EDSMoney, a web-based electronic dealing platform for interbank money market, is going to hit the internet on December 01.
It will facilitate real-time online dealing mechanism in the unsecured segment of the interbank money market.
Banks and financial institutions of the money market will be the participants.
On Tuesday, the central bank issued a detailed guideline on the matter to provide stakeholders with instructions and processes for operating in EDSMoney.
"It (the guideline) will help foster a high standard of business conduct and good market practices for transactions in the relevant money market products and ensure equitable and healthy relationships among market participants."
This document essentially details the core functions of EDSMoney-communication, dealing and settlement-along with various aspects of governance and risk management associated with transactions in the products.
It also provides business continuity plan, ICT security and the EDSMoney guideline.
Bangladesh Bank may take action against participants for non-compliance with any of the provisions of this document under relevant sections of The Banking Companies Act-1991 and The Financial Institutions Act-1993.
After being published and implemented, the guideline will continue to evolve whenever required by the market itself and any other laws, rules, regulations or policies.
