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AFRICAN SECURITIES EXCHANGES ASSOCIATION

ASEA YEARBOOK 2012

ASEA YEARBOOK 2012

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ASEA Member Countries Map

ASEA MEMBER COUNTRIES MAP

Guinea Bissau Cote d Ivoire

Rwanda

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ASEA Member Exchanges

ASEA MEMBER EXCHANGES


1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. Botswana Stock Exchange Bolsa de Valores de Cabo Verde Bourse Regionale des Valeurs Mobilires Bourse de Tunis Casablanca Stock Exchange Dar-Es Salaam Stock Exchange Douala Stock Exchange Egyptian Exchange Ghana Stock Exchange Johannesburg Stock Exchange Khartoum Stock Exchange Rwanda Stock Exchange Libyan Stock Market Lusaka Stock Exchange Malawi Stock Exchange Mozambique Stock Exchange Nairobi Securities Exchange Nigerian Stock Exchange Stock Exchange of Mauritius The Namibian Stock Exchange Uganda Securities Exchange Zimbabwe Stock Exchange SAFE ASIA (Associate Member)

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Table of Contents

TABLE OF CONTENTS
ASEA Member Countries Map ASEA Member Exchanges ASEA Executive Committee Members President's Letter Member Exchange Profiles Botswana Stock Exchange Bolsa de Valores de Cabo Verde Bourse Regionale des Valeurs Mobilires Bourse de Tunis Casablanca Stock Exchange Dar es Salaam Exchange Douala Stock Exchange Egyptian Exchange Ghana Stock Exchange Johannesburg Stock Exchange Rwanda Stock Exchange Lusaka Stock Exchange Malawi Stock Exchange Stock Exchange of Mauritius Mozambique Stock Exchange Nairobi Securities Exchange Namibia Stock Exchange Nigerian Stock Exchange Uganda Securities Exchange Zimbabwe Stock Exchange Associate Member South Asian Federation of Exchanges (SAFE) 3 4 6 14 19 20 28 34 42 53 61 70 78 88 95 107 113 121 126 134 142 154 161 173 183 190 191

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ASEA Executive Committee Members

PROFILES OF ASEA EXECUTIVE COMMITTEE MEMBERS

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ASEA Executive Committee Members

THE Stock Exchange of Mauritius LTD

SUNIL BENIMADHU President, African Securities Exchanges Association and

Chief Executive of the Stock Exchange of Mauritius (SEM)


Sunil Benimadhu is the Chief Executive of the Stock Exchange of Mauritius (SEM). He has also spearheaded the project to enable the SEM join the World Federation of Exchanges, a key standardsetter in the stock exchange industry. Sunil was elected President of the African Securities Exchanges Association (ASEA) on 30th August 2010. He was a member of the Executive Committee of the South Asian Federation of Exchanges (SAFE), and the Chairman of the SADC Committee of Stock Exchanges (COSSE). Sunil is also a regular speaker on other emerging markets on African markets in international stock exchange conferences. Before joining the SEM, Sunil worked in the Treasury Department of the African Development Bank (ADB). He was the General Manager of the National Mutual Fund Limited in Mauritius and played significant role in the structuring, marketing and setting up of the National Investment Trust Limited, one of the largest investment trusts listed on the Exchange. Sunil Benimadhu holds a MBA in Finance and Investment from the University of Illinois, United States. He also holds a D.E.A in Development Economics and a Matrise in Macro-Economics from the University of Aix-Marseille, France.

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ASEA Executive Committee Members

GEOFF ROTHSCHILD Director Government & International Affairs of JSE limited


Geoff Rothschild is the immediate past Chairman of the JSE, was a member of the board from 1991 - 2008. Geoff currently holds the position of Director Government and International Affairs promoting the JSE. After qualifying as a Chartered Accountant he spent 30 years in the stockbroking industry with Sasfin Frankel Pollak Securities. Initially he was in charge of administration, later he rose upto the positions of Financial Director, Joint Managing Director and finally Marketing Director. He holds the following positions: zz Deputy President of the African Stock Exchange Association (ASEA); zz The JSEs Representative on the Committee of SADC Stock Exchanges (CoSSE); zz Director of the NEPAD Business Foundation and Chairman of their Operating Committee; zz Council Member of the National Advisory Council for Innovation (NACI), which advises the Minister of Science and Technology; zz An Honorary Fellow of the Da Vinci Institute of Technology; zz Trustee of Brand South Africa; zz An Adviser to Brand Africa; zz Director on the NOAH (Nurturing Orphans of Aids for Humanity) Board and Patron of Education Africa (EA); zz Patron of The Nelson Mandela Childrens Hospital (NMCH); In addition, he also assists various charitable organisations such as CHOC.
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ASEA Executive Committee Members

EKOW AFEDZIE Deputy Managing Director of the Ghana Stock Exchange


MR. EKOW AFEDZIE is currently the Deputy Managing Director of the Ghana Stock Exchange. He was educated at the University of Ghana, Legon, Ghana where he obtained a Masters Degree in Business Administration in 1989. He also holds Master, of Arts Degree in Economic Policy Management from the University of Ghana. He joined the Ghana Stock Exchange in 1990 when it was established and has risen through the ranks to become the Deputy Managing Director . He is the immediate past Vice President of the African Securities Exchanges Association (ASEA) and currently a member of Executive Committee . Mr. Afedzie has been one of the strong pillars behind the growing success of the Ghana Stock Exchange. He is experienced in stock market operations and has participated in many international conferences on stock market issues. He has also made contributions to local and international research on stock markets, and presented papers on stock market operations at many local and international fora. Mr. Afedzie was the Project Manager for the recent automation of the Ghana Stock Exchange and he is currently coordinating the Integration of West Africa Stock Markets and the demutualization projects at the Exchange.

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ASEA Executive Committee Members

NAIROBI SECURITIES EXCHANGE LIMITED

PETER K. MWANGI- CFA Chief Executive of the Nairobi Securities Exchange


Peter Mwangi is the Chief Executive of the Nairobi Securities Exchange. He is also Director of the Central Depository and Settlement Corporation in Kenya, a member of the Executive Committees of both the East African Securities Exchanges Association (EASEA) as well as the African Securities Exchanges Association (ASEA). Before joining the Exchange, Peter was the Managing Director of Centum Investment. Centum is the largest publicly quoted investment company in the East African region. He holds a Bachelor of Science degree in Electrical Engineering from the University of Nairobi. He is a Certified Public Accountant of Kenya and a CFA charterholder.

