Report On Trade Operating and Client Management Process of UCB Stock Brokerage Limited
Report On Trade Operating and Client Management Process of UCB Stock Brokerage Limited
Report On Trade Operating and Client Management Process of UCB Stock Brokerage Limited
By
1. The internship report submitted is my/our own original work while completing degree at
BRAC University.
2. The report does not contain material previously published or written by a third party,
except where this is appropriately cited through full and accurate referencing.
3. The report does not contain material which has been accepted, or submitted, for any other
degree or diploma at a university or other institution.
4. I have acknowledged all main sources of help.
___________________________________________
Ahmad Abdullah Jami
ID: 19364058
___________________________________________
Suman Paul Chowdhury, PhD
Associate Professor of Accounting and Finance
Graduate School of Management
BRAC University
ii
Letter of Transmittal
Associate Professor,
BRAC University
66 Mohakhali, Dhaka-1212
Dear Sir,
With great pleasure, I would like to inform you that I was recruited to carry on a six months
long internship program at UCB Stock Brokerage Limited under the Discretionary Portfolio
Management Department. In this report, I have tried my best to put together the knowledge
and experience gained from my time at UCB Stock Brokerage Limited in a decorative
manner. The information provided in this report were gathered from both primary and
secondary sources of data.
I sincerely hope that this report meets your expectations. I want to apologize for any mistakes
made in this report and hope that it will be dealt with clemency.
Sincerely yours,
ID: 19364058
BRAC University
iii
Acknowledgement
I would like to start by thanking Almighty for blessing me with good health and the mental
strength I needed to complete this report.
I would also like to offer my sincere gratitude to my internship supervisor, Mr. Suman Paul
Chowdhury PhD for his guidance, tolerance and support during the completion of this report.
Mr. Suman Paul Chowdhury, PhD was considerate about all the problems I faced and
mistakes I made throughout this period and it helped me greatly.
I want to thank my internship co-supervisor, Mr. Riyashad Ahmed for his advisory support. I
would like to commemorate Mr. Riyashad Ahmed’s contribution to the enrichment of my
knowledge on stock market and making me passionate about working in this important
section of the economy.
Last but not the least, I would like to convey my gratitude to every single person working at
UCB Stock Brokerage Limited, especially to my mentors and superiors of the Discretionary
Portfolio Management Department for being extremely kind, caring and teaching me about
the business. I consider myself fortanate to be able to work with an extremely brilliant team
consisting of my field supervisor, Mr. Md. Hasib Reza, CFA, FAVP and Head of Research
and Discretionary Portfolio Management Department, Mr. Mustafa Jain Uddin, CMT,
Assistant Vice President and Mr. Noman Al Zobair, Strategic Portfolio Manager. From the
very first day, I was trained to understand and play a role in the core business activities. I can
confidently say that my time at UCB Stock Brokerage Limited has made me more
responsible, compliant, punctual and courageous.
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Executive Summary
The need for a vibrant stock market increases when a flourishing economy like Bangladesh,
which is considered to be a future Asian Tiger, is in question. The contribution of stock
brokerage firms in keeping the stock market alive and vibrant is immense. Stock brokerage
firms bridge the gap between investors and stock market. Stock brokerage firms also play an
important role in attracting new investors, educating people about the significance of stock
market investment and carefully managing investors’ investments. This report focuses on the
business activities of one of the most successful and the fastest growing brokerage house in
Bangladesh, UCB Stock Brokerage Limited. In this report, I have discussed about the
company, it’s business and how it interacts with the stock market. I have tried to properly
exhibit the knowledge I have gained during my internship at UCB Stock Brokerage Limited
through this report.
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Table of Contents
Declaration................................................................................................................................ii
Acknowledgement ................................................................................................................... iv
vi
Chapter 3 Project Part .......................................................................................................... 16
References ............................................................................................................................... 24
vii
List of Tables
viii
List of Acronyms
BO Beneficiary Owners
ix
Chapter 1
Overview of Internship
1.1 Student Introduction
Handling Pressure:
Though the company does not put overwhelming pressure on employees, but during trade
hours (10 am-2:30pm) the workload was immense. Our team handles hundreds of clients.
Since the trade hours are short and most of the clients traded almost daily, we have to work
really hard and very carefully during the trade hours. Going through this heavy work pressure
almost everyday has helped me develop my pressure handling skills.
