After a high-speed 8 weeks installation, Dar es Salaam Stock Exchange (DSE) successfully “went live” on 27 June with an integrated trading system and clearing and settlement technology supplied by South Africa’s Securities and Trading Technology (STT). As reported on this blog the DSE has switched from Millennium IT systems supplied by the London Stock Exchange group.
Moremi Marwa, CEO of DSE (www.dse.co.tz) said in a press release: “This is another milestone for our national exchange – we have not only achieved to execute this in the shortest period possible but we also have managed to procure a system that seamlessly integrates our automated trading platform with the central securities depository and the national payment system through SWIFT interface – this means we have now achieved a true Delivery versus Payment (DVP) and hence risk-management assurance to our investors.
“Furthermore the system is more efficient, it is more scaleable and flexible, which is line with our strategic intent of introducing new products and increasing accessibility to our system through the use of mobile, Internet and SMS trading facilities. We are very grateful for what we have achieved during this short period of time. We are thankful to the STT team for partnering with us and making it possible for us to pull this off.”
He told AfricanCapitalMarketsNews on Monday 30 June in London that the system is also priced in a favourable way that incentivizes both parties to boost the exchange’s performance.
Michelle Janke, MD of STT (www.sttsoftware.co.za) said: “I am extremely proud on this momentous occasion. Today the Tanzanian exchange becomes STT’s third exchange to go live with STT’s integrated exchange solution. Furthermore, the DSE is STT’s first African exchange to go-live with our equities platform as well as our central securities depository (CSD) system, and this was all accomplished within 8 short weeks.”
Founded in 1985 in South Africa, STT started working with the South African market for government bonds (gilts). It specializes in developing financial market software solutions to South African and other clients. Core products include exchange solutions, back-office management systems and to front-end trading tools. Other systems include clearing systems, custodial systems, trading systems, risk-management systems and customer relationship management systems for clients such as central, reserve, commercial, private and investment banks, brokers, insurance companies, trading houses, corporate treasury operations and central securities depository participants
Former JSE director Allan Thomson is working with STT in a consortium to rival South Africa’s authorised central securities depository, Strate, according to a report in Business Day. He has been involved in setting up the Bond and Derivatives Exchange of Zambia and the Nairobi Securities Exchange’s derivatives exchange for the East African region.