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ASEA Executive Committee Members

JOSEPH S. KITAMIRIKE Chief Executive Uganda Securities Exchange


Mr. Kitamirike joined the Uganda Securities Exchange as Chief Executive in August 2010 for a period of five years he worked as CEO of National Housing & Construction Company. He served as Commissioner for Industry & Technology between 2003 and 2005 and as a Research Analyst at General Electric Capital Corp., Stamford, Connecticut. He also worked with Uganda Development Bank and Uganda Investment Authority in the 1990s. Mr. Kitamirike has served on the boards of Kinyara Sugar Works Ltd., Uganda Revenue Authority, Uganda Investment Authority, Nile Bank Ltd. and Housing Finance Bank Ltd. for various terms since 1992. He currently serves on the Nkumba University Council. He is the Chairman of the East African Securities Exchanges Association (EASEA) and a member of the Executive Committee of the African Securities Exchanges Association. Mr. Kitamirike holds a B.Sc. (Eng.) (Hons.) in Mechanical Engineering and an MBA (Finance) from the University of Connecticut, USA.

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ASEA Executive Committee Members

PROFESSOR MOHAMMED OMRAN, PHD Executive Chairman of the Egyptian Exchange


Professor Mohammed Omran is the Executive Chairman of the Egyptian Exchange and a Professor of Finance at the Arab Academy for Science and Technology. He is also a Board Member on the Privatization Agency of Kosovo. Prior to his current job, he was the Vice Chairman for Operation of the Insurance Holding Company in Egypt. Professor Omran also served as a Vice Chairman of the Egyptian Exchange for four years from 2006 - 2010. He holds an MSc from Cairo University and Ph.D. in Finance from the University of Plymouth, UK. He has served as a visiting Professor in several research and academic institutions such as University of Plymouth, University of Oklahoma, the World Bank, University of Laval, and Vaasa University. Professor Omran worked as an Economist, for several years at both the Arab Monetary Fund in Abu Dhabi and the International Monetary Fund in Washington D.C. He was an advisor to the Minister of Investment and an Acting Executive Director of the Egyptian Institute of Directors. Professor Omran had been awarded several research grants and prizes. He was a Fullbright Scholar and He is a Research Fellow at the Economic Research Forum. He served as a reviewer for more than a dozen of Economics and Finance Journals. Professor Omran specializes in financial markets, corporate governance, corporate finance and privatization, concentrating on the MENA region. He authored and co-authored around 40 papers and his work appears in several international Economics and Finance Journals such as: Journal of Financial Research, Journal of Comparative Economics, Journal of International Financial Markets, Institutions and Money, World Development, International Review of Law and Economics, Multinational Finance Journal, International Review of Financial Analysis, Journal of Investing, Emerging Market Review, International Journal of Business, Review of Accounting and Finance, International Journal of Theoretical and Applied Finance, and Global Finance Journal.

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ASEA Executive Committee Members

OSCAR ONYEMA Chief Executive Officer of The Nigerian Stock Exchange


Oscar Onyema is the Chief Executive Officer of The Nigerian Stock Exchange, a position he assumed in April 2011. Prior to this role, he served for over 20 years in the United States financial markets and the Nigerian information technology sector. In 2009, Mr. Onyema founded Market Strategists LLC and consulted under the GersonLehrman Group in the United States, successfully enabling decision makers at investment firms and corporations better understanding of financial products, services, companies, and issues in global financial markets. Mr. Onyema served as the Senior Vice President and Chief Administrative Officer at American Stock Exchange (Amex), which he joined in 2001. He was the first person of colour to hold that position, and was instrumental in integrating the Amex equity business, into the NYSE Euronext equity business after their acquisition of Amex in 2008. He then managed the NYSE Amex equity trading business, which he helped position as a premier market for small and mid cap securities. For approximately five years, Mr. Onyema served as Adjunct Lecturer of Economics at Pace University, New York. In 2008, he received the Financial Industry Regulatory Authority (FINRA) Series 7, 24 and 63 brokerage licenses through Seamount Execution Services LLC, a FINRA member firm in New York. He remains active in the Security Traders Association of New York, and in the Securities Industry and Financial Markets Association, USA. In the late 1990s, he held various positions at New York Mercantile Exchange where he managed futures market structure initiatives. He started his postNYSC career in Nigeria at Data Processing Maintenance and Services Ltd. (an IBM business partner) where he sold mid-range IBM systems. Mr. Onyema is the Chairman of Central Securities Clearing System (CSCS) Limited, the clearing house for the Nigerian capital market. He is also a Council member of the Chartered Institute of Stockbrokers of Nigeria (CIS). Mr. Onyema holds an MBA in Finance and Investments from Baruch College, New York. He received his Bachelors degree in Computer Engineering from ObafemiAwolowo University, Ile-Ife, Nigeria.
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President's Letter

PRESIDENT'S LETTER

SUNIL BENIMADHU President, African Securities Exchanges Association

Key initiatives of ASEA in 2012 Following the fifteenth (15th) ASEA Annual General Meeting in Marrakech, Morocco on December 11 2011, I am pleased to report on the implementation status of initiatives started in 2011. 1. ASEA Website The goal of the Association is to position the ASEA website as the first point of contact for investors keen on obtaining current and comprehensive information on African securities markets. Last year, I-Net Bridge, a South Africa based, financial data services provider revamped ASEAs website, enabling it to provide end-of-day index data of ASEA member exchanges, ASEA member countries exchange rates versus the US Dollar and some charting functionalities of index performances of ASEA Exchanges. The new version of the website went live in May 2011. Throughout the entire exercise, the Egyptian Exchange, which developed the current ASEA website in 2005, worked with I-Net Bridge to deliver the new functionalities, continued to host the ASEA website and provided support to the members and the Secretariat. On behalf of the ASEA Executive Committee, I wish to extend our heartfelt gratitude to the Egyptian Exchange, for their unwavering support, during what was a very challenging time, politically and economically for Egypt. In 2012, the Association will embark on the next phase to redesign and upgrade the ASEA website, in order to reach

