MillenniumIT powers Zambia’s Stock Exchange

The trading system of Zambia’s Lusaka Stock Exchange (LuSE), went live on November 4, using systems designed and developed by Sri Lanka’s MillenniumIT.

“The consultants have been here since August and according to their schedule of activities, enabled the traders to input their orders electronically for the first time. This is a very exciting moment for LuSE.

This automation will open up many opportunities for linkages and outsourcing.

It has been a worthwhile investment,” said Beatrice Nkanza, the CEO of the Lusaka Stock Exchange.

“The Lusaka Stock Exchange is another step in MillenniumIT’s foray into Africa,” said Head of Business Development at MillenniumIT, Jit Seneviratne.

MillenniumIT also provided the software for the Central Securities Depository of the Lusaka Stock Exchange.

The exchange, that was established with technical assistance from the International Finance Corporation and the World Bank, and opened in 1994, previously depended on manual systems to provide its services.

Now, with the electronic trading system also going live, the Lusaka Stock Exchange has transformed into a fully automated modern, stock exchange with the capability to trade in equities, collective investment units and government bonds. Compared to the previous manual system the exchange can now benefit from greater operational efficiency, lower labour costs, reduced error rates and higher transaction volumes.

In August this year, MillenniumIT’s Central Securities Depository (CSD) software was implemented at the Botswana Stock Exchange (BSE), which is rated the third largest stock exchange in Southern Africa.

MillenniumIT systems are also operating in other African stock markets such as in Mauritius, Kenya, Tanzania, Ghana and Uganda. The American Stock Exchange, ICAP and the London Metal Exchange have also obtained MillenniumIT systems. MillenniumIT is a premier technology solutions provider serving the global capital markets.