Farhad Ahmed, the former executive director of the Bangladesh Securities and Exchange Commission (BSEC), joined Central Counterparty Bangladesh Ltd (CCBL) as its first managing director and chief executive officer on 3 January.
The newly formed securities clearing and settlement company also appointed A S M Khairuzzaman, the former chief technology officer (CTO) of the Dhaka Stock Exchange (DSE), as the deputy managing director and chief operations officer.
Farhad Ahmed, in his 34-year career, spent 25 years at the securities regulator and successfully gathered experience in almost all the fields the BSEC works on.
He graduated from the University of Dhaka in Finance in mid 1980s and began his career as a manager in Pragati Insurance Company Ltd. He joined BSEC in 1997.
Khairuzzaman, an applied physics and electronics graduate of the University of Rajshahi, is a respected name in the technology field within the country's financial sector.
He spent more than 14 years of his 31-year career as the CTO of the DSE, and also served the banking sector and many government offices.
In 2007-08, Khairuzzaman conducted a comparative study on the subcontinental capital markets and prepared a concept paper for today's CCBL.
CCBL was formed in 2018 to clear and settle the securities traded at the two bourses of the country. It also guarantees trade settlement risks.
Clearing and settlement firm is an integral part of the modern capital market which technically enables the bourses to run intraday trading, along with modern products like short selling and derivatives.