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President's Letter

our stated goal of positioning the ASEA website as the first point of contact for current and comprehensive information for investors keen on investing in African capital markets. 2. Development of a Broad-based Pan-African Index At the fifteenth (15th) ASEA AGM, the members endorsed the design of a broad Pan-African index. The index is based on FTSEs global index design principles which are rules based, transparent, representative and embed strong corporate governance. The Pan-African Index will be the first of its kind tracking the majority of African Exchanges. With the anticipated growth of African economies in the coming decade, African Exchanges are expected to be the beneficiaries of this growth and the launch of a broad-based Pan-African Index will contribute to providing African and international investors a good benchmark for measuring African Exchanges performance. It is the intention of ASEA that the index becomes the preferred choice for the financial services sector for use as a performance benchmark and as a basis for financial products such as institutional and retail funds. ASEA is therefore very pleased to be partnering with FTSE International in this initiative. It is anticipated that on the signing of the cooperative agreement with the ASEA members, the first end of day index will be launched: FTSE ASEA Pan African Index (excluding South Africa) 3. Establishing closer ties with the African Development Bank The Association gave me the mandate to pursue discussions with the African Development Bank and its Private Sector arm to identify areas of cooperation that can contribute to the deepening and broadening of African securities and capital markets and enabling these markets to accompany the transformation of African economies, while ensuring that African securities markets emerge as key capital raising platforms to fund Africas future growth. I am pleased to report that on March 22, 2012, I met with Mr. Donald Kaberuka, President of the African Development Bank Group (AfDB) at the offices of the AfDB in Tunis. Our discussions centered around the attractive investment opportunities that African capital markets offer, and how AfDB could promote African capital markets, as an investor and as a development partner. In our discussions, the following six areas have been identified as most promising in the short to medium term for a close ASEA-AfDB collaboration: (a) The Bank is the largest investor in African private equity funds. It is also a key supporter of the African Venture Capital Association, which is the private equity fund trade association. The Bank can leverage its position as an important investor in private equity funds to encourage these funds to exit their investments via listings on African Stock Exchanges. (b) The Banks pension fund is seeking to expand the range of asset classes in which it invests. By investing in African listed stocks and bonds, the pension fund would help to expand the number of investors and add liquidity to African markets. (c) The Bank is a major issuer of bonds on the international and local markets. By listing its bonds on African securities exchanges, the Bank would encourage market development and potentially open up new assets to African investors. (d) The Bank is leading the African Financial Markets Initiative (AFMI) that includes developing an African bond index and an African Bond Fund. The Bank could promote market development by listing the index and the fund on African exchanges as well as encouraging African governments to also list the underlying bonds in which AFMIs African Bond Fund intends to invest. (e) Through the African Development Institute (EADI), the Bank provides capacity building and training. EADI and ASEA could work together to develop joint capacity building programs focusing on capital market themes. (f) ASEA is looking at a number of market models that can lead to a closer integration of existing national Exchanges with a view to broadening and deepening these national Exchanges.

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President's Letter

In this connection, the implementation of a hub and spoke interconnectivity project could ensure the cross-linking of African stock Exchanges through technology. However, the implementation of this project requires the availability of financial resources and the Bank would help ASEA identify resources from trust funds and other sources to implement this initiative. 4. ASEA Secretariat On December 13, 2011, Ms. Silvana Wanjiru took up the day to day management of the ASEA Secretariat. With a view to supporting the initiatives I have outlined, the ASEA Secretariat is undertaking a thorough assessment of the activities and organisational aspects of other Exchange associations in other parts of the world and will come up with a two (2) year proposal of activities that ASEA will need to pursue. More recently, the Executive Committee provided Ms. Wanjiru with additional responsibilities as the Company Secretary of ASEA. 5. Memberships On April 30, 2012, the Executive Committee gave a conditional approval for full membership to the Sierra Leone Stock Exchange. This follows approval to full membership of the Rwanda Stock Exchange on December 11 2011. The number of ASEA members now stands at twenty three (23) and represents twenty nine (29) African States - Benin, Botswana, Burkina Faso, Cape Verde, Cte dIvoire, Egypt, Ghana, Guine Bissau, Kenya, Libya, Malawi, Mali, Mauritius, Morocco, Mozambique, Namibia, Niger, Nigeria, Rwanda, Sngal, Sierra Leone, South Africa, Sudan, Tanzania, Togo, Tunisia, Uganda, Zambia, and Zimbabwe. The Central Securities Clearing System Ltd of Nigeria is an observer member and the South Asian Federation of Exchanges (SAFE) is an affiliate member. ASEA also received applications from nontraditional securities exchanges. At the Sixteenth (16th) Annual General Meeting of the Association, the Executive Committee will present to the members for their approval, the ASEA Rules. In line with the reality that African capital markets are expanding to provide other financial securities besides the traditional equity and fixed income. The Rules when ratified, will create the space for the admission of exchanges which trade securities other than equities and also entities that offer associated products and services. Event 1. Ai Index Series Awards The Ai Index Awards are an annual event organised by Africa Investor (Ai), in association with the NYSE Euronext to recognise African Chief Executive Officers, securities exchanges, listed companies, fund managers, stockbrokers and research analysts. ASEA believes the Ai Index Awards contributing to the promotion of African capital markets at the international level. Since 2007, ASEA has supported and endorsed this initiative. The categories of awards covered include: (i) Most Innovative African Stock Exchange; (ii) Best Africa Investment Bank; (iii) Best Africa Research Team; (iv) Most Innovative Capital Markets Regulator;

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President's Letter

(v) Best Broker in Africa; (vi) Best Africa Fund Manager; (vii) Best African IPO, amongst others. The 2012 Ai Index Series Awards event is scheduled to take place on September 21, 2011 at the New York Stock Exchange.

