MillenniumIT of Sri Lanka has installed computers and software at the Lusaka Stock Exchange (LuSE) to facilitate electronic trading.
Tuesday’s launch of the electronic trading system signifies that the LuSE has now joined the league of automated stock exchanges in the Southern Africa Development Community region, including the Botswana, Johannesburg and Mauritius exchanges.
Previously, trade orders were taken physically or faxed to the exchange and then manually matched by a trader, making the system slow and prone to errors, explained LuSE general manager Beatrice Nkanza.
The new system enables investors to send their orders electronically from their offices, and the trades are then matched electronically, making the entire process quicker and more convenient, she said.
The funds to install the electronic trading system were provided by a Zambian government grant, Mrs.Nkanza revealed.
MillenniumIT specializes in the global capital market, and business development head Jit Seneviratne noted that the LuSe project is another step in the company’s foray into Africa.
The IDG News Service