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CHALENGES FACED BY GSE SECURITIES DEPOSITORY COMPANY LTD. MELVINA AMOAFO Executive Director. INTRODUCTION. GSE Securities Depository Company Ltd. (GSD) commenced operations on November 14, 2008.
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CHALENGES FACED BY GSE SECURITIES DEPOSITORY COMPANY LTD MELVINA AMOAFO Executive Director
INTRODUCTION • GSE Securities Depository Company Ltd. (GSD) commenced operations on November 14, 2008. • The Clearing and Settlement functions separated from the Depository Company. A Clearing House established to handle settlement activities. • GSD’s concept is to have a leaner, efficient Depository playing a major role in the Capital Market in Ghana.
INTRODUCTION cont’d • All depository activities are electronic • All Clearing and Settlement activities are also electronic with T+3 being Settlement period.
PROGRESS TO DATE • Depository Statistics as at September 30, 2009. • Migration of Securities in progress • Number of Accounts is 25,000 • Targets of 200,000 in 2011 • Number of Shares immobilized 15.90% of total listed shares • System used for various corporate actions. • Dividends, Rights Issues
CHALLENGES FACED BY GSD • Migration of Securities into the Depository. - Speeding up the Immobilization process - Enhance service delivery to Investors - Public Education • Alternative Sources of Revenue. - Registrar Services - Restructuring of fees for Participants - Broaden the scope of products in depository • Response to international standardization
CHALENGES FACED BY CLEARING & SETTLEMENT HOUSE • Improving Risk Management features • Growing the Guarantee Fund • Ensuring guaranteed settlement