SUNIL BENIMADHU PRESIDENT 14 May 2012

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Member Exchange Profiles

MEMBER EXCHANGE PROFILES

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Botswana Stock Exchange

BOTSWANA STOCK EXCHANGE


PROFILE
Website Market Regulator Address Trading Session hours (local time) Time Zone Contact Person for ASEA Telephone Fax E-mail Name of Local Currency Tax Rates (dividends, interest, capital gain) Commodities Exchange www.bse.co.bw Non-Banking Financial Authority (NBFIRA) Institutions Regulatory

Office Block 6, Plot 64511, Fairgrounds, Private Bag 00417, Gaborone, Botswana 0930hrs- 1030hrs GMT +2 Dudu Garekwe (+267) 3180201 (+267) 3180175 info@bse.co.bw Pula(BWP) 15% withholding tax on dividend,10% on Interest, None

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Botswana Stock Exchange

OVERVIEW
The Botswana Stock Exchange (BSE) is Botswanas national stock exchange given the responsibility to operate and regulate equity and the fixed interest security market. Formally established in 1989, the BSE trace, its humble beginnings to the tome it was known as Botswana Share Market (BSM). At that time there was no formal stock exchange in Botswana and the BSM traded as an informal market. There were only 5 listed entities with a single broking firm i.e. Stock Brokers Botswana Ltd (SBB), which was also charged with facilitating trading on the exchange via the matching of orders. In order to encourage foreign investors to Botswana, an interim exchange committee was set up in October 1990 with representatives from the private and public sector, including the secretary of the Zimbabwe Stock Exchange, the Chief Executive of SBB, the Permanent Secretary of the Ministry of Finance, and the Deputy Director of the Bank Supervision. The committee had the power to list and to de-list a stock, and was also responsible for ensuring that the BSE traded ethically [Ruben Lee, 1998]. The necessity to detach the running of the exchange from the broking business set in motion a process for the establishment of an independent exchange. In September 1994, the legislation to transform the BSM into a full exchange was passed by Parliament paving the way for the establishment of the Botswana Stock Exchange (BSE) where trading opened in November 1995. In March 1998, Ernst and Young took the full administration of the BSE. With effect from July 2001, a full time Chief Executive Officer was appointed with the aim of making the BSE completely independent. In April 2003, in order to better execute the affairs of the Exchange, better serve stakeholder, and be more responsive to global events and to remain competitive, the BSE discontinued the secretarial role of Ernst and Young Botswana to become a fully independent entity. The BSE continues to be pivotal to Botswanas financial system, and in particular the capital market, as an avenue on which government, quasi- government and the private sector can raise debt and equity capital. The BSE plays host to the most pre-eminent companies doing business in Botswana. These companies represent a spectrum of industries and commerce; including Banking, Financial Services, Wholesaling and Retailing, Tourism, Energy, Funeral Services, Property, Security and Information Technology. Currently, there are 30 listed entities in the BSE comprising of 21 Domestic and 9 foreign companies.

Botswana Stock Exchange Regulatory Environment


The main law which governs all the activities between the Exchange and its members, the proceedings of the Main Committee and its composition; the relationship between the Minister and the Exchange together with the relations between the Registrar, is the Botswana Stock Exchange Act No 11 of 1994. The BSE is regulated by the Non Banking Financial Institutions Regulatory Authority. The members have promulgated Rules (Member Rules) which provide the requirements to be fulfilled for the securities listed and traded on the Exchange. Members Rules provide as the main objective thereof, to operate a Stock Exchange in Botswana with due regard to the public interest, to maintain fair and efficient dealing in securities for the protection of investors and regulate the affairs of members. In addition, the Exchange has a set of pre-listing requirements and post listing requirements to be observed by the issuers of listed securities. The emphasis is to make sure issuers disclose as much information to the public and investors so that the latter can make informed investment decisions.

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Botswana Stock Exchange

Highlights For Year 2011


zz Average Daily Turnover increased by more than 20%. zz Number of Shares Traded increased by approximately 49% to P458.7 m. zz Domestic Company Index increased by 8.7% while Foreign Company Index increased by only 1.79%. zz Equity Market Capitalisation increased to P434.6Mn. zz Debt Market Capitalisation increased to P6.7Bn. zz Annual Turnover increased by 26% to P962.8Mn. zz A total of 11 new listings were achieved in 2011 made up of the following: 2 IPOs, 3 dual listings, 1 ETF (Betta Beta) , 2 corporate bonds and 3 Government bonds.

Achievements
The BSE has made progress in achieving strategic objectives:

Infrastructure
zz More than 13,511 investor accounts, opened as at end of December 2011 zz CSDB started a project to e-mail account statements zz More than 45% of domestic companies and more than 91% of foreign companies were dematerialised as at end of December 2011 and zz ATS tender evaluation completed and the contract for the supply and implementation of the ATS was signed in October 2011. ATS will be e commissioned in Quarter 4 of 2012.

Regulation
zz Settlement cycle of transaction in BSE reduced to T+4 from T+5. zz BSE is awaiting enactment of Securities Bill to enable it to proceed on several development initiatives which will include the corporatization of the BSE zz Trading Rules expected to undergo extensive revision subsequent to the implementation of the ATS zz BSE Listings Requirement are currently under review to bring them in line with current capital market requirements and applicable regulations.

Product And Market Development


zz Series of indices constructed using total return methodology zz Series of indices based on free float constructed zz Dual listed the NewGold Exchange Traded Fund in July 2010 in partnership with Absa Capital zz Partnered with Nedbank Capital to facilitate the dual listing of the Nedbanks Equally

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Botswana Stock Exchange

Weighted Top 40 ETF known as BettaBeta. The ETF was listed in 2011. zz Bond Market Association established in 2010. BSE was instrumental in initiating the formation of a Bond Market Development Task Force with representation from Primary Dealers, Asset Managers, Issuers, Regulators and Stockbrokers. The objective of this initiative, from the BSE perspective, is to understand and appreciate the requirements of the industry in order to develop rules and regulations which would be conducive to listing, trading and settling bond transactions on the BSE. zz Market development initiatives of expanding the investor base by educating the people of Batswana about the benefits and risks of investing in listed securities are continuing. This is in line with the BSEs strategy of increasing the retail investor participation in the stock market. zz The BSE got approval from the Registrar of Companies to dematerialize corporate bonds into the CSD. This means that bonds can now be held in electronic form in the CSD like equities and this will improve the efficiency of the settlement processes. The BSE has commenced the process of dematerializing bonds.

