Thursday, July 25, 2024
NewsCapital Market Authority to award software development gig to foreign firm

Capital Market Authority to award software development gig to foreign firm

  • 10 firms in the running

Officials in charge of setting up the country’s maiden stock exchange have revealed that no less than 10 international firms have submitted bids to develop a monitoring software for the upcoming Ethiopian Securities Exchange (ESX).

The software to be deployed under the auspices of the Ethiopian Capital Market Authority (ECMA) will be used to monitor sales and buyers while facilitating the implementation of an automated trading platform.

Brook Taye (PhD), director-general of ECMA, hopes to see the technology play a pivotal role in market surveillance and security.

“The software will enable continuous monitoring of the capital market, tracking activities from the moment the market opens,” Brook told The Reporter. “It’ll enable the identification of the ultimate beneficiaries in share transactions, thereby enhancing accountability and regulatory compliance.”

Brook Taye (PhD), director-general of ECMA

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The software will be designed to identify irregularities or discrepancies in the market, with authorities banking on it to maintain the integrity and stability of the ESX.

Ten international firms submitted their bids before the tender closed late last month, but the authorities refrained from disclosing the names of the companies.

Brook told The Reporter the bids are under evaluation, and officials plan to finalize a contract with the winning firm within the coming month.

The Director-General sees the implementation of the technology as a significant milestone in Ethiopia’s journey towards modernizing its capital market infrastructure.

ESX recently welcomed Awash Bank as the fourth commercial banking investor, following Global, Zemen and Siinqee banks. Ethiopian Investment Holdings (EIH) and four state-owned enterprises under its wing have also invested in a 25 percent stake in the upcoming capital market.

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