ALTX Africa Group
ALTX Africa Group
ALTX Africa Group (AAG) was founded in Mauritius by Joseph S. Kitamirike and Jatin Jivram, who have partnered with GMEX Technologies Ltd. and FTH Investments Ltd. AAG is licensed by the Financial Services Commission of Mauritius as a Global Business Company Category I. The company was established to invest in exchanges and related transaction infrastructure with the aim of enhancing trading liquidity. AAG plans to establish up to 10 exchanges around Africa and to provide linkages to 10-20 others.
GMEX Technologies Ltd provided the trading technology for equities, derivatives, currencies and commodities. GMEX Technologies Ltd is wholly owned by GMEX Group LLP, which is part owned by Deutsche Boerse.
Hirander Misra, CEO of GMEX and former COO of Chi-X Europe Ltd. is a director in AAG and Joseph S. Kitamirike, former CEO of Uganda Securities Exchange, is also a director in AAG and CEO of ALT Xchange (Uganda ) Ltd.
AAG owns ALT Xchange Ltd., an approved exchange operator in Uganda and ALTX Clearing (Uganda) Ltd., a licensed Central Securities Depository (CSD) operator, managing clearing and settlement for ALT Xchange. ALTX is authorized to trade equities, bonds, structured products and derivatives. ALTX was approved in March 2014 setting the stage for establishment of the infrastructure vision. ALTX Clearing Ltd was licensed in August 2015. Alongside those regulatory approvals, ALT Xchange has secured approval for a number of regulatory instruments as follows:
- Securities Rules, which include rules for Derivatives, Asset Backed Securities, Depository Receipts and Exchange Traded Funds. ALTX Fees and Penalties Rules have also been approved.
- Central Securities Depository Rules and Procedures have also been established and approved by the regulator.
In pursuit of the liquidity enhancement strategy, AAG and ALTX have partnered with three technology companies to enhance their activities. ALTX will introduce a debt market product targeted at the mobile wallet holders, enabling them to invest in the treasury debt market instead of keeping cash on the mobile account. ALTX will also introduce capability to enhance pre-trade discovery with a combination of algorithmic data mining and network management techniques as well as order matching.
The two mobile trading products provided by Escrow and IntelWorld are designed to enable retail liquidity that is perceived in the Uganda market. The Algomi product is designed to enable negotiation and matching of interests between network participants whose geographical separation is wide, but would have access to similar data on the instruments.