Governance Structure
zz BSE Board Charter adopted zz Differentiation between independent and non independent committee members made in the constitution of sub-committees

Financial Resources
zz BSE fees on transactions rationalised to reduce dependence on government subvention and the new fees came into effect in April 2011. zz BSE Strategic plan review in progress aimed at the Commercialisation of the Exchange

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Botswana Stock Exchange

STATISTICS
Section One : Economic Indicators
Currency: USD Indicators Population (million) Real GDP (USD) (millions) at market Inflation rate (%) Net Foreign Direct Investment (USD) (Millions) Unemployment rate (%) Interest Rate (T-Bills)(%) Exchange rate (local currency versus US$)

Table 1: Main Economic Indicators


2009 1.79 12,306.16 5.80 Not Available 17.5 8.2 6.67 2010 1.82 15,683.42 7.40 Not Available 17.5 7.15 6.44 2011 2.04 Not Available 9.20 Not Available 17.8 3.45 7.52

Section Two : Trading Statistics


Currency: USD Indicators Total value traded(Us$) Total volume traded Total number of transactions Number of listed companies Number of traded companies Market Capitalization (billions) end of year Domestic Market Capitalization as % of GDP Turnover Ratio (%) *

Table 2: Trading equity Statistics


2009 114,500,403.03 167,586,241.00 4,084.00 31 27 56.14 29.50% 2.7 2010 149,516,873.54 308,662,256.00 4,978.00 32 30 67.50 30.00% 3.7 2011 133,968,231.18 458,706,950.00 5,045.00 37 37 54.70 25.05% 3.3

* Turnover Ratio (%)= value traded of listed securities/market capitalization

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Botswana Stock Exchange

Table 4: Sectors Traded

Sectors traded on the Stock Exchange

Number of companies included in each sector 2009 2010 4 3 5 4 1 1 1 1 2 2 7 1 26 2011 4 3 4 5 1 1 1 1 3 2 10 2 23

Banking financial Services Retail &wholesaling Property Funeral Services Security Services Information Tecchnology Energy Tourism financial Services Mining & Minerals ETF's Corporate Bonds

4 3 5 3 1 1 1 1 1 3 8 0 22

Table 5: 5 Most Active Sectors in 2009


1 Financial services & insurance 2 Banking 3 Retail & Wholesaling 4 Mining & Materials 5 Property & property trust

Section Three: Bonds Statistics Table 6: Bonds Statistics


Bonds Value traded on governmental bonds Value traded on corporate bonds 2009 11,550,837.24 2,826,277.86 2010 18,259,346.32 254,928.21 2011 37,703,202.08 5,469,008.97

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Botswana Stock Exchange

Section Four : Trading System


Trading System Type of System Year of Implementation

Open Outcry Manual 1989

Section Five Clearing and Settlement


Clearing and Settlement by Vendor Year of Implementation Clearing and Settlement Time Central Securities Depository Botswana Millenium IT 2008 T+4

Section Six : Products traded on the Stock Exchange


Types of markets in your Stock Exchange Equity Market Bond Market YES YES

Table 7 Products
Product (Stocks,Bonds, Funds,ETFs,Derivatives ..etc) Stocks Bonds ETF Description of the Product Ordinary shares Government and corporate bonds Gold Bullion Exchange Traded Fund+ index based ETF

Section Seven : Trading Mechanism


Intraday Trading YES

Section Seven : Indices


Table 8 Indices Index Name Domestic company Index Foreign company index Index Type (Price Index, Sector Index,..etc) Price Index Price Index

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Botswana Stock Exchange

Index performance
Domestic Company Index Foreign Company Index

Closing 2010 6,412.94 1,673.90

Closing 2011 6,970.94 1,703.91

% change 8.70 1.79

Section Eight: IPOs, Rights Issues and Debt Securities


IPOs Company NAP LETLOLE Date of IPO 28-Sep-11 15-Jun-11 2009 Value of IPO ($ million) 2.70 39.10 41.80 Debt Securities Company Botswana Government Bond BW 008 Botswana Government Bond BW 009 Botswana Government Bond BW 010 Debt Securities Company STANBIC BANK BOTSWANA LIMITED SBBL056 STANDARD CHARTERED BANK BOTSWANA SCBB06 Domestic Note Programme Domestic Note Programme Date of issue 8-Sep-11 8-Sep-11 14-Mar-11 2011 Date of issue Face Value of issue ($ million) 13-Jun-11 12-May-11 6.640106242 9.308510638 2010 Face Value of issue ($ million) 74.1582 57.5457 48.9072

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Bolsa de Valores de Cabo Verde

BOLSA de VALORES de CABO VERDE


PROFILE
Website Market Regulator Address Trading Session hours (local time) Time Zone Contact Person for ASEA Telephone Fax E-mail Name of Local Currency www.bvc.cv General Auditor of Securities Market - AGMVM (Cape Verde) 16st Floor, Lg Europe, Achada Santo Antnio, P O Box 115/A Praia CAPE VERDE 8:30 am - 3:00 pm Greenwich Mean Time - 1 hours Manuel Lima +238 2603030 +238 2603038 manuel.lima@bvc.cv ECV - Capeverdian Escudos

dividends 0% (domestic investors and foreign investors); Tax Rates (dividends, interest, capital gain) interest-Corporate Bonds 5%; interest-Treasury Bonds 0% capital gains 15% Commodities Exchange None

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Bolsa de Valores de Cabo Verde

OVERVIEW
Created in 1998 and became fully functional in December 2005
Orden Quote Driven and POS - Light, SifoxDeal and SifoxBackOffice technology platforms put in use in 2005 2009 - About 94% of all credit granted to the national economy originated from the BVC, through various emissions carried out. 2010- First time issuance of Municipal bonds for the municipalities of Sal and Praia 2011- Current market capitalization is approximately $273,277,594.92 (USD); Capitalization is at 20% of the gross domestic product, according to data from the Bank of Cape Verde. Thirty (30) active securities, including: 4 listed companies in the shares segment and 26 in the bonds segment (16 corporate bonds, 8 Treasury bonds and 2 municipal bonds) Partnerships with Euronext Lisbon, with the Central Clearing and Depository, Interbolsa, which is a subsidiary of Euronext Lisbon, with Caixa de Crdito Agrcola and with Instituto Superior de Economia e Gesto (ISEG) da Universidade Tcnica de Lisboa. The Cape Verde Stock Exchange has four member banks, namely Banco Comercial do Atlntico, BAI, Banco Inter-Atlantico and Caixa Econmica do Cabo Verde (CECV). 1. Atlantic Commercial Bank (Banco Comercial do Atlntico) -BCA was created, on September 1, 1993. From 1993 on, BCV assumed the functions of a Central Bank. For further information please access them at www.bca.cv 2. BAI-was inaugurated in the city of Praia on November 21, 2008. For further information please access them at www.bancobai.cv 3. Inter-Atlantic bank (Banco Inter-Atlantico) The Credit Union of General Deposits was inaugurated as a branch in Cape Verde, initiating its activities in February of 1998 with the objective to explore the potential of a developing economy and contribute to boosting the local financial system. For further information please access them at www.bi.cv 4. Caixa- Econmica was established on May 18, 1928 with the name of Caixa Econmica Postal, comprised in the Post and Telegraph Services under the authority of the Ministry of Telecommunications. On December 30, 1985, Caixa was transformed into an autonomous financial institution named Caixa Econmica de Cabo Verde. It has as its main roleto create value for customers, employees and shareholders, developing the business of intermediation at the national and regional level, through a differentiated and quality service, while contributing to the sustainable development of the country. For further information please access them at www.caixa.cv

