ALTX East Africa is an approved exchange operator in Uganda and ALTX clearing Uganda Ltd, a licensed central securities depository (CSD) operator managing clearing and settlement for ALTX East Africa.They all fall under the ALTX Africa Group. It is authorized to trade equities, bonds, structured products and derivatives.
Early this week, they’ve gone live with their hightech exchange system. The team led by ALTX CEO, Joseph Kitamirike has built the exchange has spent 3 years since 2013 and have spent most of the last eight months optimizing their systems, aiming to deliver a world class securities exchange facility.
The platform obtained regulatory approval in 2014 and depository approval was secured in 2015.
ALTX East Africa is coming to the market having met several of its design goals, including building a competitive facility based upon world class technology, reducing settlement time to less than a day, enabling trading of assets listed in different markets, providing professional investors access to the trading platform, availing different asset classes on a single platform and reducing the risk management burden on brokers accessing the system.
ALTEX says their exchange platform has the capability of handling 150,000 transactions per second and that it is one of the fastest in global production. And they went on to say that they’ve been enabled to do this by their partnership with London based exchange technologies company, GMEX Technologies and ESCROW Group, who will specialize in securities management and systems.
“The technology package that ALTX has assembled for the ALTX East Africa exchange is blazing the trail in terms of performance and risk management”, Said Joseph Kitamirike, who doubles as the CEO and Co-founder.
Jatin Jivram, Co-founder and ALTX East Africa Ltd also said;”Our commitment to Uganda, East Africa and Africa can be seen through what we have put forward for this exchange in Uganda”.
ALTX launched with depository receipt securities issued on the treasury secondary market. In the medium term, they will introduce global equities, access to global bond products and exchange traded funds.