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ITWeb Africa

Thursday, Feb 20th

Namibian brokers to use IRESS single trading solution

Namibian brokers to use IRESS single trading solution.

Supplier of technology for financial markets, wealth management and the mortgage industry IRESS has announced that all four of Namibia's stockbrokers have switched their front-end links into the local bourse trading system to the trading solutions supplied by the company.

IRESS runs its business in neighbouring South Africa as well as United Kingdom, Canada, New Zealand, Australia and parts of Asia.

IRESS says that the fully integrated solution incorporates order and execution management, which means that brokers no longer have to use multiple and legacy trading systems when managing orders on the local Namibian Stock Exchange (NSX) and their institutional order flow to South African brokers for execution on the Johannesburg Stock Exchange (JSE).

Order routing is fully managed by IRESS since the switch was made and is now delivered within a unified multi - market order - management system.

Ridwaan Kharva, head of trading solutions at IRESS, explained the significance of the development for the stockbrokers,

"Having an integrated order - management system and execution platform creates

a huge amount of efficiency in terms of both cost and workflow. We are delighted to include all Namibian brokers as IRESS exchange trading clients in addition to our presence in South Africa. IRESS has been connecting market participants for over 10 years and brokers in Namibia will now be able to benefit from enhanced trading capability, delivering improved speed and reliability with reduced cost."

IRESS says brokers can leverage its international trading connectivity and seamlessly access counterparties on the IRESS network, which includes many "buy - side" or institutional investors.

The potential for human data entry error has also been removed according to IRESS as a result of efficiency benefits that include unified systems and elimination of the need to enter data twice or more.

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