GMAX Technologies and ESCROW Group tapped to support ALTX East Africa launch.
After gaining regulatory approval in 2014, and depository approval last year, ALTX East Africa Ltd has today gone live with its new securities and derivatives Exchange , regulated by the Capital Markets Authority of Uganda.
In addition to ALTX East Africa, ALTX Clearing Ltd provides full derivatives clearing capabilities and operates a host of depository solutions including securities custody, registry, lending and borrowing, securities pledging and release, interdepository transactions, and mobile registration and trading for retail clients, powered by its CSD-R technology.
ALTX demonstrates the outcome of determination, knowledge and clarity of strategy.
GMEX Technologies CEO and Director of ALTX Hirander Misra said in a statement: “ALTX demonstrates the outcome of determination, knowledge and clarity of strategy. To GMEX Technologies Ltd, ALTX now represents a working model of exchange establishment done by people who understand the opportunity space in Africa.”
“We are happy that ALTX East Africa has reached this milestone in their journey and as the regulator, we expect ALTX to deliver on the securities products that they indicated to us in their plans and to ultimately grow the investor and issuer base in Uganda, considering that domestic savings which are currently growing at an annual average rate of 30% do not have sufficient investment options,” said Keith Kalyegira, CEO of Uganda's Capital Markets Authority, commenting in an official statement.
Mr. Kalyegira added: “We are also hopeful that ALTX’s existence will increase the number of skilled capital markets practitioners and intermediaries.”
T+1 Settlement
An official announcement of the launch highlighted that ALTX East Africa can handle 150,000 transactions per second, with trade settlement enhanced via an automated process that will enable clients to access cleared funds on the same day instead of waiting several days for funds to settle from closed trades.
“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, CEO and co-founder, commenting in a statement regarding the launch.
Mr. Kitamirike added: “We spared no expense to access the best and most reliable technology, seeking to ensure that our customers who will always want to associate with a leader have access to the best.”
CEO's background
Mr. Kitamirike is a Senior Director at the Albright Stonebridge Group in Washington, DC, and holds a Bachelors degree in Mechanical Engineering from Makerere University, and an MBA in Finance from the University of Connecticut in the US.
He served as a director on the Board of the Central Depository & Settlement Corporation of Kenya for three years, and for Fidelis International Institute, and as executive member of the African Securities Exchange Association (ASEA) until August 2013 when he became chairman.
Mr. Kitamirike also held the role of CEO of Uganda Securities Exchange for a 3-year period until 2013, before becoming CEO of ALTX and after co-founding ALTX Africa Group (AAG) in Mauritius with Jatim Jivram - one of ALTX's current board members. AAG plans on opening at least 10 exchanges across Africa with connectivity to nearly twice as many international venues.
Getting listed in Uganda
In terms of why companies should consider becoming listed on ALTX, the company noted that it is the first exchange in Uganda and East Africa to introduce a fully automated trading and settlement cycle with same-day trading. It also added in a description on its website that it is the first in the region to offer a multi-asset platform including depository receipts, ETFs, and asset-backed securities, and multi-currency securities trading, as well as cross-border trading memberships.
An excerpt of the ALTX platfom can be seen in the screenshot below, courtesy of ALTX East Africa:
After gaining regulatory approval in 2014, and depository approval last year, ALTX East Africa Ltd has today gone live with its new securities and derivatives Exchange , regulated by the Capital Markets Authority of Uganda.
In addition to ALTX East Africa, ALTX Clearing Ltd provides full derivatives clearing capabilities and operates a host of depository solutions including securities custody, registry, lending and borrowing, securities pledging and release, interdepository transactions, and mobile registration and trading for retail clients, powered by its CSD-R technology.
ALTX demonstrates the outcome of determination, knowledge and clarity of strategy.
GMEX Technologies CEO and Director of ALTX Hirander Misra said in a statement: “ALTX demonstrates the outcome of determination, knowledge and clarity of strategy. To GMEX Technologies Ltd, ALTX now represents a working model of exchange establishment done by people who understand the opportunity space in Africa.”
“We are happy that ALTX East Africa has reached this milestone in their journey and as the regulator, we expect ALTX to deliver on the securities products that they indicated to us in their plans and to ultimately grow the investor and issuer base in Uganda, considering that domestic savings which are currently growing at an annual average rate of 30% do not have sufficient investment options,” said Keith Kalyegira, CEO of Uganda's Capital Markets Authority, commenting in an official statement.
Mr. Kalyegira added: “We are also hopeful that ALTX’s existence will increase the number of skilled capital markets practitioners and intermediaries.”
T+1 Settlement
An official announcement of the launch highlighted that ALTX East Africa can handle 150,000 transactions per second, with trade settlement enhanced via an automated process that will enable clients to access cleared funds on the same day instead of waiting several days for funds to settle from closed trades.
“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, CEO and co-founder, commenting in a statement regarding the launch.
Mr. Kitamirike added: “We spared no expense to access the best and most reliable technology, seeking to ensure that our customers who will always want to associate with a leader have access to the best.”
CEO's background
Mr. Kitamirike is a Senior Director at the Albright Stonebridge Group in Washington, DC, and holds a Bachelors degree in Mechanical Engineering from Makerere University, and an MBA in Finance from the University of Connecticut in the US.
He served as a director on the Board of the Central Depository & Settlement Corporation of Kenya for three years, and for Fidelis International Institute, and as executive member of the African Securities Exchange Association (ASEA) until August 2013 when he became chairman.
Mr. Kitamirike also held the role of CEO of Uganda Securities Exchange for a 3-year period until 2013, before becoming CEO of ALTX and after co-founding ALTX Africa Group (AAG) in Mauritius with Jatim Jivram - one of ALTX's current board members. AAG plans on opening at least 10 exchanges across Africa with connectivity to nearly twice as many international venues.
Getting listed in Uganda
In terms of why companies should consider becoming listed on ALTX, the company noted that it is the first exchange in Uganda and East Africa to introduce a fully automated trading and settlement cycle with same-day trading. It also added in a description on its website that it is the first in the region to offer a multi-asset platform including depository receipts, ETFs, and asset-backed securities, and multi-currency securities trading, as well as cross-border trading memberships.
EU Parliament Imposes €10,000 Cash Payment Limit in New Anti-money Laundering Legislation
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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