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KENYA'S NSE TO CLOSE TRADING FLOOR IN 6 MONTHS
NAIROBI Stock Exchange will close its trading floor in the next six months. This is to facilitate the practice of brokers trading from their offices. The stock market is currently setting up a Wide Area Network (WAN) platform that will connect all brokers to the main server at the NSE and coordinate and effect trading.
In a run-up to the closure, stockbrokers will have the option to trade from the floor or from their offices, or both. Currently, each stockbroker has a computer terminal on the NSE trading floor connected to the market's main computer server.
The system will cut settlement time for transactions from five days to three days. And plans are in progress to set up a financial centre to host the NSE headquarters and other market intermediaries. The NSE also plans to merge with Uganda, Rwanda and Tanzania Stock Exchanges to form the East Africa Securities Exchange.
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