The Nairobi Stock Exchange (NSE) has just readvertised its request for IT firms and others to express their interest in providing a Broker Back Office (BBO) system to handle administration and client accounts for its 18 active and licensed stockbroking members. The closing date is 27 October. The request was previously advertised in August.
The NSE advertises the request on its website (www.nse.co.ke) and says it acts on behalf of Central Depository and Settlement Corporation, the Capital Markets Authority, and the Kenya Association of Stock Brokers and Investment Banks.
The request says the vendor should be able to provide automated solutions to individual brokerage firms which they can integrate with the electronic trading, central depository and the national clearing and payment systems. The system should support trading of both equity and debt instruments, including full internet trading.
Services required include acquiring, installing, testing, training and commissioning the system, and support and maintenance afterwards.
Preference will go to systems capable of centralized control and in-built risk management mechanisms across the entire trading process. The system should have detailed audit trail and log file tracking. It should support multiple-branch access including agencies and must ensure controlled access to client details maintenance, order management, on-line bank reconciliation and distinct client accounting linked to the firm’s core financial system. It should be able to interface with multiple trading systems by use of FIX protocol (a way for systems to exchange financial information) and link directly to markets and support Straight Through Processing from trade to settlement.
It would be good if the system could handle brokers’ processes such as: everything from marketing to allocation on Initial Public Offers, helping ensure compliance with regulations, dealing on own account, discretionary portfolio management, and recording complaints via the web.
For more details, check the NSE website. Expressions of interest must be in the tender box at NSE by 4pm on 27 October.