The East African Securities Exchange Association (EASEA) has reduced the period of transferring securities (shares) from one stock exchange to another to between 24 to 48 hours from one week.

The EASEA said the new move now makes transfer and trading of securities/ shares easier for investors in the region's stock exchanges.

At the end of their 25th consultative meeting held last week in Kampala, the members of EASEA announced that movement of securities across East Africa has been made easier as a result of automated trading system in Nairobi, Dar-es-Salaam and Uganda securities exchanges.

The membership of EASEA which is composed of the chief executive officers of Nairobi Securities Exchange, Dar-es-Salaam stock exchange Uganda Securities Exchange, Rwanda Stock Exchange and the Central Depositary and Settlement Corporation of Kenya also announced that the period of settlement of traded share payments has also been reduced to three days in Kenya, Tanzania, Uganda and two days in Rwanda Stock Exchange.

In their joint communiqué EASEA members said: "The settlement cycle has been shortened from Transaction (T) T+5 to T+3 in the stock exchanges of Kenya, Uganda, Tanzania and T+2 in Rwanda Stock Exchange."

Globally, capital markets are increasingly automating and getting interconnected to facilitate the movements of shares and capital across international boards.

The EASEA chairman, also executive officer of Rwanda Stock Exchange, Mr Pierre Celestin Rwabukamba, told journalists that the issue of deeper integration of stock exchange in the region was top on the agenda of the meeting.

"To attract global capital flows and participate in global capital markets, East Africa securities exchanges have initiated a project to adopt mutual modern technological system that meets different market needs. This innovation will boost the foundation for the regional integration of capital markets," he said.

Listed companies

Nairobi Securities Exchange has 67 listed companies, Tanzania 21 companies, Uganda 16 companies and Rwanda seven companies.