Being Responsible:
A valuable lessson I have learned from my internship is being responsible and owning my
mistakes. Since I have to work with clients’ investments and take part in activities that are
sensitive in nature, I need to act responsibly and carefully.
2
People Skill:
One of the most crucial lessons for me was to learn how to effectively communicate and
build good relationship with others. Now I feel more comfortable while interacting with
people in a professional environment and communicating with people from all walks of life.
1.3.3 Problems/Difficulties
Though my internship was an experience to be happy and satisfied about, there were some
small problems that I have faced throughout the period.
A 6 Months Long Internship Program:
The period of the internship program was longer than the industry practice. I also have to
admit that it was my decision to take the offer despite of knowing that it would be a long
internship program.
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1.3.4 Recommendations
I would like to make some recommendations from an intern’s perspective. The
recommendations are as follows:
A new internship program should be designed where the company hires a group of interns at
the same time and train them together so that they can get equal experience and knowledge.
At this moment, interns are hired on demand basis.
There should be trading and portfolio management simulation platform where interns will be
able to master digital trading skills and manage dummy portfolios through softwares. This
will reduce the risk of trade error and enrich their understanding on investment performance.
4
Chapter 2
Organization Part
2.1 Introduction
The size of the capital market of Bangladesh has grown significantly over the last few years.
The number of publicly listed stocks stands at approximately 400. Till 27th January 2022, the
market capitalization of DSE was recorded to be Tk. 5629029.61 Million. On the same day,
the broad index of DSE stood at 7027.55 points. The existence of a vibrant stock market
depends heavily on the stock brokerage firms. Investors invest their money in the capital
market through stock brokerage firms. The stock market of Bangladesh consists of 2
exchanges which are Dhaka Stock Exchange and Chittagong Stock Exchange where DSE is
the largest among the two mentioned exchanges. There are approximately 200 stock
brokerages operating in CSE and in DSE, the number is approximately 250. UCB Stock
Brokerage Limited is the second largest stock brokerage house in Bangladesh in terms of
turnover. UCB Stock Brokerage Limited is also the fastest growing stock brokerage in
Bangladesh. UCB Stock Brokerage Limited serves more than 8000 clients, both individual
and institutional, through 7 branches which are situated within the country as well as outside
the country.
UCB Stock Brokerage Limited is a fully owned subsidiary of United Commercial Bank
Limited. UCB Stock Brokerage Limited was incorporated as a private limited company with
limited liability under the Companies Act of 1994. UCB Stock Brokerage Limited started its
journey in June 2013. Since its inception, the company has been growing at fast pace and
continues to provide global standard brokerage services. This growth has been facilitated by
the hard work of a highly experienced and dedicated management team. UCB Stock
Brokerage Limited has always prioritised ethics and quality service which has helped the
company build a strong image in the industry. The company is in pursuit of becoming the
most compliant stock broker of the country. It is devoted to heavily contribute to the
development of the capital market of Bangladesh. UCB Stock Brokerage is the employer of 5
CFA charter-holders which is the highest among all the stock brokers in Bangladesh. UCB
Stock Brokerage has contributed in bringing large foreign investors in Bangladesh from
USA, Europe and Asia. Following are few more details about the company:
TREC Number
DSE- 181
CSE- 015
Head Office
“BULUS CENTER” (17th Floor, West Side), Plot-CWS(A)1, Road No-34, Gulshan Avenue,
Gulshan, Dhaka-1212
Website
https://ucbstock.com
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2.2.1 Vision, Mission and Core Values
Vision
“To be the Preffered Brand for Investment Management in the Bangladesh Capital Market.”
