KARACHI: InfoTech, a Pakistani based systems integration company, has won the bid to deploy its advanced market surveillance system ‘Capizar Capital Market Suite’ in Kenya, according to a press statement released on Wednesday.
InfoTech’s proprietary Capizar Capital Market Suite has been installed successfully in Pakistan, Ghana and Bhutan.The statement added that the Capital Markets Authority Kenya (CMA) auction followed a stringent public procurement process that commenced in June 2011 with the release of an expression of interest (EOI) collected globally. Contended parties submitted a request for proposal from which the competitive bidder that was the best market fit was identified.
Earlier, the CMA had embarked on a programme to automate their depository and settlement operations in November 2004, implement an automated trading system in September 2006, wide area network in December 2007 and successfully installed the broker back office investment software package in early 2012. Collectively these have helped transform Kenya’s capital market to globally accepted financial market standards and competitively positioned it as a safe and preferred investment destination.
Speaking during the contract signing ceremony, Capital Markets Authority Chief Executive Stella Kilonzo noted, “The authority has stepped up its oversight role to ensure real time surveillance and any irregularities in trading are identified and curbed early enough through the successful implementation of an enhanced surveillance system.”
InfoTech CEO Naseer Akhtar lauded the role of CMA in maintaining and regulating the capital markets of Kenya. “The implementation of the Capizar market surveillance will ensure that trading remains the foremost priority and that it is conducted in a transparent manner”, commented Akhtar. – Thetribune