Data Services Promote Growth of African Stock Exchange

Data Services Promote Growth of African Stock Exchange	04 Jan 2008
From the comfort of his office, Mr George Njoroge, a stocks agent, follows the “live” proceedings of trading at the Nairobi Stock Exchange (NSE), thanks to the data vending services introduced early this year. “I can follow the proceedings of the trading from my office,” says Mr Njoroge. Sometimes when the Internet is slow he is forced to visit the NSE auditorium, where the public are updated by the minute via a projector screen. His experience sums up the development of data vending where some gains have been made albeit with several challenges as the service took shape this year. Before its introduction, the public had to wait until the close of trade to obtain the price list. All these developments have been brought about by the resurgence in the stock market evidenced by a series of Initial Public Offers (IPOs). The landmark listing of Safaricom, East Africa’s most profitable company, is expected to shift stock market activity into top gear next year. Six data vendors were licensed by the NSE as trading metamorphosed from the open outcry system to the Automated Trading System (ATS). The introduction of the Wide Area Network (WAN) sets it a step away from full integration of online trading.