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- Feb 11, 2007
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Trading at DSE finally goes online
By WILFRED EDWIN
Special Correspondent
THE EAST AFRICAN
Following the installation of an electronic trading system at the Dar es Salaam Stock Exchange and the Tanzania Capital Markets and Securities Authority, trading at the market can now be tracked online.
The new system, inaugurated last week, facilitates electronic filling and licensing modules that enabled securities dealers and investment advisors to submit their applications and financial reports online.
The Dar es Salaam Stock Exchange now joins the Nairobi Stock Exchange in using a software that boosts the East African stockmarkets dream of becoming one unified bourse. The NSE started using the software in 2006.
Gabriel Kitua, director of research, policy and planning at the CMSA, said the new system will help cut transaction costs, increase efficiency and make the market modern and competitive.
Mr Kitua said reducing the transaction costs will lead brokers to lower fees, thus encouraging more firms to list on the DSE. Currently, there are 10 listed equities, in addition to several corporate and government bonds.
Transactions costs charged by brokers include transfer fees of 2 per cent.
A Sri Lankan firm, Millennium Information Technology, installed the application at a cost of $1.5 million.
Tony Weeresinghe, chief executive officer of Millennium IT, said the application is capable of executing up to 10 million deals per day.
The Tanzanian stock exchange started trading in 1998, two years after its incorporation.
By WILFRED EDWIN
Special Correspondent
THE EAST AFRICAN
Following the installation of an electronic trading system at the Dar es Salaam Stock Exchange and the Tanzania Capital Markets and Securities Authority, trading at the market can now be tracked online.
The new system, inaugurated last week, facilitates electronic filling and licensing modules that enabled securities dealers and investment advisors to submit their applications and financial reports online.
The Dar es Salaam Stock Exchange now joins the Nairobi Stock Exchange in using a software that boosts the East African stockmarkets dream of becoming one unified bourse. The NSE started using the software in 2006.
Gabriel Kitua, director of research, policy and planning at the CMSA, said the new system will help cut transaction costs, increase efficiency and make the market modern and competitive.
Mr Kitua said reducing the transaction costs will lead brokers to lower fees, thus encouraging more firms to list on the DSE. Currently, there are 10 listed equities, in addition to several corporate and government bonds.
Transactions costs charged by brokers include transfer fees of 2 per cent.
A Sri Lankan firm, Millennium Information Technology, installed the application at a cost of $1.5 million.
Tony Weeresinghe, chief executive officer of Millennium IT, said the application is capable of executing up to 10 million deals per day.
The Tanzanian stock exchange started trading in 1998, two years after its incorporation.
