The Dar es Salaam stock exchange (DSE) has invested in a computer-based platform alongside nine other security markets in the Southern Africa Development Community to heighten Tanzania’s trading efficiency.
Gabriel Kitua, CEO of the DSE, said the project will facilitate a change in operation from manual to digital process which will allow the replacement of the use of fax machines and in turn increase trade effectiveness.
Kitua added that stock exchanges will explore new ways to enhance training and skills development for staff in the capital market as well as find ways to connect trading systems and order systems.
The Committee of the SADC Stock Exchange (CoSSE) has put up efforts to focus on key areas toward resourceful capital markets, according to reports.
The stock exchanges will explore means to make use of the technology to link their trading as well as work jointly to make sure clearance and settlement systems are compatible with the global standards.
The security markets are working jointly with SADC institutions to back development of the regional systems such as payment and will enhance visibility of trading data as well as improve their joint website the JSE and I-Net Bridge launched in April.
The committee is also working on the development of models for inter-connectivity between automated trading systems, which includes helping fellow exchanges in the clearing and settlement systems to meet the universal standards and support regional proposals.
SADC is an inter-governmental organization among 15 Southern Africa states whose goal is to further social-economic addition and cooperation as well as security cooperation.
Members of SADC include Angola, Botswana, and Democratic Republic of Congo, Lesotho, Mauritius, Mozambique, Namibia Swaziland, Tanzania, Zambia Zimbabwe South Africa, Seychelles and lastly Madagascar, which was recently suspended.
DSE is a non-profit making body, which became operational in 1998. It was created to ease the government implementation of the reforms and to encourage wider share ownership of privatised and public companies in Tanzania.