East African Business Week (Kampala)
Cedric Lumiti
11 October 2008
Nairobi — A regional training institute for capital market participants has been launched; raising hopes that the current capacity deficit in the sector will be addressed.
The Securities Industry Training Institute (SITI) is an initiative of the Nairobi, Dar-es- Salaam, Uganda and Rwanda Securities Exchanges; supported by the International Finance Corporation (IFC).
It is expected to develop into a regional capacity building centre, with branches in all member countries and headquarter offices in Kampala, Uganda.
The institute will initially offer courses such as market fundamentals, portfolio management, the market participants' course, and corporate governance.
"This programme is aimed at creating the requisite capacity of market participants within the region and is supported by the IFC," read a joint press communique issued by the East African Stock Exchanges Association (EASA) chief executives at the conclusion of their eleventh meeting held in Nairobi last week.
Pilot training programmes have already been held in Kampala and Nairobi, but the institute is expected to become fully operational by December this year according to the current EASA chair, Mr Chris Mwebesa.
Recent market failures such as the collapse of two local stockbrokers within two years have been partly blamed on inadequate training of employees in the sector.
Market players have also opined that training on ethics and corporate governance principles should be a prerequisite for all market participants.
The Rwanda Capital Markets Advisory Council executive director, Mr Robert Mathu, had told reporters in an earlier interview that a basic, uniform regional pre-qualification course was necessary for all workers in the capital markets.
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