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Bolsa de Valores de Cabo Verde

STATISTICS
Section One : Economic Indicators
Currency: USD Indicators Population (million) Real GDP (USD) (millions) at market exchange rates Inflation rate (%) Net Foreign Direct Investment (USD) (Millions) Unemployment rate (%) Interest Rate (T-Bills) Exchange rate (local currency versus US$)

Table 1: Main Economic Indicators


2009 0.51 1,768.00 4.00 9492.38 13.1 3.625 76.011 2010 0.53 1,856.00 1.41 1767.44 10.7 3.625 83.03 2011 0.53 1,900.00 6.50 None None 4.06 81.6

Section Two : Trading Statistics


Currency: USD Indicators Total value traded Total volume traded Total number of transactions Number of listed companies Number of traded companies Market Capitalization (billions) end of year Market Capitalization as % of GDP Turnover Ratio (%) *

Table 2: Trading equity Statistics


2009 4,520,999.01 53,382.00 310.00 4 4 10,162.95 7.56% 0.04% 2010 5,519,567.30 120,502.00 . 215.00 4 4 9,362.93 6.08% 0.06% 2011 720,656.00 17,126.00 71.00 4 4 8,331.23 5.37% 0.01%

* Turnover Ratio (%)= value traded of listed securities/market capitalization

30 ASEA Yearbook2012

Bolsa de Valores de Cabo Verde

Table 4: Sectors Traded

Sectors traded on the Stock Exchange

Number of companies included in each sector 2009 2010 2011

Domestic Board Banking Fuel and Oil Industrial and Allied Corporate Bonds 2 1 1 13 2 1 1 16 2 1 1 16

Table 5: 5 Most Active Sectors in 2009-2011


1 2 3 4 Comercial Banks Fuel and Oil Corporate Bonds Industrial and Allied

Section Three: Bonds Statistics Table 6: Bonds Statistics


Bonds Value traded on corporate bonds 2009 16,477,848.44 2010 189,657,045.00 2011

Section Four Trading System


Trading System Type of System Vendor Year of Implementation SIFOX DEAL Automated Finatech Portugal 2005

Section Five Clearing and Settlement


Clearing and Settlement by Systems Vendor Year of Implementation Clearing and Settlement Time Bolsa De Valores De Cabo Verde Finatech Portugal 2005 T+0

31 ASEA Yearbook2012

Bolsa de Valores de Cabo Verde

Section Six : Products traded on the Stock Exchange


Types of markets in your Stock Exchange Equity Market Bond Market YES YES

Table 7 Products
Product (Stocks,Bonds, Funds,ETFs,Derivatives ..etc) Stocks Bonds ETF

Section Seven : Trading Mechanism


Intraday Trading YES

Section Seven : Indices Table 8Indices


Index Name Foreign company index Index Type (Price Index, Sector Index,..etc)

Section Eight: IPOs, Rights Issues and Debt Securities


IPOs Company Tecnicil Imobiliria Municpio do Sal Municpio da Praia IFH - Imobiliria, Fundiria e Habitat, SA Banco Africano de Investimentos Banco Comerccial do Atlantico Date of issue February 2010 July 2010 July 2010 September 2010 December 2010 December 2010 2010 Face Value of issue ($ million) 13.28013971 .2 5.419727809 3.97446706 12.04383958 6.021919788 43.14886186

32 ASEA Yearbook2012

Bolsa de Valores de Cabo Verde

Section Nine : 2011 Rankings of Top 5 Trading Participants


Ranking Purchases Sales $ 610,141,886.00 81,492,110.00 4,952,925.00 38,224,305.00 3,083,190.00 737,894,416.00 Stockbrokerage Units 1 2 3 4 5 BAI BIA CECV BCA BCN $ 576,445,156.00 82,989,530.00 44,440,680.00 33,037,090.00 981,960.00 737,894,416.00

Total $ 1,186,587,042.00 164,481,640.00 49,393,605.00 71,261,395.00 4,065,150.00 1,475,788,832.00

33 ASEA Yearbook2012

Bourse Regionale des Valeurs Mobilires

BOURSE REGIONALE DES VALEURS MOBILIRES


PROFILE
Website Market Regulator Address Trading Session hours (local time) Time Zone Contact Person for ASEA Telephone Fax E-mail Name of Local Currency Tax Rates (dividends, interest, capital gain) www.brvm.org Conseil Rgional de lEpargne Publique et des Marchs Financiers 18 Avenue Joseph Anoma, 01 BP 3802 Abidjan 01 Preopen: 8:30am - 10:30am; Fixing: 10:45am Greenwich Mean Time + 0 hours Abdelkader NDiaye +225 20 315 550/ 20 315 555 +225 20 326 684 akndiaye@brvm.org FCFA Dividend withholding taxes 10% Company must register in WEST AFRICAN ECONOMIC AND MONETARY UNION -WAEMU - Registrar of Companies. If already listed, it must get a letter of comfort from its listing authority None

Listing of Foreign Domiciled Companies Commodities Exchange

34 ASEA Yearbook2012

Bourse Regionale des Valeurs Mobilires

OVERVIEW
1. General Context
In 2011, the international environment was dominated by the sovereign debt crisis in Europe and the downgrading of the rating of several countries including the United States of America. In the financial markets, the year 2011 was characterized by the decrease of the major stock exchanges. Globally, the indicator of overall performance of s tock markets, the MSCI World Index, decrease of - 7.62%. In the WAEMU area, the BRVM was relocated by force and had to withdraw to Bamako, Mali from February to May 2011 on an alternate site with staff leaking out Abidjan. However, the quotations have not had duality between the site of Abidjan in the hands of men of the outgoing President and the Bamako site designated by the Regulatory Authority CREPMF. Trading stopped just 10 days and the regulatory authority reassured investors about the resilience of the Regional Financial Market.

