by Dale Connock, Head of Risk Management, Strate Ltd
Thomas Edison is credited as being one of the most prolific inventors in history. He was also known for his perseverance and is quoted as having said when questioned on the subject of risk-taking that “The three great essentials to achieving anything worthwhile are; first, hard work, second, stick-to-it-iveness, and third, common sense.”
Over ten years ago a number of the key stakeholders involved in the local money market environment developed a blueprint for the future of money market instruments in South Africa. After a number of years of hard work and unwavering dedication (stick-to-it-iveness), the dematerialization of money market securities is finally becoming a reality accounting for two of Thomas Edison’s three great essentials.
The third, and possibly the most compelling of Edison’s essentials comes to the fore as we consider the benefits South Africa can expect to derive from all the ‘hard work’ and ‘stick-to-it-iveness’ that has been invested in this initiative by experts across the industry thus far.
The new money market environment provides accurate and complete recording in a secure manner which brings significant reduction to the operational risks which have faced our industry.