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Broker unveils SMS share trading service

CARTOON
By | July 10th 2009

By James Anyanzwa

Standard Investment Bank has introduced trading of shares using mobile phones.

Mr James Wangunyu, the company’s executive chairman, says investors will now be able to place their buy and sell orders by sending text mesages on their phones.

"Today we are introducing the next leap in technology that will change how we trade on the Nairobi Stock Exchange (NSE) once again," Wangunyu told a media briefing at the company’s offices in Nairobi yesterday.

"This is an important milestone in our capital markets."

Easy Hisa mobile allows orders to be processed and delivered to the exchange within an hour.

Wangunyu said mobile stock trading would eliminate transportation costs, and save on time spent by investors walking into brokerage firms to place orders.The move comes barely a week after the NSE hinted at least two of its members were in advanced stage of implementing Internet/SMS trading.

Improve efficiency

The service enables investors to— among other things— place orders, check balances in their accounts, determine the value of their shares and hold orders, if the price movement is erratic.

Other developments in the capital markets include the Central Depository System, and the automated trading system, which improved the efficiency of the trading cycle from weeks to five days.

The introduction of the Wide Area Network enabled stockbrokers to trade from the comfort of their offices.

This was expected to act as a stimulus for members of the NSE to open offices throughout the country for the Kenyan investor to access the capital markets and at the same time for Kenyans in the Diaspora to access their stock brokers remotely.

The NSE is also spearheading the implementation a standard member back office system.

The system, which will link the ATS and the CDSC, is expected to enhance the scale, efficiency and risk management capability of member back office operations.

The bourse, in consultation with the Capital Markets Authority (CMA) is already developing system standards to which members will need to adhere to.

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