2. Economic Environment
In 2011, the growth rate of GDP of Cte dIvoire is estimated according to the BCEAO to be at 1% against 4.3% in 2010. Because of the socio-political crisis, Cte dIvoire, which represents 35% of GDP in the WAEMU, recorded a negative growth (-5.8%) in 2011. This crisis had a negative effect on the hinterland countries compared to 2010 : Burkina Faso (5.6% against 7.9% in 2010), Mali (5.4% against 5.8% in 2010), Niger (2.3% against 8% in 2010). Coastal countries had an increase of growth: Benin (3.1% against 2.6% in 2010), Guinea Bissau (5.3% against 3.5% in 2010), Togo (4.8% against 3, 7% in 2010). Senegal remains unchanged with GDP growth of 4% against 4.1% in 2010.

3. Market Situation
Despite all of the disturbances that Cte dIvoire has known in 2011, the Regional Financial Market closed the year 2011 at 158.49 points with a drop in the BRVM 10 index of -13.37% compared to December 31, 2010. This decline follows an increase of 27% in 2010. This performance resulted from the decline of SONATEL and the increase of agro-industrial sector because of the relatively high prices of rubber and palm oil. The highly disturbed environment of Ivory Coast during this period did not permit to achieve good performances in terms of total value traded. On the secondary market, the total value traded in 2011 was down compared to 2010. However, this variation of -26% must be considered in relation to the disturbances in Cte dIvoire in the first half of this year. On the whole year, the total value traded is US $ 179.27 million for a total volume of 21919 489 shares against a value of US $ 245.37 million and a volume of 31646 365 shares in 2010. The reported trades made in 2011 value is US $ 11.74 million.

4. Equity Operation and IPO


Several equity operations were made in particular by Bank of Africa group. However, no new company was listed. Bond issues including the listing of Government of Cte dIvoire Treasury Bonds (US $ 350.92 million) to the Regional Stock Exchange have increased bond capitalization. Equity operation have involved four operations by merger (BOA-BENIN, BENIN Equibail US $

35 ASEA Yearbook2012

Bourse Regionale des Valeurs Mobilires

0.76 million), by the incorporation of reserves (BOA Burkina Faso, US $ 2.45 million) or in cash (BOA Burkina Faso, Niger Boa, US $ 6.96 million) of Bank Of Africa Group for a total amount of US $ 14.54 million. The market capitalization of listed shares reached US $ 6.96 billion in December 30, 2011, registering a decline of 8.47% over its level in late 2010. The decrease was mainly due to falling prices of listed shares. The IPO reached US $ 891.22 million for seven bonds. These numbers constite an increase compared to 2010 due to the Government of Cte dIvoire Treasury Bonds issues. Market capitalization of listed bonds reached US $ 1528.67 million against US $ 1001.85 in December 31 2010, an increase of 52.58%. This increase reflects the IPO of government bonds (Treasury of Ivory Coast, Senegal, Togo). There is also an increase of IPO of Government bonds managed by the BCEAO. In 2011, more than US $ 1314 million were issued by Governments.

5. Outlook for 2012


The outlook for 2012 is in a global context of slowdown growth and high growth of the Ivory Coast with a political stability in Ivory Coast. The international environment has been impacted by the Euro crisis and the debt of countries in the EU area with a slowdown growth of 3.3% against 3.8% in 2011 (source: IMF). Asian growth will remain strong, however, with an estimated growth rate of Chinas GDP by 8.2%. Economic activity in the Middle East is expected to resume in 2012-2013 mostly on the strength of the Libyan and the good results of the Petroleum Exporting Countries The impact of global slowdown on Sub-Saharan Africa should be limited and the IMF expects growth of 5.5% of GDP in 2012 against 4.9% in 2011. For the WAEMU area, the resumption of growth will be initiated after the end of the crisis in Ivory Coast. The secondary market trading should know an increase of activity in which signs of recovery were already evident at the end of year 2011. Conservation of the DC / BR expected to increase significantly with the accusation of bonds currently held by the BCEAO. IPOs in equities will be achieved as that for SOTELMA. However, the good outlook depend on social and political situation in Cte dIvoire and the region but also a restoration of confidence in world financial markets.

6. At the operational level, the BRVM envisages four (4) major changes:
zz zz zz zz Change trading software; The establishment of a market for Small Capitalization; The continuous market; The setting of the floating index.

36 ASEA Yearbook2012

Bourse Regionale des Valeurs Mobilires

STATISTICS
Section One : Economic Indicators
Currency: USD Indicators Real GDP (USD) (millions) at market exchange rates Inflation rate (%) Net Foreign Direct Investment (USD) (Millions) Exchange rate (local currency versus US$)

Table 1: Main Economic Indicators


2009 6,273.09 0.40 2190.31 505.18 2010 6,760.01 1.40 1950.72 497.97 2011 NA 3.90 NA 456.62

Section Two : Trading Statistics


Currency: USD Indicators Total value traded Total volume traded Total number of transactions Number of listed companies Number of traded companies Market Capitalization (billions) end of year Market Capitalization as % of GDP Turnover Ratio (%) *

Table 2: Trading equity Statistics


2009 125,444,784 28,481,995 23,570 38 38 5.56 88.60% 2.26% 2010 130,847,082 28,275,804 21,522 39 39 6.97 103.12% 1.88% 2011 129,114,703 18,066,088 18,683 39 39 6.96 NA 1.86%

* Turnover Ratio (%)= value traded of listed securities/market capitalization

Table 4: Sectors Traded


Sectors traded on the Stock Exchange Number of companies included in each sector 2009 Industry Public utilities 13 4 2010 13 4 2011 13 4

37 ASEA Yearbook2012

Bourse Regionale des Valeurs Mobilires

Financial Transportation Agricultural Distribution Other sectors Government of WAEMU countries Treasury Bonds Institution Bonds Corporate Bonds

