E-Trading and Stock Market in Bangladesh: Problems, Prospects and Way Forward

The Bangladesh Accountant, ICAB, Vol. 66 No. 37, January-March 2010, PP 34-41.

E-trading and Stock Market in Bangladesh: Problems, Prospects and Way Forward

Shah Md. Safiul Hoque and SM Shafiul Alam

Abstract

[The advent of the Internet has transformed the business environment in no small measure and has influenced the

ways and manner businesses are transacted. The world is going even further. The stock trading is moving towards

wireless, and it is taking the markets with it. E-Trading is exponentially increasing the availability of information,

giving clients access to more information about price and other critical market related issues. This is also found

instrumental to investment from overseas. Today, we have no other alternative but to be with e-Trading. This paper

presents an exploratory study of the prospects of e-Trading implementation and the factors inhibiting its growth.]

1. Introduction

As we enter the 21st century, we are watching the beginning of a new revolution, namely the network revolution. It

interconnects different parts of the world, enabling the seamless flow of information. The Internet is the engine of this

revolution and electronic commerce (e-commerce) is its fuel, (Turban et al 2000). For any organization to thrive in

today’s business environment, it must deal effectively with global competition and the rapid pace of technological

change. The Internet has played a vital role in transforming business in the new millennium. As an innovative tool, the

Internet is gradually entering our lives and improving cost effectiveness, catalyzing disintegration, and increasing

convenience for businesses and their consumers (Madan Lal Bhasin, 2006). Developing countries are now getting

access to modern stock trading services; however a huge market still remains un-serviced. The huge potential in the

field of stock trading from the point of view of foreign investors can be excavated if the market can enable electronic

trading methods. Information technology (IT), a burgeoning communication infrastructure and an expanding awareness

are the big enablers in the financial transformation (Chukumba, 2007). The focus of this paper is on e-trading and with

special emphasis on e-broking. The paper discusses e-service revolution. It also summarizes distinct phases in the

development of e-trading and the mechanism of e-trading. Besides, the paper portrays the prospects for an e-

broking industry around the globe.

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2. Literature review

Kalakota and Robinson (1999) observe that the term “e-trading”in stock stands for “trading in the equity or debt

instruments on the stock exchanges through an electronic communication Network (ECN).” Although on-line trading

strictly refers to the electronic execution of trade, an eco-systemof e-stock trading has three dimensions:

•Electronic execution of the trade,

•Payment of the transaction through a payment gateway, and

•Transfer of shares in electronic form. Current developments are, essentially, converting off-line practices to an online

equivalent.

The world is going even further. The stock trading is moving towards wireless, and it is taking the markets with it.

Wireless trading is more than just calling in an order with cell phone. It involves moving the entire trading experience

–news, analysis, order entry, advice, and alerts account statement –to a wireless medium. While the final evolution

of wireless trading certainly is a few years away, many of the steps of trading can be completed without wire.

Study undertaken in Malaysia by National Information Technology Council (NITC) revealed that despite all the

wonderful numbers, the increase in Internet subscribers will have little impact on the growth of online trading

if the level of trust does not improve. The study also depicted that Malaysians have a general tendency to distrust

the Internet and that is a good thing from the security point of view. While this is true, the same natural tendency

to distrust the internet also spells major obstacles for e-trading proponents to convince the public that it is safe

enough to buy and sell stocks online. (P ShukorRahman, 2006).

Using electronic platform to trade stocks has been in application in the US and Europe as a method to

participate in the fast-growing asset class. In Asia however, it has yet to catch on. Celent (2007) predicts that in

the period between 2009 and 2010, 75% of the daily turnover would be conducted electronically. Specialists agree

that Asia is behind the US and Europe when it comes to trading currencies online, but it is believed that the region

will quickly catch up and the next era for stock market as well as electronic trading, will be centered in Asia, Africa,

and the Middle East. (Daniel Inman, 2007)

Electronic trading is growing with such speed in the United States that both the ‘big boards’ – the New York Stock