Mission
Core Values
6
2.2.2 Organizational Hierarchy
Managing
Director
Vice President
First Assistant
Vice President
Assistant Vice
President
Senior
Executive
Officer
Executive
Officer
Senior Officer
Officer
Junior Officer
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2.2.3 Departments
Information
Technology, Internal
Sales and Human Accounts
Research Innovation Settlement Control and
Portfolio Resource and
Lab and Services Compliance
Management Management Finance
Digital
Services
Retail Sales
Premium Sales
Institutional
and Foreign
Sales
Priority Sales
Platinum Sales
Discretionary
Portfolio
Management
Non-
Discretionary
Portfolio
Management
Imperial
Brokerage
Priviledged
Brokerage
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2.2.4 Services
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2.3 Management Practices
The management of UCB Stock Brokerage Limited follows a hybrid leadership style where
component of different leadership styles are present. Some contents from democratic,
transformational and visionary leadership style are dominant. UCB Stock Brokerage’s top
management organize atleast 2 management committee meetings where the Managing
Director reviews company’s performance and makes decisions about future plans and
objectives. The leaders discuss about problems and try to find the best solution through
sharing thoughts and ideas. Heads of all departments also conduct meetings with their
respective team members to listen to their problems, difficulties and collectively find proper
solutions. They also provide counciling to their subordinates to boost their morales. They try
to understand the lackings that exist in their subordinates and teach them ways to overcome
those lackings so that they can perform upto their true potential. Department Heads’ also
participate in special tasks with their teammates which helps the subordinates feel valued and
they get a chance to learn from their team leaders’ experience.
o Educational qualification
o Capability to handle heavy workload
o Capability to communicate effectively
o Capability of making quick and effective decisions
o Capability to work independently without much intervention
o Analytical skills
o Ability to multitask
o Creativity
o Sense of teamwork and discipline
Candidates need to go through rigorous screening by highly experienced hiring professionals.
Employees are required to attend regular training sessions designed to improve emotional
intelligence, market knowledge, compliance culture, ethical standards, client management
standards and a wide variety of other factors that has direct impact on the business.
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2.4 Financial Performance and Accounting Practices
Since stock brokerage firms do not share many similarities with most types of businesses,
several financial ratios do not apply for this business model. I have tried to analyze UCB
Stock Brokerage Limited’s financial performance using ratios that are relevant to their
business model. I have analyzed their financial performance for the 2018, 2019 and 2020 and
interpreted the figures that I have acquired by using the following ratios:
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Result
List of Ratios Formula
2018 2019 2020
Solvency Ratio
Debt-to-Asset Ratio Total Debt/Total Asset 0.13 0.28 0.36
Equity Ratio Shareholders' Equity/Total Asset 0.60 0.50 0.28
Profitability Ratio
Return on Asset (Net Profit After Tax/Total 4.36% 1.32% 0.96%
Asset)*100
Return on Equity (Net Profit After 7.28% 2.64% 3.46%
Tax/Shareholders' Equity)*100
Net Profit Margin (Net Profit After 43.13% 14.16% 15.37%
Tax/Revenue)*100
Turnover Ratio
Total Asset Turnover Revenue/Total Asset 0.10 0.09 0.06
Ratio
Solvency Ratio
o Debt-to-Asset Ratio
Debt to Asset ratio refers to the portion of debt in company’s total asset. From the
three year result, we can see that the portion of debt the company’s total asset is
increasing over time. The company needs to be cautious about it’s dependency on
debt.
o Equity Ratio
Equity ratio measures a company’s dependency on equity as the source of fund. The 3
years result, we can see that the ration has been in decline. The company should
emphasize more on equity as the source of fund.
Profitability Ratio
o Return on Asset
This ratio refers to the amount of net profit a company generates against per Tk of
asset. From the 3 years result, we can see that the ratio has been steadily declining
which means the company is generating lesser net profit relative to it’s assets than
before. The company needs to use it’s assets more efficiently to generate better net
profit.
o Return on Equity
This ratio measures the amount of net profit a company is generating for per Tk of it’s
shareholder’s investment. It can be seen that in 2018, the company generated net
profit of Tk 0.0728 for every 1 Tk of shareholder’s investment whereas the figure has
declined to Tk 0.0346 in 2020. The company needs utilize shareholder’s investments
more carefully and efficiently.
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o Net Profit Margin
This ratio helps us find how much net profit a company is generating from per Tk of
revenue generated. Like the 2 previous ratio results, the net profit margin has also
declined drastically. Compared to the result of 2018, The company has generated less
that half of the net profit margin in both 2019 and 2020 which is a matter of concern.
The company needs to reduce it’s expenses which will help it generate better net
profit margin.
Turnover Ratio
o Total Asset Turnover Ratio
This ratio measures how much revenue a company is generating against per Tk of it’s
asset. From the 3 years result, we can see that the company’s Total Asset Turnover is
declining which display the company’s growing inefficiency in using it’s asset to
generate revenue. The company needs to be more efficient about utilizing their asset.
