East Africa has agreed to fast-track the unification of the four bourses
via an online portal allowing cross-trading in securities. PHOTO |
FILE
East Africa has agreed to fast-track the unification of the four
bourses via an online portal allowing cross-trading in securities.
In
a joint statement the East African Securities Association through the
chairman Mr Pierre Celestone Rwabumbuka urged member bourses to
fast-track integration of the Kenya, Uganda, Tanzania and Rwanda bourses
to create sustainable markets that support growth of individual
economies.
The consultative meeting resolved that a
regional capital markets infrastructure for trading and depository
systems be fast-tracked to help establish an East African Community hub
where dealings in stocks and bonds will be settled and cleared.
An
ad hoc committee was formed to oversee establishment of a Securities
Industry Training Institute(SITI East Africa) which will ensure training
for brokers and agents among other officials.
Nairobi
Securities Exchange chief executive Geoffrey Odundo said NSE plans to
launch a mobile trading platform of treasury bonds enabling the
government to access cheap money locally.
AUTOMATING TRADING INFRASTRUCTURE
NSE said it was upgrading its Automated Trading System to support the planned new products and service offerings.
Central
Depository and Settlement Corporation(Kenya) reported that an
electronic system allowing cross-trading across Africa was under
formulation was under joint development by Altree Financial Services,
CDSC, its Nigerian counterpart and the African Development Bank.
On
its part, Rwanda said it was in the final stages of automating its
trading infrastructure that will see the bourse connected to a Central
Depository system, the Central Bank of Rwanda and to the Real Time Gross
Settlement System.
Mr Rwabumbuka said that a team had
been formed to work on Bond Market Development ahead of the planned
listing of government and corporate bonds.
The process
for demutualisation of the Dar es Salam Securities Exchange and
subsequent self-listing were underway as well as development of a mobile
trading platform.
Uganda said that it had automated
its systems with government bonds planned for listing soon and that it
had put in place an inter-depository receipts system that enables
Kenyans and Ugandans to cross trade.
The heads of the regional bourses were speaking in Rwanda Kigali in two day conference that started on Jan 20.
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