Maravi

LuSE automated trading to go live

LuSE automated trading to go live
By Chiwoyu Sinyangwe
Saturday September 06, 2008 [04:00]

THE implementation of the automated trading system on the Lusaka Stock Exchange (LuSE) is expected to go live this November, according to MillenniumIT. MillenniumIT is a Malaysian company contracted by LuSE to implement an integrated Central Securities Depository (CSD) along with MillenniumITs automated trading platform, Millennium Exchange.

"Strengthened with this twinning programme, the LuSE is slated to go live on both systems simultaneously in November of this year," MillenniumIT announced.

The company also stated that MillenniumIT would strengthen the LuS with a state-of-the-art fully automated, standardised systems solution for a CSD and an automated trading platform, providing high performance and scalability in a real-time environment and that the key benefits included substantially greater operational efficiency, lower labour costs, reduced error rates and higher transaction
volumes.

Early this year, LuSE announced that it had engaged a Sri Lankan company to install the automated trading system that is expected to improve efficiency during trading operations.

LuSE general manager Beatrice Nkanza said the automated trading project had reached an advanced stage and that LuSE would take advantage of the many opportunities that automation offers like cross listings and real-time information sharing.

"We selected MIT of Sri Lanka through competitive open tender and they are already on site and the process has started and we expect full installation and testing in the next 90 days or so," Nkanza said. "This programme will improve efficiencies of trading especially now that we are getting more listings, to be able to cope with increase numbers of trades."

LuSE, the country's sole bourse trades in equities, collective investment units and government bonds.

Recently, The MillenniumIT's CSD system was implemented at the Botswana Stock Exchange (BSE), turning it into one of Africa's best performing stock exchanges.
In terms of market capitalisation, the BSE is rated the third largest stock exchange in southern Africa.

Labels: LUSE

posted by MrK @ 3:52 AM