Exchange and NASDAQ, as well as securities regulators, admit they can barely keep up. Online trading has already

clipped between 20% and 35% from NASDAQ’s trading volumes with similar erosions on the NYSE, prompting the

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two traditional exchanges to look at extending their trading hours and even go public to raise capital to compete. (Peter

Morton, 2006) Turkey is at the beginning of the road in e-trade compared to developed countries. The attraction of e-

trade is gradually increasing in Turkey. Out of approximately 25 million Internet users in Turkey, 2.5 million conduct

e-trade. The figure will rise further with the increase of trust in the virtual world and the enabling of credit card

security (Anonymous, 2009).

The system of e-commerce has a long way to go before it becomes a reliable means of buying products and services

in India. Another study done by the Rajah (2008) on potential trade on the Internet and e-commerce websites had

showed that 73 per cent of them allowed several modes of payment, only 7 per cent offered guarantee for products

sold and 60 per cent had no mechanism to register complaints. There were very few redress mechanisms, and even

their implementation was not enforced. The number of cases (e-fraud) that the Central Bureau of Investigation had

registered was less than 50, and only one had reached the prosecution stage. The lack of experience of cyber

forensic specialists compounded the problem (Rajah, 2008).

Using personal computers and, increasingly, mobile phones with Internet connections, South Korean e-traders can buy

and sell stocks anywhere. They trade from home, from cars stuck on Seoul’s congested streets, and from special PC

rooms. Many of South Korea’s cyber-investors sneak in a little online investing at the office, one reason is the

Korean stock market recently decided to stay open through the lunch hour. Investors are attracted by the cost of

online trading. The commission on online trades can be as low as .03%, at least a third lower than commissions on

off-line trades. E-traders also like seeing their buy and sell orders carried out near- instantaneously instead of having

to wait two or three days for paperwork to clear. One can buy and pay for stocks right away (PaulWiseman, 2007).

One interesting phenomena is found in Japan. Just 14% of Japanese institutional investors trade bonds electronically,

compared with about half of investors in the US, Europe and the rest of Asia, according to Greenwich Associates’

2007 Japanese Fixed-Income Investors study. While the portion of bond investors trading electronically in all of

Asia jumped to 47% in 2007 from 17% in 2006, Japanese traders aren’t headed in the same direction. Just 5% say

they are even considering “experimenting” with electronic trading. There is no lack of access to e-trading systems in

Japan, nor is there a shortage in liquidity in Japanese government bonds, which comprise 85% of the local market.

Japanese investors offer valid reasons for declining e-trades, including a preference for personal relationships with

fixed-income dealers, and “very real concerns about potential losses of liquidity and essential market information”

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from e-trading, the study found. (Drew Carter, 2008). However, the study’s authors suggest Japanese traders try e-

trading “as simply an additional tool.”

3. Objectives

The main objective of this research is to explore the state e-Trading as perceived by brokers, clients, and the e-service

providers. The specific objectives are:

•

To determine the growth and develop status on e-Trading in Bangladesh

•

To understand the customer, broker, and e-service provider perception of online trading

•

To see the type of technologyused by stock exchange and by the Customers ine-trading

•

To identify the main barriers to e-Trading as perceived by the user groups

4. Methodology of the study

4.1 Sample

The samples of the study consist of 100 respondents of different categories namely, brokers, clients, and e-service

providers. The survey was conducted based on structured questionnaire. Non-probability respondents have been

studied by selecting persons who do the stock trading. People, who are not involved in the trading, were not

interviewed. Under the constraints of time and money sampleswere selected for Dhaka city only.

4.2 Data collection and procedure

The data were collected from two sources: (a) Primary sources –it includes well-structured questionnaire, personal

interview and observation, and (b) Secondary sources –it includes annual reports, published and unpublished articles,

books, websites, newspaper etc.

4.3 Data analysis and presentation

After collection of data from the different areas, those were summarized and presented in a tabular form to make

the study more analytical, informative and representative to the reader using SPSS. In this study both parametric and

non-parametric statistical tools were used to interpret and present data.

