Ethiopia sets the stage for its first securities exchange with new licensing directiveBrook Taye, Director General of the Ethiopian Capital Market AuthorityAddis Abeba – The Ethiopian Capital Market Authority (ECMA) has taken a step towards establishing a fully functional capital market in the country. On 16 July, 2024, the Authority issued a directive titled “Directive on Licensing, Operation, and Supervision of Securities Exchanges, Derivatives Exchanges, and the Over-The-Counter Market.”This directive outlines clear guidelines and requirements for obtaining licenses to operate both securities exchanges and over-the-counter markets, according to a statement released by the Authority. Officials also emphasized that the directive paves the way for the Ethiopian Securities Exchange (ESX) to officially begin operations. Director General Taye confirmed that most of the preparatory work for launching Ethiopia’s first full-fledged capital market is already finalized. Established in 2021, the Ethiopian Capital Market Authority is tasked with fostering the development and regulation of the capital market within Ethiopia.

Source: Ethiopian News July 17, 2024 08:04 UTC