DAR ES SALAAM STOCK EXCHANGE TO UPGRADE SYSTEM

DSE Chief Executive Officer, Mr. Moremi Marwa.

The Dar es Salaam Stock Exchange (DSE) is in the process of changing the Automatic Trading System (ATS) and Central Securities Depository (CSD) engine into a more robust and cost efficient system in order to make the bourse more vibrant and competitive.

The DSE Chief Executive Officer Mr Moremi Marwa said in an exclusive interview in Dar es Salaam that the use of the technologically enhanced system as key platform for the bourse’s future initiatives will improve productivity.

“We intend to introduce more demand driven products such as Real Estates Investment Trusts (REITs), Municipal Bonds, Exchange Traded Funds, Derivatives and Futures Contracts, Retail Savings Bonds,” he said.

Through this new system he added, DSE intends to use it as a platform to join the National Payment System and also enable the CSD integration with the Central’s CSD for government bonds.

“With the new changes and upon positive reception of some key initiatives that we are driving, the future of the DSE and its role in resource mobilisation for our economic growth priorities is bright and as the Tanzanian economy and securities market continues to grow,” he said.

He said for example, in just one year of being in office, domestic and total market capitalization have increased to 6.5tri/- and 17.6tri/- compared to 3.6tri/- and 13.7tri/- respectively, that were registered last year.

Similarly, the total turnover has grown to over 200bn/- in the period under review compared to an average of 50bn/- last year. However, the successes were not without challenges, noted.

Mr Moremi saying, there has been a slow pace of stakeholders to act. For example, the private sector’s use of the bourse for long term capital needs and privatization through the Exchange.

Others are the implementation of the EPOCA and Mining Act of 2010, liberalizing capital account, the use of the bourse by local government to raise funds through municipal bonds.

In the meantime, the last trading session on Friday saw the market turnover jumping to 6.43bn/-from 20,017,032 shares traded in 30 deals.

On a pre-arranged crossing board, CRDB counter had 20,000,000 shares traded at 320 per share in four deals where foreign investors generated a total turnover of 6.4bn/- from the purchase of 20,000,500 CRDB shares.