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5. Discussion

5.1 Electronic broking

Electronic broking is actually a prerequisite for complete implementation of e-Trading. An electronic market is

an attempt to use information and communication technologies to provide geographically dispersed traders with the

information necessary for the fair operation of the market (Whitely, 2000). The electronic market (or simply, e-

market) is, in effect, a brokering service to bring together suppliers and customers in a specific market segment.

These markets give the customer (or customer’s intermediary) easy access to comparative data on prices, and other

attributes of the goods or services on offer. An electronic broker (Chan, et al., 2001) is an intermediary who:

•

may take an order froma customer and pass it onto a supplier.

•

may put a customer with specific requirements in touch with a supplier who can meet those requirements.

•

may provide a service to a customer, such as a comparison between goods, with respect to particular criteria such

as price, quality, etc.

Pemple (2000) has indicated three distinct phases in the development of e-broking:

•

Phase 1: The open-outcrysystem with the transactions taking place manuallyin the ring.

•

Phase 2: The electronicsystem, enabling brokers to place orders online.

•

Phase 3: The e-broking system, empowering customers to transact online.

5.1.1 Benefits and problems of e-broking

In recent years, the use of the Internet has spread among investors in stocks and shares. The Internet can make up-to-

the-minute information available to a large number of investors that until recently had only been available to those

working in financial institutions. Komenar (1999) concludes that “the use of online brokerage services automates the

process of buying and selling, and hence, allows a reduction of commission charges. Also, the commodity being

traded is intangible; the ownership of stocks and shares can be recorded electronically, so there is no requirement for

physical delivery.” However, it should be noted that the supply chain for online share dealing remains unchanged, use

of the Net just speeds up the whole process and that can be vital in some share deals. Switching over to e-broking

results in several benefits, both to the user and to the broker.

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Lucas (1997) postulates that consumer and business concerns about Internet security are well founded. Amid an

explosive upsurge in scams, fraudsters continue to take advantage of the Internet’s anonymous transaction

environment—with everyone from one-time hackers to organized crime testing the market’s boundaries. However, the

problems are further compounded by the different legislative frameworks, which are prevalent in countries across the

globe.

5.2 Benefits of e-Trading

Table 1: Benefits of Online Share Dealing

To Users

To Brokers

Convenience

Global reach

Better information

Better customer service

Shopping anywhere, anytime

Competitive price Low capital cost

Customization

Mass customization

Targeted marketing

Portfolio & advisory services

More value-added services

5.3 Benefits to users

1. Lower transaction costs: Typical brokerage-rates in Bangladesh are in the range of 0.5% to 1.5

%, whereas the rates for e-broking are as low as 0.1 %. In the U.S. brokerage costs, before e- trading was introduced

were as high as 7%, and have now come down to about 1%. E-broking, in addition, not only brings down the cost of

the execution of the transaction but also speeds up the electronic transfer of securities.

2. Transparency: E-broking empowers the customers to transact directly on the stock exchange and delayers the

whole process thereby improving transparency. “The user does not need to rely on the broker’s ‘word-of-mouth’ or

‘transaction’ slips for confirmation of the price at which his trade was conducted,(Lucas, 1999).

3. Convenience: Online share trading is available merely at the click of a button, in the comfort of home/office, thus,

making it much more convenient for the customers to trade anytime. Also, with ‘limit-based’ orders being

allowed, customers can place their orders even during the ‘non-trading’ hours, which are executed at the earliest

trading possibility.

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4. Procedural benefits: Unlike the earlier scenario, where the customers had to physically go to the broker to

complete the formalities of trade, under the e-trading paradigm, these procedures are done away with. As Chan (et al.,

2001) concludes that the entire cycle-of-trade (like placing the order, transfer of funds, transfer of securities, etc.) is

done electronically, and it speeds up the whole process.

5.4 Benefits to traders

1. Easier risk management: Under the online mechanism, the system would first check the status of funds available

with the client in his bank account and only then allow the trade to take place. This process, thus, substantially reduces

the exposure of the broker to client-related credit and payment risks.

