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Kenyan bourse moves to boost trading

BUSINESS NEWS
By Xinhua | February 8th 2021

The Nairobi Securities Exchange (NSE) on Friday shifted to a new broker network in a move that seeks to boost trading.

The network interconnects the NSE, the Central Depository and Settlement Corporation (CDSC) and trading participants in the market offering efficiency.

NSE chief executive Geoffrey Odundo said in a statement issued in Nairobi that the new network will reduce delays experienced before and during trading, enhancing performance and overall service.

 "The network will be transformational for the market as it will reduce connectivity costs to the brokers by approximately 30 percent, ensure higher uptime and performance and increase network security," he said.

CSDC chief executive Nkoregamba Mwebesa said the adoption of the network augments Kenya as a preferred investment destination in the region and the continent as a whole. On Thursday, trading at the NSE hit 1 billion shillings (about 9.08 million U.S. dollars) for the first time in over six months since COVID-19 broke out in Kenya.

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