The question on the Program on AAJ TV regarding the transmission of KSE trading data to NCEL for the purpose of calculating the impact cost and VaR margins was directed by the anchor towards the other guest present with me in the program.
However, a secondary question to that effect was addressed to me, which I replied, keeping in view that we are in the process along with NCEL to install the Risk Meter at KSE after which data Transmission to NCEL would not be required. Further, I did not, at any time endorse, or stated that market sensitive information was being supplied to NCEL.
We take this opportunity to draw your attention towards the comments made in a letter from the National Commodity Exchange, addressed to the Editor, published in "Business Recorder" of March 5, 2007.
We are surprised to note your baseless and inappropriate assertions about KSE staff. It is simply incorrect and out of order to state that we or anybody on our behalf tried, or ever wanted to replicate your methodology for calculating impact cost and risk meter. Needless to mention that principles of VaR are not proprietary of NCEL, as a great deal of information on the subject is readily available through electronic and print media.
In view of the above the National Commodity Exchange is requested to please clarify its statement especially in the context of its remarks against the integrity and credibility of Karachi Stock Exchange staff.
It will be in the fitness of things, if NCE could withdraw the uncalled for remarks in the last paragraph of the letter to the editor of Business Recorder.
(The writer is Chief Manager Operations Karachi Stock Exchange Limited)
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