ALTX Partners Gmex for Ugandan Exchange Launch
Gmex Technologies will provide the technical resources for the project, which ALTX eventually plans to expand to a pan-African presence. The group will use Gmex's ForumMatch exchange product, ForumDetect for market surveillance, and ForumTrader as a workstation.
"We have the privilege to lead the process of interconnecting Africa's markets, to open them up to global liquidity and to deliver market opportunities with best-in-class technology provided by Gmex," says Joseph S Kitamirike, CEO and co-founder at ALTX. "Our partnership is one we believe could potentially enhance Africa's economic growth trajectory by easing the flow of capital and increasing the variety of tradable securities and derivatives on offer."
The Ugandan exchange is expected to launch in Q4, 2014, offering bonds and securities initially, and later branching out into derivatives. Gmex said that it was also in advanced talks to acquire a strategic stake in ALTX.
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