A news service by the name of X-News has become the latest product coming from the local bourse, the Botswana Stock Exchange (BSE) recently.
During a media briefing, the BSE Chief Executive Officer, Hiran Mendis said X-News has been implemented as part of the strategy of making the BSE a database of exchange-related information for the benefit of the market. “This will reduce the asymmetry of information.” Mendis said.
According to the BSE information department, the service, was launched on the 1st August on a trial basis, and will be fully rolled out from the 1st of September 2014. “From this date listed companies information will be released by the BSE through X-News, appearing immediately on both the ATS message (ATSM) board and the BSE website.”
Accordingly, subscribers to the X-News Email service will have the link to the publications delivered to their designated e-mail addresses within 15 minutes of uploading to the ATSM and BSEW. He added that some X-News would also be released in the press as soon as possible following a BSE approval.
BSE believes X-News would enable punctual fair and efficient release of market information. “A fair and efficient market, without insider trading requires fair distribution of information to exist,” said the BSE Listing and Trading Manager, Tsametse Mmolai.
The Non-Bank Financial Institutions Regulatory Authority (NBFIRA) and the BSE have approved the amendments to the company’s listings requirements to enable full implementation of X-News. NBFIRA regulates all non-banking services in the country.
X-News also operates at the Johannesburg Stock Exchange and the London Stock Exchange, and because of this, the management at BSE found it pertinent to utilise the tried and tested service as a way of meeting consumer information demands.
“There was a need for us to adopt the same service because Off-Shore investors were unable to access information published in our local newspapers. This service offers value added service with email alerts for those who require constant updates,” Mmolai explained.
The Botswana Stock Exchange has 37 companies listed on the bourse, with 23 on the domestic board and the rest on the foreign board.
source: John Churu/ BizTech Africa