The Stock Exchange of Mauritius (SEM) on Thursday launched a new automated trading system, positioning itself as an attractive multi-currency listing platform capable of offering sophisticated products and services to domestic and international investors. The launch took place during a ceremony in Port Louis, the country’s capital.
The Technical Assistance Fund for Middle-Income Countries, a bespoke instrument hosted and funded by the African Development Bank, disbursed $600,000 in grants for the upgrade. The automated system was developed by Securities and Trading Technology Ltd of South Africa.
The automated system incorporates a robust trading desk for brokers. Investors will be able to trade many assets through web browsers and a mobile app called mySEM. The project – which involved an overhaul of the exchange’s technological infrastructure – will also strengthen the market by offering the integration of services such as data distribution, remote brokerage and depositary banking, as well as the possibility of trading these asset classes. as derivatives.
The new automated system also incorporates a state-of-the-art surveillance system that will enhance real-time monitoring of market activity and trigger alerts in the event of market abuse or irregular trading practices.
Sunil Benimadhu, Managing Director of the Stock Exchange of Mauritius, said: “Today marks an important day for the partnership between the Stock Exchange of Mauritius and the African Development Bank. We are proud and honored to have received funding from the African Development Bank for the live of the new STT trading platform on the Stock Exchange of Mauritius. This recognizes the key role the African Development Bank plays in supporting innovation and market growth in Africa. The launch of this new trading engine is a historic step towards the strategic positioning of the Stock Exchange of Mauritius. Exchange of Mauritius as a world-class international exchange. It is also an attractive multi-currency capital raising and listing platform for local, Africa-focused and niche international products.
Ahmed Attout, Director of the Capital Markets Development Division of the African Development Bank, said: “The African Development Bank is pleased to have supported the Mauritius Stock Exchange in the implementation of this important project for the deepening of the Mauritian capital market. The intervention aligns with our mandate to encourage and support the development of capital markets in Africa through strengthening capital market institutions and creating an enabling environment for the growth of financial markets. This project is expected to contribute to diversify investments in the Mauritius Stock Exchange. It will promote access to long-term financing in local currency for small and medium-sized enterprises and the Mauritian real sector through the capital markets. The African Development Bank is also pleased to support regional integration by facilitating the interconnectivity of the Mauritius Stock Exchange with other markets in Southern Africa. Community region and the African continent at large.”
The Stock Exchange of Mauritius Ltd commenced operations in July 1989 as a national equity-focused stock exchange. Its momentum for transformation took a new turn in 2010 when it undertook a fundamental change in its strategic orientation, embarking on the internationalization of its operational and regulatory framework. The result of this strategic change was quite convincing. Around 200 securities are listed on the Stock Exchange of Mauritius, covering different asset classes and issued by a diverse group of local, African and international issuers. The Stock Exchange of Mauritius today has a streamlined listing regime catering to the specialized nature and requirements of a variety of asset classes. These cover equity products, debt products, exchange traded funds, exchange traded notes, certificates of deposit and structured products. These products are issued and listed by domestic issuers, international issuers, investment entities, specialist firms (including GBC Global Trading Companies) and public sector issuers.
For more information, please visit: www.stockexchangeofmauritius.com
Contact: Olufemi Terry | Communication and External Relations Department | African Development Bank | [email protected]
Nishan Aubeeluck, Manager, Market Data, Market Development and Corporate Affairs, Stock Exchange of Mauritius
Akin Adigun, CFA, Principal Capital Markets Officer, African Development Bank