Sunday, June 25, 2006

Way Forward for the NSE

The Nairobi Stock Exchange (NSE) will in a few months start electronic stock trading - which is expected to triple the volume of share traded at the exchange daily. Also the current allowed price spread of 10% will be increased to 20%.

NSE Chairman Jimnah Mbaru has over the years made several speeches advocating for the NSE to forge trade partnerships with the Johannesburg Stock Exchange (JSE)including having Kenyan companies’ cross-list on their board. Kenyan companies that can consider cross listing include East African Breweries, which was ranked the 76th largest in Africa, and possibly Kengen.

The JSE which recently went public saw the volume of trading and liquidity increase many times over when it began electronic trading a few years ago.

21 comments:

Ken said...

Banks, this is great news for all investors,
We will probably see a breed of day traders in this continent now that so many investors will have access to the market and trading will be in real time.
PS. I have decided 2 blog checkout http://kendirangu.blogspot.com/

Mashatall said...

banks.
will trading be live and will there be realtime market streaming data services?
Ken
I think we will still have to go thru brokers and with the spread being increased, then market prices will easily be fixed by the brokers.Unless they offer live trading where you can lock the price that you see quoted on the exchange, then brokers wont have the power of setting the prices.
I respect mbaru for his foresight in advocating JSE listing, but will kenyan companies be able to adjust to international accounting standards? What i propose is that we first build checks and balances within NSE, and give the CMA some teeth to do proper regulation of the capital markets. as it is the brokers have it their way, with Ntalami (former stockbroker) as the CMA MD, and Mbaru as the NSE chairman, how can stock brokers pretend to be able to self regulate themselves? lots of things need to be set right before we even think of crosslisting on the JSE.

Ken said...

Mashatall, the greatest benefit of electronic trading will be the time it takes to complete a trade.
If you visit the trading floor at Nation Centre you find the guys in red coats really controlling the counters and the prices and at times the time it takes for one broker to buy or sell depends on how loud he can shout or how soon he will draw the attention of this guy.
Unless you are really influencial, it takes on average 36hours to buy a stock this days, this new system ought to reduce that time.

As for the NSE and CMA management, I too am tired of the same old faces and it's about time we saw some new brains.

Reform in the NSE and CMA will probably come from the ministry of finance or trade or the lobbying of a concerned MP but I wont expect it from inside. The advantage of going this way is that JSE and SA investors will demand reforms before they invest in our stocks and vice versa, this could help us style up.

bankelele said...

Ken: welcome to the blog world

Mashatall: I think that will depend on the stockbrokers, who we will still have to go through - there will still remain a lot of grey area in the trading process

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