2. Greater business potential: The new paradigm of e-broking, which allows simple, convenient, and transparent

transactions, may encourage more participants to trade. It is expected that the introduction of e-broking will expand

the market horizon, thus, resulting in better business for brokers in the long-term.

3. Lower staff costs: Automation of the broking processes results in reduced manpower requirements, flexibility of

time, less infrastructure cost, etc. offering significant cost-savings to the broker. The major problem with e-stock

trading is that it increases the temptation on the part of influential speculators and stockbrokers to indulge in short-

term speculation rather than long- term investment.

5.5 Technology and security concerns for e-broking

Despite we do not have true e-trading system in operation; some leading technology companies have already

developed “online transaction processing” and “straight-through processing” applications that allow real-time

transaction execution. Whiteley (2000) suggests “Straight- through processing technology permits financial

software products to directly interact with the stock exchange system by communicating with the exchange market

structures. This is achieved by developing application programming interfaces (APIs) that talk to the exchange

server.”It must be noted that from a technical perspective, there are three key success factors for e-broking. They are

briefly described below.

•Scalability and robustness of the trading system: It becomes imperative for any Net-based application to have a

proven capability for scalability and robustness of a trading system that ensures the ability to handle and process

requests from multiple users at any given point in time.

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• Bandwidth optimization: The application software should demonstrate intelligence in optimizing the

available bandwidth by deployingadvanced technologieslike streaming.

• Integration with third-party systems: On the Net, with information feeds available from multiple points; it is prudent

to deploy applications that are built on open architecture methodology for interfacing with third party systems. For

any e-trading system to be successful, it should provide security, reliability and confidentiality of data (Chan, et al.,

2001). This can be achieved through the use of ‘encryption’technology before the online trading begins. The

exchange must ensure that records maintained in electronic form by the broker are not susceptible to manipulation,

and adequate back-ups and storage are available. The security features demanded by ‘regulatory’ authorities include:

unique user identification, and passwords that can be renewed from time to time to prevent hacking by outsiders.

The major security requirements of e-broking are: (a) trusted means of authentication over open networks, (b)

confidentiality of the transaction, (c) means to ensure integrity of data in-transit, and (d) means to ensure non-

repudiation of payment or its receipt (www.odysseytec.com). Various security models are adopted to ensure safe and

reliable e-broking transactions.

6. Context: Bangladesh

Due to many requests from investors, many brokerage houses have incorporated new ways of online trading which

has become a huge trend in current technological era to have online trading option right off the web site, an option that

is called fingertips trading. Bangladesh Stock Market Inc. has been spending many years monitoring and reporting

data daily in equity, mutual funds, and the bond market, analyzing stocks with a fundamental basis and charting for

the Bangladesh stock market. A few of DSE’s core objectives, is to focus on creating integrity, prudential credibility

and provide professional market information to the local, global accredited investors, online traders, joint venture

investors as well securities professionals (www.dse.com). In the

past,

a few brokerage companies approached DSE to

connect online with DSE using their links but it was determined that they were not up to the standards due to lack of

information and instability in the market place as well as the fact that DSE did not want to be limited to just a few

individual firms. DSE strongly believes in giving opportunities to as many credible firms as we can to create an

effective and competitive market place. DSE is announcing its online trading facility to Brokerage firms who are

committed to maintaining trust, fair practices, respect to stock market regulation and high standards of services to

investors. Brokerage houses have initiated moves to facilitate their web sites by linking and implementing online

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trading option on the web. A continuous increased traffic on DSE online will create trading that would be

effective, convenient, and attractive to the investors. Obviously, it will attract more and more foreign, NRB investors

into the capital market. DSE wants to work with the high standard brokerage houses and companies who are

maintaining the highest standards of integrity, diligence in the market place and giving unparalleled services to retail

investors and institutional investors. DSE advised the brokerage houses that one would have direct contact one on one

with investors for screening security, verifying account information and completing the buying and selling stocks. At

present online trading facility exists in a form that clients are to communicate their respective broker houses and

broker houses perform the transaction. Some of the broker houses are currently taking initiative so that clients can

perform true online stock trading sitting at home.

