Mr. Celestin Rwabukumba ( on the picture), Coordinator of Rwanda Stock Exchange (RSE) took over the chairmanship of EASEA in its 21st meeting that was held in Kampala, Uganda from the 5th to the 8th of February 2013. For the last two years, the chairmanship of EASEA was held by Mr. Joseph S. Kitamirike, the Chief Executive Officer of Uganda Securities Exchange (USE).
The members of EASEA welcomed Mr. Pierre Celestin Rwabukumba as the new chairman of EASEA. He opened the meeting and thanked the members for trusting him with the responsibility of chairing EASEA. He noted that during his term, he expect that EASEA would implement a number of ongoing initiatives particularly regional inter-depository transfers, read the press communique that came to my attention.
Mr. Pierre Celestin Rwabukumba told me that Rwanda Stock Exchange benefits from its membership in the EASEA. “ East African companies could not trade on Rwanda Stock Exchange if RSE was not a member of this organization” said the new chairman of EASEA. He reiterated that Rwanda Stock Exchange is only 2 years old and has a lot to learn from its East African counterparts.
A number of issues were discussed and agreed upon by EASEA members for follow up and implementation subject to agreement with the members of the East African Security Regulatory Authority ( EASRA) during the Kampala meeting. Amongst those issues are the Regional Broker Back Office ( BBO) Systems. The Kenya BBO had been adopted as the regional standard in previous meeting.
The system would reduce the risk of trading in securities listed on the East African Exchange, boost investor confidence and boost access by facilitating internet trading. The Regional Inter-Depository Transfer Mechanism for crossed-listed securities, Synchronization of EAC and EASRA Regional Integration Initiatives, and Operation of EASEA were amongst other issues that were discussed read the press communique.
The Kampala meeting was also an opportunity for EASEA member states to give their reports whereby each country highlighted a number of key initiatives to increase access to capital, increase efficiency in trading and enhance corporate governance. Tanzania, Kenya, Rwanda and Uganda gave their respective reports. EASEA members resolved that the next consultative meeting will be held in Tanzania, read the press communiqué.