Nairobi Securities Exchange unveils BBO software

R.B · 2012-09-07T06:51:08+00:00

Nairobi Securities Exchange (NSE) in conjunction with major stakeholders in the capital markets fraternity has launched a new system known as Broker Back Office (BBO), meant to halt irregularities in buying and selling of shares and rekindling investor confidence The BBO software was acquired from Indias Chella Software Private Ltd (Chella), a leading vendor for large financial services firms in securities broking, investment management, market risk management and treasury operations. The Sh75 million ($889,650) worth solution has been integrated in the management and accounting information systems of the brokerage firms, according to NSE. The new system is expected to eradicate malpractices that stockbrokers engage in behind the scenes including unauthorised selling of clients shares and foster transparency and integrity in line with new reforms crafted by the Kenyan government and the markets regulators. Under the new system, purchases or sales of shares, including payments and receipts of cash on similar shares by stockbrokers and investment bankers will be automatically tracked by market regulators, which will enable the detection of suspicious transactions. BBO is an affirmative step that the capital markets players, and industry as a whole, has taken towards achieving international best practice, said Bob Karina, vice chairman of the NSE. Now, the entire process of trading in securities listed on the NSE is supported by IT, from inputting an order, to processing the order, to making payment and transferring the securities to the new owners. The BBO system will also allow Kenyans in the Diaspora to access the stock market.

Thread starter R.B
Start date Sep 7, 2012

R.B

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Nairobi Securities Exchange unveils BBO software

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