The Central Depository and Settlement Corporation will suspend some of its services from Monday 7th to Friday 11th October 2019 as it prepares to move into a new and more efficient system.
CDSC currently uses an Oracle-based system to store client data. The services that will be suspended include new user account creation and client account data update.
During the one week period, new investors will not be able to open a new CDSC account and current investors will not be able to make changes to their data at CDSC.
The new system from Perago Group, an Italian company, will be able to link central depository agents, custodian banks, and registrars in one system thereby reducing the paperwork at CDSC.
The system will also allow for intra-day settlements, which the Nairobi Securities Exchange hopes to launch by the end of the year.
Last month, CDSC carried out its final tests on the new system under the supervision of the Capital Markets Authority and all pending matters were solved.