To achieve global standard, Capital Market of Bangladesh has embraced digitalization and
has been in a pursuit to improve it’s technological capabilities. To cope with the Capital
Market’s technologically advanced ecosystem, UCB Stock Brokerage Limited is also trying
with full capacity to transform into a technologically rich brokerage firm. Clients have access
to mobile application based account management system fully integrated with our internal
information management system. UCB Stock Brokerage uses a state of the art brokerage back
office database management software which is know as Xbroker. Xbroker is integrated with
the company’s main server which allows employees to check, store and modify information
from their workstation.
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2.6 Industry and Competitive Analysis
Strengths
o A strong research team with several CFA charterholders and charter pursuant
o Highly experienced workforce
o Backed by UCB PLC, one of the largest banks of Bangladesh.
o Branches spread globally.
o Strong image as one of the most compliant brokerage houses in Bangladesh.
o Uses state of the art back office management system.
Weaknesses
o Unlike it’s major competitors, UCB Stock Brokerage Limited does not offer an inhouse
mobile application based Order Management System to it’s clients.
Opportunities
o More and more people are becoming financially literate. There willingness to invest in the
Capital Market is also on the rise. This can open the door to a huge potential client base.
o Increasing interest of foreign individual and institutional investors in the Capital Market
of Bangladesh. UCB Stock Brokerage can be benefited from this possibility.
Threats
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2.7 Conclusion
From the overall discussion in this chapter, we can get an understanding on the practices of
different function of the process. We find that UCB Stock Brokerage Limited is focussed on
developing itself as a global standard brokerage firm. The company’s business practices have
definitely helped the company solidify it’s position as a premium brokerage service provider
with scope of doing better in future.
2.8 Recommendations
I want to make few recommendations to UCB Stock Brokerage Limited which I think may
help the company get better results and improve their overall business performance:
o The company needs to put more emphasis on their financial performance since most
ratios provided here show declining outcomes.
o Company Needs a dedicated marketing team which can help find ways to bring more
clients.
o The company needs to build it’s own Order Management System to add value to their
services.
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Chapter 3
Project Part
3.1 Introduction
This chapter includes discussion on the trading and customer management operations of UCB
Stock Brokerage Limited. It will also include information related to the reles and regulation
that needs to be followed in the above mentioned procecesses.
3.1.1 Objective
The objective of this study is to exhibit the knowledge I have gathered from working at UCB
Stock Brokerage Limited as an Intern. This report provides an in depth picture of the trade
and customer management operation of the company.
3.1.2 Significance
This report was created to enrich peoples’ knowledge on how stock brokerage firms run their
trade and customer management operations. This report will help a person hoping to work
with the capital market as well as in the service industry.
3.2 Methodology
For the creation of this report, I have used primary source of data which was gained through
first hand experience and knowledge I have acquired while I worked as an intern at UCB
Stock Brokerage Limited. I have also taken help from some newspaper articles, important
webpages and from the company’s website.
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3.3 Findings and Analysis
Cash Accounts:
Cash accounts are BO Accounts which allows investors to use his deposited money, proceeds
from sold securities and dividend income to buy securities.
Margine Accounts:
Maintaining a margin BO Account allows investors to lend a certain amount of money from
UCB Stock Brokerage Limited to fulfill their purchase requirement. Currently, the Margin
ratio limit set by BSEC is 1:0.8. This means if an investor has Tk 1 Lac in his margin
account, UCB Stock Brokerage Limited can allocate the maximum amount of Tk 80 thousand
to that margine account. UCB Stock Brokerage Limited charges interest on margin loans on
the basis of usage of margin. Investors will have to wait for 15 day starting from the day first
deposit was made to avail margine facilities. Investors can no use margin facility to subscribe
for IPO. Investors can not buy non marginable securities using the margin provided by the
company. Non marginable securities include shares that are overvalued or in other words,
shares that have P/E ratio above 40 and shares which have been categorized as ‘Z’. Further
discussion on share category will be available in the following sections.
These are the stocks of companies which regularly hold Annual General Meeting and have
declared at least 10% dividend in the last year.
B- Category Stocks:
These are the stocks of companies which regularly hold Annual General Meeting but
declared less than 10% dividend in the last year.
N- Category Stocks:
These are the stocks of companies that have been newly listed in the stock exchanges. Their
category changes depending on their first dividend declaration. IPO shares are listed under
this category.
