Two Sides

Oct 25, 2008 (LBO) – The global economic crisis may reduce information technology outsource work for companies in Sri Lanka but at the same time generate new business opportunities, a top Sri Lankan software firm said. “So in the last two years the volumes increased 20 fold.”

He said this massive rise in stock market activity is attributed to new regulations in the US and also the prevailing market uncertainties.

“People are buying and selling a lot because of the crisis,” Jayawardena said. “New regulations have also increased order traffic. So the stock exchanges are looking to increase their system capacities.

“This means there is a demand for new systems that can deal with the ever increasing capacity requirements.”

More regulatory changes governing the financial markets are also in the offing in the US and EU, to limit the kind of volatility seen now.

“This means demand from stock exchanges, for more cost effective and flexible systems, will actually increase creating numerous opportunities for companies like Millennium IT,” Jayawardena said.

Tony Weeresinghe, the Boston-based chief executive of Millennium IT, a technology solutions provider serving the global capital market industr