Dhaka and Chittagong stock exchanges do not have a universal e-trading platform connecting investment banks and

the exchanges as the government wants to prevent an unauthorized influx of banking capital into the stock market.

The platform, which allows stock exchanges or investment banks to perform market aggregation, smart order

routing, real-time pricing and market surveillance, was also chosen by international customers for in vesting in

the stock market. (Jeff Pao, 2008)

There are a number of obstacles that restrict the spread of e-trading in Bangladesh. Among others one is the law: The

more complications there are, the more difficult it is to develop the electronic market. Countries that are particularly

challenging are ones where the central banks are very strong. It is important to be in position when the markets

deregulate and, in the meantime, work within the pre-existing regulations. Another problem is the level of

technology –the internet might not be a problem in techno-savvy countries like; but in less wired countries, such as

India, Indonesia, or Bangladesh it can be more of an issue, the network might not be able to cope with the

magnitude of e-trading. (Celent, 2007)

7. STUDY FINDINGS

7.1 Brokers

Table 1.1: Duration of Practicing e-Trading

Number of years

% practicing e-Trading

1-2 years

68

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3-4 years

25

5-6 years

7

The table shows that 68% of the e-Trading users are new users that is they have been using e- commerce for 1-2

years, therefore it may be inferred that e-Trading is still a new phenomenon in Bangladesh. Only few firms are versed

with e-Trading for long such as more than 5 years.

Table 1.2: Main Barriers to e-Trading according to the brokers

Barriers

%

Lack of Security

21

Lack of Privacy

11

Inadequate E-Payment facilities

10

Lack of Computer literacy

8

Lack of IT infrastructure

14

Lack of IT-skilled personnel

4.5

Lack of appropriate laws

related to e-commerce

11.5

Preference for face-to-face transaction

20

Brokers in e-Trading identified the lack of security is the main barrier to e-Trading. They also recognize preference

for face-to-face transaction, lack of appropriate laws related to e-Trading and inadequate e-payment facilities are

barriers to e-Trading amongst others.

7.2 Clients

Table 2.1: Status of having online internet literacy to perform e-Trading

%

Yes

76

No

24

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Table: 2.2: Correlation betweeninternet literacy and preference for online trading

Correlations

Internet

Literacy

Preference

For Online

trading

Internet

Literacy

Pearson Correlation

Sig. (1-tailed)

1

.869**

.000

N

132

132

Preference for

Pearson Correlation

Online trading Sig. (1-tailed)

N

.869**

1

.000

132

132

**. Correlation is significantat the 0.01 level (1-tailed).

Amongst the stock traders a very high correlation is found between internet literacy and preference for online

trading sitting at home. Table 2.3 reveals that about 76% respondents have the internet literacy to deal with online

trading sitting at home. These people expect to perform their stock trading from virtual space. Although many firms

have promised to provide online transaction facilities but, a very few firms have taken initiative to exert true online

stock trading.

Table: 2.3: Preference in trading method

%

Online trading

20

Manual trading

66

Both

14

Due to the barriers as perceived by the traders, most of the traders prefer manual trading method.

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It is also mentionable that a significant number expects both online trading and manual trading. The attitude is also

found in the advanced world as well which recognizes the fact that manual trading and online trading are

complementary to each other (Drew Carter, 2008).

Table 2.4: Main Barriersto e-Commerce accordingto the

Clients

Barriers

%

Lack of Security

34

Lack of Privacy

29

Inadequate E-Payment facilities

17

Preference for face-to-face transaction

9

Poor awareness about the benefits of e-Commerce

11

In line with the vendors, similar attitude by customer has been found about the perception on main barriers of e-

Trading. Lack of security and privacy are considered as the main hindrances against the operation of e-Trading.

Inadequate transportation facilities and inadequate e-payment facilities are others those obstruct the way of e-Trading

implementation.

