Stock exchanges in most countries are in a unique position: they are monopolies in the supply of trading data. They add value to that data, package it and distribute it real time and in other forms etc. for a fee. Fair enough. But what about the basic information that an exchange should make publicly available, daily, for free, in an easily accessible format? Try accessing a market capitalization report (shares in issue X share price) on any particular day in any of the African markets. The information does not exist other than through a broker. Even then with brokers there’s no assurance that the information will be given to you.
My question. If there were to be minimum data on a particular day made available freely by stock exchanges would it be the following:-
- Status of listed companies – suspended etc.
- Share price
- Corporate actions
- Indices
- Shares in issue
- Volume traded
- Corporate announcements
I am talking here of the most simplistic availability of core data. I realise that if this data is to be processed and value added there is scope for the exchange to be compensated for this.
Many African stock exchanges need to formalize their information dissemination practices and it would be useful to have a good practice template through which the IR fraternity can judge them.