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Zambia’s
Lusaka Stock Exchange goes live on Millennium IT systems
- The
foray widens MillenniumIT’s presence in Africa
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Also provided software for the Central Securities
Depositories of Botswana and Lusaka Exchanges
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MillenniumIT’s systems are already operating
in Mauritius, Kenya, Tanzania, Ghana, Uganda, American
Stock Exchange, ICAP and the London Metal Exchange
On
November 4th, the trading system of Zambia’s Lusaka
Stock Exchange (LuSE) went live, using systems designed
and developed by Sri Lanka’s MillenniumIT.
“The Lusaka Stock Exchange went live on the 4th
of November after successful implementation of the system
by MillenniumIT of Sri Lanka,” said Beatrice Nkanza,
the CEO of the Lusaka Stock Exchange. “The consultants
have been here since August and according to their schedule
of activities, enabled the traders to input their orders
electronically for the first time. This is a very exciting
moment for LuSE. This automation will open up many opportunities
for linkages and outsourcing. It has been a worthwhile
investment,” she added. said Jit Seneviratne, Head
of Business Development at MillenniumIT Jit Seneviratne
stated that, “ “The Lusaka Stock Exchange
is another step in MillenniumIT’s foray into Africa,”
MillenniumIT, specialises in technology solutions for
the global capital markets industry. Capital market
products from the company include Millennium Exchange
(a multi-asset class trading platform), Millennium SOR
(a smart order router), Millennium Surveillance (for
market surveillance and regulatory compliance) and Millennium
CSD (a Central Securities Depository). These licensed
products are in use in over 15 cites all over the world
including many emerging markets and developed countries.
MillenniumIT also provided the software for the Central
Securities Depository of the Lusaka Stock Exchange.
The exchange, that was established with technical assistance
from the International Finance Corporation and the World
Bank, and opened in 1994, previously depended on manual
systems to provide its services. Now, with the electronic
trading system also going live, the Lusaka Stock Exchange
has transformed into a fully automated modern, stock
exchange with the capability to trade in equities, collective
investment units and government bonds. Compared to the
previous manual system the exchange can now benefit
from greater operational efficiency, lower labour costs,
reduced error rates and higher transaction volumes.
In August this year, MillenniumIT’s Central Securities
Depository (CSD) software was implemented at the Botswana
Stock Exchange (BSE), which is rated the third largest
stock exchange in Southern Africa. MillenniumIT systems
are also operating in other African stock markets such
as in Mauritius, Kenya, Tanzania, Ghana and Uganda.
The American Stock Exchange, ICAP and the London Metal
Exchange have also obtained MillenniumIT systems.
MillenniumIT is a premier technology solutions provider
serving the global capital markets industry with systems
deployed at over 15 sites, including the American Stock
Exchange, ICAP and the London Metal Exchange. MillenniumIT’s
suite of capital market products includes Millennium
Exchange (multi asset class trading platform), Millennium
SOR (smart order router), Millennium Surveillance (market
surveillance and regulatory compliance) and Millennium
CSD (central securities depository).
The Lusaka Stock Exchange (LuSE) was established with
preparatory technical assistance from the International
Finance Corporation (IFC) and the World Bank in 1993.
The Exchange opened on 21st February 1994. In its first
two years of operation, the LuSE and Securities and
Exchange Commission (SEC) were funded by the UNDP and
Government of Zambia as a project on financial and capital
market development in Zambia under the multi component
private sector development program.
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