Tuesday, October 23, 2007
NSE: A short history
The NSE has survived two dictators, many a cack-handed chairman since its inception proper in the 1950s. In those days, it was a whites only affair headed by the original owners of Francis Drummond. Those who had the ears and eyes open took advantage at Uhuru to maintain the exclusivity. Peeps like the late Francis Thuo were in on this game from early on.
Jimnah alongside the late Francis Thuo, Nginyo Kariuki and others stuck through the stock market-hostile 70s and 80s and thin 1990s so that whipsnappers like KCIG and 650,000 others could mint it at the NSE.
They have changed with the times, reducing settlement times, introducing ATS training system,
doing away with share certificates, real-time data (heralding real-time trading in 2008/9 or whenever cheaper internet reaches our shores). For sure, there has been fraud, blinkered
approaches on customer concerns, and while being one of the first to criticise when they go wrong, I for one I am glad that men and women with back-bone have midwifed the NSE to stage that it will go on to become an important financial source for our economy's growth . The NSE will be demutualising in 2008 meaning anybody
can own shares in it and even set themselves up to be a broker.