Uganda's second securities exchange goes live

Uganda's second securities exchange goes live

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A new financial exchange backed by technology from a London-based firm went live in Uganda on Wednesday.

Dubbed ALTX East Africa, the platform allows investors to trade in multiple markets and asset classes.

GMEX Technologies, a UK tech firm also helping to build a derivatives market in Vietnam, has been involved in the project. 

In a statement, ALTX executives said the new bourse offers "great opportunity for millions of new investors" to come into Uganda's securities market.

Low thresholds have been set with the minimum amount investable placed at $3.

Smartphone access is also available to users of the platform, which can handle 150,000 transactions a second and provide settlement within 15 minutes.

The exchange is regulated by the Capital Markets Authority of Uganda and competes with the 18-year-old Uganda Securities Exchange, which has 16 stocks.

“The technology package that ALTX has assembled for the ALTX East Africa exchange is blazing the trail in terms of performance and risk management," said ALTX East Africa chief executive Joseph Kitamirike.

“We spared no expense to access the best and most reliable technology, seeking to ensure that our customers who will always want to associate with a leader have access to the best.”

Jatin Jivram, co-founder and director of ALTX East Africa, added:  “Our commitment to Uganda, East Africa and Africa can be seen through what we have put forward for this exchange in Uganda."

“We shall continue to seek markets in which to roll out additional trading facilities to ensure that Africa has access to the best and that securities trading, which is a norm in middle and high income countries can take its rightful place among the opportunities available to raise incomes on the continent.”

GMEX Technologies chief executive and director of ALTX, Hirander Misra said that ALTX now represents a working model of exchange establishment done by people who understand the opportunity space in Africa.

“We are confident in the capabilities of ALTX’ people and look forward to working with ALTX to introduce new and exciting securities market products through ALTX.”



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