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The automated trading systems will be installed at the Uganda Securities Exchange (USE), Nairobi Stock Exchange (NSE) and the Dar es Salaam Stock Exchange (DSE) to make trade faster and more efficient for investors who will also hold electronic accounts. The automated systems will be a culmination of project of the East African Securities Regulatory Authority that was started in 1997 and will be a milestone in the integration of the region's capital markets. The system is supplied and will be installed by Millennium Information Technologies of Colombo, Sri Lanka. Experts say the system will ease the listing of cross border initial public offers (IPOs) and the mass cross listing that is expected to be operational between July and December. It will also enable the region's Capital Markets Authorities and stock market regulators to monitor trading electronically. The Nairobi Stock Exchange and the Dar es Salaam Securities Exchange have already installed central depository systems (CDS). The implementation of the electronic trading systems will be a second step in modernisation of the bourses. Chris Mwebesa, chief executive of the NSE, said the implementation of the automated trading system will go live at the end of June, making NSE the first bourse to be automated in the region. Mwebesa said this last week where he also announced that Scan Group Ltd, a Kenyan multi-media group, has applied for approval to make a public offer for its shares. Uganda is still waiting for the legal instrument under which the electronic system will operate. According to officials from the Uganda Capital Markets Authority, a legal instrument has been developed under which the electronic system will operate. The Bill still awaits parliamentary approval before the system takes effect at a time yet to be specified. Officials at the USE have expressed their frustration at the delay by the CMA and the Cabinet in passing the Bill, which they say is putting USE operations and modernisation behind those of the NSE and DSE. 'We hope that the law will be approved soon. We shall still trade when the others go electronic but it would have been better if all three bourses went electronic simultaneously, said Simon Rutega, the chief executive of the USE. For any further information please contact : |
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