Z- Category Stocks:
These are the stocks of companies that have failed to declare cash dividend to it’s
shareholders’ for 2 consecutive years starting from the date of listing or the last dividend
declaration.
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3.3.3 Marginable and Non-Marginable securites
Marginable Securities:
Marginable securities include stocks that are undervalued or fairely valued. These stocks
have P/E ratio below 40. These stocks belong to companies with good financial health.
Moreover, the stocks need to be from A and B category.
Non-Marginable Securities:
Non- Marginable securities are eligible to be bought in Margine Accounts. These stocks have
P/E ratio above 40 which means they are overvalued. N and Z category stocks also fall under
Non-Marginable category. To ensure the safety of margin loan provided by the company,
Non-Marginable securities, which are considered riskier are avoided.
Suppose the buyer is Mr. B and the Seller is Mr. S. Mr. B is a client of UCB Stock Brokerage
Limited and Mr. B is the client of XYZ Stock Brokerage Limited.
Mr. B places an order to buy 100 shares of GP (Grameenphone) at Tk. 300 through UCB
Stock Brokerage Limited. On the other hand, Mr. S wants to sell 300 share of GP
(Grameenphone) at Tk. 300 through XYZ Stock Brokerage Limited. Since the quoted price
has matched, the trade management system of DSE or CSE will execute the trade for 100
shares of GP (Grameenphone) at Tk. 300 in response to the buy and sell order placed by Mr.
B and Mr. S. It is to be noted that since Mr. B has placed an order to buy 100 shares, Mr. S
was able to sell only 100 shares to Mr.B. If there is a second buyer who wants to buy 200
shares of GP (Grameenphone) at Tk. 300, the remaining 200 share from the order placed to
sell 300 share by Mr. S will be sold to the second buyer. Same goes for the case where the
buy order quantity is lager than the sell order quanity. If Mr. B wants to buy 300 shares of GP
(Grameenphone) at Tk. 300 and Mr. S wants to sell 100 shares of GP (Grameenphone) at Tk.
300, trade will be executed for 100 shares at Tk. 300. The buy order for 300 shares will
remain partially filled since only 100 out of 300 shares required were bought and will stay the
same untill another or several other sellers are not placing a sell order for GP shares at the
quoted bid price of Tk. 300. If the second seller’s or several other sellers’ collective sell order
is 200 or more, the remaining 200 share for the buy order placed by Mr. B for 300 shares of
GP will be executed and his buy order will be filled. This is the basic function of the trade
management system of DSE and CSE.
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Settlement Process
Settlement process refers to the settlement of shares and payment of trades. For easier
understanding of the process, we use a T+1/2/3/4/..... to refer to the maturity date of shares
and funds from sale of share. Here, T refers to the date when trade was executed. T+1 means
the either funds or share or both has matured on the day after trade. The case is same for
T+2/3/4/... where T+2 means either funds or share or both will mature the 3rd day where the
1st day is the trade execution day. It is to be noted that this process works only for DSE and
CSE trading or working days which is Sunday to Thursday. This process does not recognize
Fridays and Saturdays as working days.
We will continue with the example of the trade of GP share between Mr. B and Mr. S.
The overall trade and settlement process includes participation of intermediary entities like
DSE, CSE and CDBL to ensure the successful execution of the whole process. CDBL is the
only security depository of Bangladesh. It is backed by the Government of Bangladesh to
ensure safekeeping, delivery, settlement and transfer of securities through digitalized method.
As we know, UCB Stock Brokerage Limited, on behalf of Mr.B has bought GP shares from
XYZ Stock Brokerage Limited, who sold those shares on behalf of Mr.S. The day when the
trade took place is denoted as T. On T or T+0, XYZ Stock Brokerage Limited sends the GP
shares to CDBL. On T+1, UCB Stock Brokerage Limited sends the fund to DSE and the GP
shares remain under the safekeeping of CDBL. On T+2, UCB Stock Brokerage Limited
receives the shares from CDBL and XYZ Brokerage Limited receives the fund from DSE.
This is the process of settlement of A,B and Z category shares.
