The Islamabad Stock Exchange (ISE) was incorporated as a guarantee limited Company on 25th October, 1989 in Islamabad Capital territory of Pakistan with the main object of setting up of a trading and settlement infrastructure, information system, skilled resources, accessibility and a fair and orderly market place that ranks with the best in the world. The purpose for establishment of the stock exchange in Islamabad was to cater to the needs of less developed areas of the northern part of Pakistan.
The ISE Towers comprise twin 22 storey towers with unique and inspiring amenities, offer futuristically and aesthetically designed offices with panoramic views, is being constructed over a piece of land measuring 5600 square yards in the heart of Islamabad at Jinnah Avenue (Blue Area) which is the hub of all business and commercial activities in Islamabad. The building is facing 400 feet wide Jinnah Avenue on one side and has another entrance from 100 feet wide Nazimuddin Road, besides breathtaking scenic view of the Margalla Hills and the city from the building.
Technology
IT Department: Remote Trading has been implemented in ISE on 23 June 2003. Now Brokers can trading from anywhere in the world using our remote trading software with the same robustness as working on the LAN. You can view the Trading Terminal to see how it works.
Currently Islamabad Stock Exchange IT Department is maintaining a multiple VLAN network of about 250 nodes which is operating at 100 MBPS. ISE is connected with other local stock exchanges and SECP.
ISE recently joined hands with Lahore Stock Exchange in the IT development program. As a result of which LSE extended their brilliant trading engine “Ultra Trade” to ISE on very comfortable business deal. This is a package deal in which LSE will be extending any development in their IT department to ISE.
 Ultra Trade: is stock trading software targeted for small to medium sized stock exchanges. It is a highly scaleable and cost effective solution for the emerging stock exchanges. State-of-the-art technology has been used for the best performance and very good response time to the end-user. Recent benchmark result shows that system is capable of at least 100,000 trades per hour.
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Introduction: Ultra Trade is stock trading software targeted for small to medium sized stock exchanges. It is a highly scaleable and cost effective solution for the emerging stock exchanges. State-of-the-art technology has been used for the best performance and very good response time to the end-user. Recent benchmark result shows that system is capable of at least 100,000 trades per hour.
System Architecture: Ultra Trade is highly parallel and distributed system by its design. Server components can be distributed on multiple machines and each component can take the full advantage of multiprocessor machines. Communication among all components is carried out using the high speed TCP communications that is world wide proven for real time stock trading. Main components of the Ultra Trade are as follows: Trading Engine receives orders from the trading terminals and processes them accordingly such as executing, changing, deleting and queuing. Inquiry Server responds to different inquiries and reports from the trading terminal. Market Server holds best market and best price levels for all symbols and responds to trading terminals on request. Statistics Server computes and holds different statistics for symbol and exchange and provides the trading terminal on request as well as on real-time basis. Login Server performs user authentication and initialize the trading terminal. Dumper dumps the orders and trades into the database in real time for settlement and dissemination system.
User Interface: The broker can enter Buy/Sell orders, cancel or change an existing order, cancel all outstanding orders globally in a particular symbol & also in all markets, and place a request to cancel a trade with Market Control. A comprehensive set of real time screens are provided to monitor the symbol and exchange statistics. Market Watch is an interface to monitor the market activity for selected symbols. Order Book shows the real time status of your orders in real time. Orders can be touched and canceled visually through this interface. Message Window shows the order and trade confirmations, cancellations, bulletins and messages from other traders. Water Fall Ticker let the trader watch the market activity in real time along with symbol statistics. Following set of reports is available to view and print. Remaining Orders displays all remaining orders of the trader those are not executed yet. Daily Trade Log by User shows all trades executed by a trader. Daily Trade Log by Symbol lets the trader to view all trades in a particular symbol. Event Log is a journal of all trading activities of a particular trader. Net Position gives the summary of trades in each symbol to the trader. Symbol Summary displays exchange wide statistics for a particular symbol.
Order Entry: Traders can enter buy or sell orders, cancel or change an existing order, cancel all outstanding orders globally in a particular symbol & also in all markets (Regular, Carry Over, Odd Lot, Buy In and Sell Out). The details available on an order include market type, symbol, quantity, price, disclosed volume, trader Id, limit order, market order, client account, expiry date, order nature and trigger price. Contingent Order features include stop loss & market if touched.
Online Trading: Legacy trading application is provided to the end user over the Internet first time in South Asia region. Full-blown application with all trading tools is extended up to the investor through a technology that is optimized for real time applications over the Internet considering the low bandwidth issues.
