Sept 20 (LBO) – Sri Lanka’s Millennium Information Technologies (MIT) said Wednesday it had developed an automated trading system for the Nairobi Stock Exchange.
Live trading began on September 11 with the new system, resulting in record trading volumes of 3761 trades compared to 759 trades on the same day the year before, MillenniumIT said in a statement.
The Nairobi Stock Exchange is ranked at fourth slot in terms of trading volumes and fifth in terms of market capitalization amongst African Stock Exchanges.
“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, Tony Weeresinghe, CEO of MillenniumIT, said.
œIt is an extremely scaleable application capable of executing 100,000 trades a day or even 10 Million trades per day.”
The company said its suite of software for the securities industry together with MillenniumIT’s newly patented software tool, Business Innovation-Dynamically (BID), would help the success of the new trading system.
œWith more African exchanges using our platform, the Africa