The Dar es Salaam Stock Exchange (DSE) has joined nine other exchanges throughout the Southern African Development Community (SADC) and invested in the adoption of a computer-based platform to enhance trading efficiency.
Chief Executive Officer of the DSE, Gabriel Kitua, is quoted in the report as saying that the initiative will facilitate a change in cross-border transactions from a manual process to a digital one.
“The computer-based system will allow replacement of the use of fax machines for completing cross border transactions, thus increasing trading effectiveness,” said Mr Kitua.
The report also discusses efforts by The Committee of SADC Stock Exchanges (CoSSE) to focus on priority areas in support of regional moves toward more efficient capital markets.
The Committee is also working on the development of models for inter-connectivity between automated trading systems, which will include helping member exchanges ensure that clearing and settlement systems comply with global standards and support regional initiatives.
According to Mr Kitua, stock exchanges will explore more ways to use technology to connect trading and order systems, and will pool resources to boost training and skills development for capital markets staff.
CoSSE members include the DSE, Botswana Stock Exchange, Malawi Stock Exchange, Stock Exchange of Mauritius, Bolsa de Valores de Mocambique, Namibian Stock Exchange, as well asSouth Africa’s JSE Ltd, Swaziland Stock Exchange, Zambia’s Lusaka Stock Exchange and the Zimbabwe Stock Exchange.