The Ghana Stock Exchange (GSE) has reduced its clearing and settlement period to FIVE WORKING DAYS from ten.
The abridged settlement period will apply to all securities traded on the GSE floor on or after November 1, 1996. It will also cover any over-the-counter trades permitted by the Exchange.
Furthermore, a new centralized clearing and settlement house has been established at the GSE.
The changes form part of continuing measures being implemented by the Council of the GSE not only towards meeting principles as well as standards recommended by the Group of Thirty and accepted by the International Federation of Stock Exchanges - Federation Internationale Des Bourses De Valeurs (FIBV), but also towards enhancing investor protection and confidence.
"Securities Clearing and Settlement House Rules" embodying the foregoing changes were adopted by the Council of GSE on September 25, 1996 and approved by the Securities Regulatory Commission (SRC)on October 24, 1996.
Copies of the Rules are available at the GSE. All market operators, custodians, registrars, listed companies and the investing public are encouraged to familiarise themselves with the Rules.
| Senior Manager/Operations, GSE, |
| Cedi House, Accra GHANA. |
| Tel: 669914/669935/669908; |
| Fax: 669913; |
| Telex: 2722 STOCEX; |
| E-Mail: STOCKEX@NCS.COM.GH |
Issued at Accra this 31st day of October, 1996.
YEBOA AMOA
MANAGING DIRECTOR