – June 2022

Realated Countries: Bangladesh

Client(s): World Bank

Categories: Insurance Sector and Capital Market Development, Research and Study

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