NSE’s Upgraded System to go live on Monday.
The new Active Trader System of the Nairobi Securities Exchange is set to go live next Monday 14 October, 2019 bringing an end to a long wait for system change by traders and participants in the Equities Market Space. This comes in the week of user data migration by the Central Depository & Settlement Corporation from Oracle Based servers to Perago Group depository system.
The New Active Trader by the MIT now opens a final way for day trading at the NSE, raising hopes for more activity on the retail market and all stock brokers and investment banks have already been trained and on boarded to the system. The new system brings more efficiency in the market and hopefully brings a stop to market halts and trading disruptions the NSE has faced in recent times. The new system will also enable the bourse to finally roll other liquidity tools like securities’ lending and borrowing.
The new system is offered by Sri-Lanka based Millenium Information Technologies, which is a fully owned subsidiary of the London Stock Exchange Group Plc. MillenniumIT’s systems are used by exchange businesses around the world including, London Stock Exchange, Borsa Italiana, Oslo Børs, Turquoise, the London Metal Exchange, Johannesburg Stock Exchange and a series of emerging market exchanges.
Since 2016, the NSE has been looking to move to more efficient trading system but was delayed by challenges on settlement by CDSC which has now upgraded their system and is set to start operations on Monday next week.
NSE moves from Indian based Chellasoft Technology Systems which has been offering the exchange IT support since launch of the AT system & CDSC in 2006, a change from the open outcry which was at the NSE since inception and a tradition for stock exchanges worldwide.