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| Sunday, 31 August 2003 |
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LOLC ventures into stockbroking by Pelham Juriansz Lanka ORIX Leasing Company Ltd (LOLC) has ventured into stockbroking through Lanka ORIX Securities (Pvt) Limited. The company has now gone beyond leasing to become a total financial services provider. Introducing live stock trading last week was a step in this direction, the company said. Tushan Wickramasinghe, Managing Director Lanka ORIX Securities explained that investors can now submit orders online directly to the Colombo Stock Exchange (CSE) for execution. Real-time stock quotations and information on trades and indices can be obtained. Order books and previous trades can be viewed by clicking on a stock code. The live share trading system has been created with the objective of bringing a stockbroker's trading terminal and back office system on to the desk of an investor, wherever he/she may be in the world. By logging onto the website www.colombo-stocks.com, an investor can buy or sell shares listed in the CSE. The system has been developed by Millennium Information Technologies (MIT), the company behind CSE's Automated Trading System and Central Depository System. MIT implemented the world's first event-driven trading system at the CSE in 1997. Future versions were later introduced at the MESDAQ in Malaysia, the Stock Exchange of Mauritius and the Securities Depository Agency of Croatia. Among the many firsts achieved by LOLC are pioneering factoring through a subsidiary, Lanka ORIX Factors Ltd; being the first leasing company to form a finance company, Lanka ORIX Finance Company Ltd; and becoming the first Lankan private institution to negotiate a US dollar long-term loan from the OPEC Fund. Lanka ORIX Finance became the first new finance company in 25 years to be approved by the Central Bank of Sri Lanka. LOLC comes under ORIX Corporation, Japan, which pioneered the concept of leasing in Japan in 1964. It is now said to be the largest independent leasing company in the world and is listed on the Tokyo and New York Stock Exchanges. ORIX is also Japan's second largest financial services provider with a corporate customer base of 500,000 companies. Its businesses include leasing, corporate finance, stockbroking, securities investments, real estate-related and development, insurance, retail banking and venture capital. The ORIX network spans some 23 countries across the globe. |
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