7.3 E-Service providers

Table 3.1: Main Barriersto e-Trading as seen by the e-service providers

Barriers

%

Lack of Security

11

Lack of Privacy

9

Inadequate E-Payment facilities

4

Lack of Computer literacy

34

Lack of IT infrastructure

21

Lack of appropriate laws related to e-commerce

6

Preference for face-to-face transaction

10

Lack of after sales service

5

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In contrast with customers and vendors, instead of lack of security and privacy, service providers/facilitators

identified lack of computer literacy and IT infrastructure as the main barriers to e-Trading. Other issues of

preference for face-to-face transaction, lack of appropriate laws related to e-Trading are also to be taken in

consideration.

8. Recommendations

DSE needs to be more global and innovative, to find new growth opportunities, and to lower its costs. The DSE is

moving slowly to add electronic trading, giving floor-based trading specialists tools for what’s known hybrid trading.

Floor-based trading operations, in which specialists match buyers with sellers of particular stocks, will continue to be

an important source of liquidity and trading volume. (Steven Marlin,2006)

A number of security measures have been suggested, ranging from the simple, such as secure passwords, to the

complex, such as separating the Internet trading set-up from that directly connected to a stock exchange, stock-broking

sources said.

It has also been suggested that certain advanced security products used for e-commerce be made optional. Some of

these are microprocessor-based smart cards, secure ID tokens, and encryption to maintain safety and integrity and the

investor community's trust in the Internet trading system.

It is advised that between a trading web server and trading client terminals, interface standards as per the

recommendations of Internet Engineering Task Force (IETF) and World Wide Web Consortium be adopted. As far as

systems operations are concerned, the committee has suggested that brokers furnish all details of features of the

implemented systems to the stock exchanges concerned. A system of periodical reporting should be established.

According to a IETF First-level passwords (private code), automatic expiry of passwords at the end of a reasonable

period, maintenance of all transaction logs with proper audit facilities, and secured socket-level security for server

access through the Net.

Regarding Internet broking banks should take proper initiative so that fund can be transferred electronically (EFT

facility), the sources said that once banks begin online funds transfer, the broking community would be able to

receive instant payment for trades executed on behalf of their clients.

It is also recommended that order/trade confirmation should be e- mailed to the investor at the clients’ discretion in

addition to the other modes of display of such confirmation on a real-time basis on the broker's Web site. The investor

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should be allowed to specify the time interval (on the Web site itself), within which he would like to receive such

information. The facility for re-confirmation of orders that are larger than that specified by the member's risk

management system should be provided on the Internet-based arrangement.

9. Conclusion

For any e-trading system to be successful, one should provide for foolproof security, reliability and confidentiality of

data. The key success factors, various security models that are adopted by the successful market in e-trading are to be

taken into consideration carefully since just a copy of the advanced world might not work properly because indigenous

factors play a very instrumental role in the process of successfulimplementation.

Information in their respective markets, E-broking is an evolving industry in Bangladesh with great prospect and the

survivors are likely to be those brokers who offer integrated / consolidated services and are financially resilient. The

future of the e-broking industry, thus, largely depends on the extent of the penetration of the Internet in the near future.

For any organization to thrive in today’s dynamic business environment, it must learn to deal effectively with intense

global competition, and cope with an increasingly rapid pace of change. Sometimes, a fundamental change in the

manner in which business is done is the only way to succeed or even to survive. Paperless environments, virtual

organizations, mass customizations, and Internet-based customer services are some of the challenging hallmarks of

organizations in the new millennium. These days, it is very difficult to imagine any organization that does not

strive to use the innovative tools of information technology to increase its competitiveness, and to capitalize on

opportunities that contributeto its success.

The study calls on the government to dismantle the restrictions and re-examine rules that prevent successful e-Trading.

There are many things to do on the part of the consumers as well. They can band together to let companies and

government know that they won’t tolerate the artificial barriers that limit choice. Finally, industry and professional

associations should work together to apply the promise of e-Trading,not to block it.

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