For Z category shares however, the process is slightly different. On T+0, XYZ Brokerage
Limited will send the shares to CDBL. On T+1, UCB Stock Brokerage Limited will send the
funds to DSE and the shares will remain in CDBL’s depository. On T+2, no exchange of
shares or funds will take place. On T+3, UCB Stock Brokerage Limited will receive the
shares from CDBL and XYZ Stock Brokerage Limited will receive funds from DSE.
Shares get matured when it reaches the buying brokerage house and funds get matured when
it reaches the selling brokerage house. Till they reach their final destination, they remain
immature.
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3.3.5 Trade Order Communication Process
There are many mediums through which clients inform trade orders to their RMs
(Relationship Managers).
o Over Phone Calls
o Through Text Messages
o By Being Present in the House
Clients can also place orders themselves using the mobile trade application provided by DSE.
Relationship managers are the intermediary between the company and it’s clients. They
provide service to their clients following the company’s client service policy. Following are
some responsibilities of relationship manager:
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3.3.7 Commission Rate
Client Commission Rate
Currently, UCB Stock Brokerage Limited is charging 0.40% commission on trades which
include both buy and sell. This commission rate percentage is widely practiced throughout
the industry.
UCB Stock Brokerage Limited has to pay the following commission rates on all trades to
different entities:
Block trades are trades that occur in a different section from the main board of DSE digital
trade management system. Block trades occur in bulks of same company shares and the
minimum size of each bulk should be Tk. 5 Lacs. Bulk trades take place based on previous
agreement between buyer and seller and both parties decide the price range at which, the
block trade will be executed. DSE charges Tk. 50 for each block trades and for CSE, the
amount is Tk. 40.
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3.3.9 Business Risks
There are several risks attached to the day-to-day business activities which have direct impact
on business. Following are some of those risks:
Stock market investments are riskier than fixed income securities. Major market crashes in
1996 and 2011 makes people think twice or more before investing their hard earned money in
the stock market. Apart from the crashes, frequent and sharp volatility in the market makes it
harder for people to decide if it is a good time to enter the market. The whole scenario makes
it difficult for stock market professionals to acquire new clients. Still, there are many
effective ways these professionals approach people to invest in the stock market. Since during
my internship, I was able to work with them closely and learn from how they worked, I was
able to identify some of those techniques which I am mentioning below.
o First thing to do is trying to understand a person’s risk apetite. This helps the pitching
process easier since now we have a clearer picture of how to navigate the pitch.
o If the person is suffering from indecision or is speculative, suggest him to start small and
see if it works out for him/her.
o If the client is positive about stock market investment but does not want to invest with us,
then try to find out about the factors that are influencing his/her decision to do business
with other brokerage houses and find a solution that will convince him/her to invest with
us.
o Having a clear investment plan or strategy will help them gain confidence on us.
o Being honest about the risks attached to stock market investment. Some clients prefer
honesty above ather charateristics.
o Being confident is a game changer in these situations.
One golden rule that I consider to be very useful is to avoid onboarding clients who expect
constant and/or unrealistically good return on their investments. We have to face the truth
that stock market does not always give good returns. They go through crashes and long
declines. This reduces the chance of future dissatisfaction of clients.
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3.4 Conclusion
From the above discussion, it is clear that UCB Stock Brokerage Limited is concerned with
providing the best possible services to it’s clients. The company is trying to onboard clients
through educating them about the risks and possibilities of the stock market. This will not
only help UCB Stock Brokerage Limited but also help developing the capital market as a
whole.
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References
[1] UCB STOCK | UCB Stock Brokerage Limited. Ucbstock.com. (2022). Retrieved 29
January 2022, from https://ucbstock.com/index.html.
[2] Recent Market Information | Dhaka Stock Exchange. Dsebd.org. (2022). Retrieved 29
January 2022, from https://www.dsebd.org/recent_market_information.php.
[3] The Business Post. (2022). BSEC further relaxes margin loan facility. Retrieved 31
January 2022, from https://businesspostbd.com/stocks/bsec-further-relaxes-margin-loan-
facility-42141.
[4] DSE Clearing & Settlement System | Dhaka Stock Exchange. Dsebd.org. (2022).
Retrieved 31 January 2022, from https://www.dsebd.org/settle.php.
[6] Babu, M. (2022). BSEC now mulls market-set interest rates for margin loans. The
Business Standard. Retrieved 31 January 2022, from
https://www.tbsnews.net/economy/stocks/bsec-now-mulls-market-set-interest-rates-
margin-loans-353677.
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