Security: There are three levels of login authentication in the Ultra Trade. First password, second IP Address and third is MAC Address authentication. Moreover multiple logins are restricted for additional security. All critical messages are encrypted using digital certificates and Public Key Infrastructure.
Risk Management System: Ultra Trade has unique feature of surveillance and risk management built within the trading system. This system computes both pre and post trade exposures and losses for each trader. An interface for monitoring real time exposure and loss is provided to the surveillance staff.
Symbol Freeze and Alerts: System can be configured to generate alerts and freezes for individual symbols in a particular market at price levels. Symbols can also be temporarily exempted from freeze tests in the event that exceptional trading activity is anticipated.
Crash Recovery & Reconstruction: Information in the message transaction journal can be used to reconstruct the market to an exact point in time. The control officer can accelerate through the transaction journal to a point in time, then step through each transaction and examine its effect on the market. All market and order status inquiries are available in the "replay" environment. The market reconstruction facility can be used for dispute resolution and investigation of irregular market activity.
Exchange Management & Control Features: Following features are provided to the designated staff of the exchange through Ultra Trade:
- A trade can be "frozen" if it falls outside of price change - no further orders will be accepted for that instrument until the trade freeze is resolved.
- Symbol states can be changed on the fly.
- Global cancellation of all orders for a symbol or all symbols placed by a trader.
- Message Broadcasts for immediate attention.
- Trade cancellation and late trade entry.
- Market summary inquiry to highlight trading activity.
- Scheduling/change of market states.
- Real-time exposure/loss of all members can be viewed or monitored.
- An alert can be generated to individual member firm before exposure/loss limits hit.
- Suspension and/or restoration or view only state of a terminal.
Ultra Trade Back Office: This comprehensive back office system is integrated with the trading system. Using this system, clients may be monitored in real-time based on buying power of a client account. It provides account and terminal management features including commission management and general ledger.
Internet Trading Internet Trading: ISE has implemented internet trading service for the members of ISE. ISE is now just few steps away from Internet trading for the clients of members. Almost all sensitive areas like security issues which were important to be addressed before moving to internet trading have been resolved. With the advent of October 2003 clients/investors of ISE's members will be given the remote trading facility through internet. Soon investor sitting in any corner of the world will be able to trade in ISE.
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Remote Trading has been implemented in ISE on 23 June 2003. Now Brokers can trading from anywhere in the world using our remote trading software with the same robustness as working on the LAN.
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Acknowledging the upcoming turbulent storm as we move to internet Special emphasis is being given to bandwidth improvement. ISE and brain has joined hands in this project. Brain will dedicate a pipe
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I am a broker of ISE. Can i give my clients their portfolio information on the internet?
Ans: Yes sir you can give your clients this facility to your clients but it has following prerequisites:
Your back office system must support internet connectivity.
you must have a website hosted over internet.
Get a server based program developed which picks up you client information from your back office and display that on respected pages on your website.
Sir you are cautioned that your back office data is very critical and a business secret.
Appropriate security measure are to be ensured before subjecting your back office systems to internet.
 Order Routing: When we talk about internet trading two major issues are faced:
1. Getting real time stock quotes and getting the best available price in the current market
2. Security and integrity of your trade and financial portfolio.
Both the issues are inter related ,,,, and both are to be addressed by the order routing technology.
if the capacity of the pipe is more and number of intermediate hops and checks are less for your order to reach the trading engine of the stock exchange you will get the best and the most current price. This is just like “come first get first”. Whose order will reach first will be executed first.
When your order leaves your computer for its destination (trading engine) it is likely to be attacked by hackers and prone to many other hazards related to internet. And when it comes to the financial transaction nothing else can be grade more vulnerable than it.
PIPE Capacity avaialble to ISE: To start with ISE has signed an agreement for a dedicated bandwidth of 512 K with Brain net. And connectivity between Brain and ISE will be a channel of 11 MB through radio link. As the number of users over remote service increase the bandwidth will be increased. We this capacity we will be effectively able to accommodate remote service for more than 20 members to start with.
Security & Integrity of investor order: Following security measures will be taken:
1. ciphered data will travel between sender and receivers end using asymmetric cryptographic technique.
2. Radio link between brain and ISE will be following - security standard.
3. Application level security will be guaranteed by user id password verification system.
4. At Brain ISE machine will be residing and the websites will be hosted on the ISE machine.
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Postal Address:
Stock Exchange Building
101-E Fazal-ul-Haq Road Islamabad 44000 Pakistan
Tel: +92-51-2275045-8
Email: info@ise.com.pk
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