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DSE in contact with Sri Lankan firm to procure central depository system 15 th April 2006 The Dar es Salaam Stock Exchange (DSE) is already in contact with Millennium Information Technologies of Sri Lanka, the firm approved to supply central depositor systems, that will enable regional bourses be electronically integrated later this year. DSE Clearing and Settlement Manager Emmanuel Nyalali, who was attending the East African Securities Exchanges Association (EASEA) meeting in Nairobi this last week said although Tanzania was behind in the installation of the automated system, it was in contact with the World Bank approved supplier. The DSE's central depositor system went into operation in June 1999, but Nyalali did not specify when the automated system will be fully implemented and operational. The three East African bourses will before the end of the year be integrated through automated trading systems that will allow electronic trading. 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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