Equity stake taken as ALTX Uganda starts UAT and sets launch target by 1 May 2015

London/Kampala/Port Louis, 4 Feb 2015 – GMEX Group today announced that it has acquired a 25% stake through its GMEX Technologies (GMEX TECH) subsidiary in the Mauritius-based ALTX Africa Group Ltd (ALTX). ALTX wholly owns ALT-Xchange Ltd (ALTX Uganda) and ALT-X Clearing Ltd (ALTX Clearing). ALTX is also in discussions with other strategic partners with a view to syndicating additional equity stakes to further drive its growth strategy.

This acquisition extends the current successful partnership between GMEX TECH, and ALTX. GMEX TECH is providing its leading edge ForumMatch exchange trading platform, ForumDetect market surveillance system and ForumTrader workstation to ALTX Uganda as a fully managed “Exchange-in-a-box” hosted solution interconnecting ALTX Uganda to GMEX’s infrastructure in London, enabling access to international vendors and clients. The partnership will also provide ALTX with GMEX exchange business expertise.

ALTX Uganda’s exchange application was approved by the securities regulator in Uganda in March 2014 and it will be the first in a series of steps to establish a network of fully interconnected exchanges in Africa enabled by common exchange trading, clearing and settlement technology. The technology will also allow access to securities trading inside and outside Africa.

ALTX Uganda is now in the User Acceptance Testing (UAT) phase with a number of African and International trading firms connecting in readiness for launch targeted by 1 May 2015 with a focus on primary and secondary market cash equities and bonds. ALTX is also working with major banks to develop an Exchange Traded Funds (ETF) business in major commodity and equity offerings.

“This investment in ALTX highlights our focus on African financial markets development to aid economic growth through a sustainable partnership driven model that is very different to the customer-supplier approach of our competitors. This extends our current relationship, which is providing ALTX with the exchange technology infrastructure, network and business expertise to become the most technically advanced securities market operator in Africa,” said Hirander Misra, Chief Executive Officer and Co-Founder of GMEX Group, who has been appointed Non-Executive Director to the ALTX and ALTX Uganda Boards and is also in the process of being appointed to the ALTX Clearing Board.

“With the GMEX Group investment, we continue to lead the pan-African development and interconnection of Africa’s securities markets to attract global liquidity and extended market opportunities with best-in-class technology,” said Joseph S. Kitamirike, Chief Executive Officer and Co-Founder of ALTX. He added, “We are delighted to have successfully completed the first phase of our implementation of the exchange technology suite provided by GMEX TECH as a fully managed service and we are well on the way with the UAT, taking us towards our goal of launching ALTX Uganda by 1 May 2015”.


Media Contact
Melanie Budden, The Realization Group, ph: +44 7974 937 970, pr@gmex-group.com

About ALTX Africa Group Ltd (ALTX), ALT Xchange Ltd (ALTX Uganda), ALT-X Clearing Ltd (ALTX Clearing)
ALTX is the product of a vision to establish a fully interconnected set of markets in Africa that have full access to each other. In order to fulfil this vision, ALTX shall be seeking licenses in a number of countries to operate exchanges off a common clearing and settlement platform, using common trading technology and accessing securities inside and outside Africa.

ALTX Africa Group Ltd (ALTX) is an investment holding company incorporated in Mauritius (company registration number 122098). ALT Xchange Ltd (ALTX Uganda) is a private company incorporated in Uganda (company registration number 172537) to operate an ALTX exchange in Uganda. ALTX Uganda’s application has been approved by the securities regulator in Uganda and it will be the first in a series of steps to establish the network of exchanges in Africa. ALT-X Clearing Ltd (ALTX Clearing) is a private company incorporated in Uganda (company registration number 179936) to operate a clearing house and central securities depository.

The main objectives of ALTX Uganda are:

  • to operate an electronic marketplace for securities, derivatives, currencies and commodities.
  • to operate an electronic depository for securities.
  • to operate a clearing house for the purpose of settling and clearing trades conducted in the electronic marketplace.
  • to facilitate subscriptions to the electronic marketplace, the depository and the clearing house in order to ensure an active marketplace.
  • to invest in similar marketplace infrastructure opportunities in other countries within the African continent via ALTX Africa Group Ltd

For more information, visit www.altxafrica.com

About GMEX Technologies Limited
GMEX Technologies Limited (GMEX TECH) is a wholly-owned subsidiary of GMEX Group. GMEX TECH is provider of multi-asset exchange and post trade technology, which includes an FCA vetted high performance exchange trading system, through to a leading edge matching engine, market surveillance system, several front end trading platform options as well as clearing house and depository systems.

About GMEX Group
Global Markets Exchange Group International LLP (“GMEX Group”) is a group of companies that offer sustainable and innovative solutions for the new era of global financial markets, encompassing:

  • Operation of an exchange for the trading of a Constant Maturity Future for Interest Rate Swaps
  • Development of related new tradable market and product indices
  • Creation and operation of low cost electronic exchanges in equities, debt, FX, derivatives and commodities in developing and, in a targeted way, developed markets
  • Interconnectivity of exchanges to each other creating a global network of liquidity
  • Business development to enhance liquidity in partner exchange products
  • Consultancy on exchange strategy, product development, clearing and regulation
  • Provision of exchange, clearing house and depository platform technology

GMEX Group stakeholders include Deutsche Börse AG and Forum Trading Solutions Limited through its investment vehicle.

For more information, visit www.gmex-group.com