Live Trading commences at Nairobi Stock Exchange using a system developed by Millennium Information Technologies, Sri Lanka
Malabe/Nairobi, September 19 2006
Live trading began for the first time at the Nairobi Stock Exchange (NSE) on September 11, 2006 It took Millennium Information Technologies, Sri Lanka only five months to develop, test and implement this system.
“In the first day alone the difference in moving from a manual system to an automated trading system has given us astounding results,” says Mr. Chris Mwebesa, Chief Executive Officer of the NSE. “On September 11 when the system went live we had 3,761 trades compared to 759 trades recorded on September 12 2005. This is a very encouraging start.
On September 19, 2006 the NSE recorded the highest single day turnover of KSH 857 Million. The NSE ranked 4th in terms of trading volumes and 5th in terms of Market Capitalization as a percentage of GDP amongst African Stock Exchanges, as at December 2005.
Millennium Information Technologies (MillenniumIT) believes that its unique suite of software for the securities industry, along with the Company’s newly patented software tool, Business Innovation-Dynamically (BID), the first of its kind in the world will make a big difference in the success of the NSE.
"We are excited about being able to "partner" with African stock exchanges. The application deployed at the NSE is the same as the applications deployed in the North American markets. It is an extremely scaleable application capable of executing 100,000 trades a day or even 10 Million trades per day.
With more African exchanges using our platform, the African dream of being one unified exchange to trade in any place is now getting closer to reality" Tony Weeresinghe, CEO of Millennium Information Technologies, said. Two years ago, MillenniumIT deployed the Central Securities Depository in Kenya, which is tightly integrated with the launched automated trading system at the NSE. MillenniumIT already powers exchanges in Mauritius and Ghana and is implementing a system in Tanzania.
About the Nairobi Stock Exchange
The NSE was incorporated in 1954. The NSE adopted a call-over system at inception and an open-outcry system in 1991. The CDS was launched in 2004 and now the ATS in 2006. The NSE has close to 500,000 CDS account holders presently. The NSE enjoys a large pool of educated potential investors, a favourable socio-economic reform environment and a stable political climate. For more information please visit our Web site at www.nse.co.ke .
About Millennium Information Technologies
Millennium Information Technologies is a cutting-edge software developer and marketer specialising in the capital markets and telecommunications industries. The Company’s automated trading system, Millennium Exchange™, currently powers several stock exchanges and depositories in the United States, Europe, Africa and the Asia-Pacific region. For more information please visit our Web site at www.millenniumit.com.
For any further information please contact :
Ms. Aruni Gautamadasa
Tel : 2416103
Fax : 2413227
E-mail : firstname.lastname@example.org