6 2 5 7 1 7 8 18

8 2 4 7 1 6 8 17

8 2 4 7 1 8 6 14

Section Three: Bonds Statistics


Currency: USD Bonds Total Value traded Value traded on governmental bonds Value traded on institution bonds Value traded on corporate bonds

Table 6: Bonds Statistics


2009 29,553,142 17,042,212 5,406,330 7,104,600 2010 48,494,658 47,261,106 61,042 1,172,510 2011 37,166,743 34,766,384 323,276 2,077,083

Section Four: Trading System


Trading System Type of System Vendor Year of Implementation HORIZON Automated EFA Software Ltd 1998

Section Five : Clearing and Settlement


Clearing and Settlement at Systems Vendor Year of Implementation Clearing and Settlement Time Depositaire Central/ Banque de Reglement Percival Limited 1998 -

38 ASEA Yearbook2012

Bourse Regionale des Valeurs Mobilires

Section Six : Products traded on the Stock Exchange


Types of markets in your Stock Exchange Equity Market Bond Market YES YES

Table 7 Please specify all products offered by the Stock Exchange:


Product (Stocks,Bonds, Funds,ETFs,Derivatives Description of the Product ..etc) Shares Rights Bonds Common Shares Rights Government - Corporate - Institution Bonds

Section Seven : Trading Mechanism


Intraday Trading YES

Section Seven : Indices Table 8 Indices


Please specify the main indices used by your Stock Exchange and the description of each: Index Name BRVM 10 BRVM Composite Index Type (Price Index, Sector Index,..etc) This index reflects the performance of the 10 most active securities on the BRVM. The BRVM Composite is calculated using the capitalisation of all equities listed on the BRVM.

Index performance
Closing 2010 BRVM 10 BRVM Composite 182.96 159.1 Closing 2011 158.49 138.88 % change -13.37 -12.71

Section Eight: IPOs, Rights Issues and Debt Securities


IPOs Company Date of Issue 2009 Value of Issue ($ million)

39 ASEA Yearbook2012

Bourse Regionale des Valeurs Mobilires

Office national des tlcommunications du Burkina Faso April 30, 2009 IPOs Company Bank Of Africa COTE DIVOIRE Bank Of Africa BURKINA FASO Date of Issue April 07, 2010 December 30, 2010

322.38 2010 Value of Issue ($ million) 33.94 40.15 74.09

Rights Issue Company Centre Edition et de Diffusion Africaine Socit Multinationale de Bitumes Bank Of Africa NIGER Bank Of Africa BENIN SERVAIR ABIDJAN CI Date of Issue July 09, 2009 July 23, 2009 December 02, 2009 December 09, 2009 December 12, 2009

2009 Value of Issue ($ million) 0.37 37.56 1.40 8.71 0.48 48.52

Rights Issue Company Bank Of Africa NIGER Bank Of Africa NIGER Date of Issue June 04, 2010 August 03, 2010

2010 Value of Issue ($ million) 6.29 0.74 7.03

Rights Issue Company Bank Of Africa BURKINA FASO Bank Of Africa BURKINA FASO Bank Of Africa NIGER Bank Of Africa COTE DIVOIRE Date of Issue June 15, 2010 October 05, 2010 October 31, 2010 December 15, 2011

2011 Value of Issue ($ million) 2.41 0.66 0.73 7.01 10.82

40 ASEA Yearbook2012

Bourse Regionale des Valeurs Mobilires

Debt Securities Issuer Shelter Afrique Government of Cte dIvoire Treasury Bond Government of Cte dIvoire Treasury Bond Bank Of Africa Bnin Bank Of Africa Burkina Faso Bank Of Africa Cte dIvoire Bank Of Africa Mali Bank Of Africa Niger Bank Of Africa Sngal

2009 Date of issue March 27 2009 April 20 2009 October 5 2009 December 1 2009 December 1 2009 December 1 2009 December 1 2009 December 1 2009 December 1 2009 Value of IPO ($ million) 5.53 121.18 212.46 11.88 5.94 5.94 5.94 4.95 4.95 378.75

Debt Securities Issuer Government of Cte dIvoire Treasury Bond Port Autonome de Dakar

2010 Date of issue September 17 2010 November 30 2010 Value of IPO ($ million) 130.05 20.08 150.13

Debt Securities Issuer ECOWAS bank for investment and development PALM CI Port Autonome de Cte dIvoire Government of Sngal Treasury Bond Government of Cte dIvoire Treasury Bond Government of Togo Treasury Bond Government of Cte dIvoire Treasury Bond

2011 Date of issue January 18 2011 January 19 2011 January 27 2011 January 31 2011 February 07 2011 August 09 2011 December 19 2011 Value of IPO ($ million) 91.98 32.85 65.70 168.19 50.18 131.40 350.92 891.22

41 ASEA Yearbook2012

Bourse de Tunis

BOURSE DE TUNIS
PROFILE
Website Market Regulator Address Trading Session hours (local time) www.bvmt.com.tn Conseil du March Financier (CMF) / Financial Market Council Les Jardins du Lac, Les Berges du Lac II, 1053, Tunis, Tunisia Fixing Trading: 9:00 am-10:00 am: First Preopening 10:00 am : First Opening 10:00 am-11:30 am: Second Pre-opening 11:30 am: Second Opening 11:30 am-01:00 pm: Third Pre-opening 01:00 pm: Third opening 01:00 pm-01:05 pm: Trading at last price 01:05 pm:Closing Time Zone Contact Person for ASEA Telephone Fax E-mail Greenwich Mean Time + 1 hour Abderraouf Boudabous + 216 71 197 910 + 216 71 197 903 raouf.boudabous@bvmt.com.tn Continuous Trading: 09:00 am-10:00 am: Pre-opening 10:00 am : Opening 10:00 am-02:00 pm: Continuous trading 02:00 pm-02:05 pm: Closing auction 02:05 pm: Opening 02:05 pm- 02:10 pm: Trading at last price 02:10 pm: Closing

42 ASEA Yearbook2012

Bourse de Tunis

Name of Local Currency Tax Rates (dividends, interest, capital gain) Commodities Exchange

TND (Tunisian Dinar) Dividends are exempted. Interests are subject to withholding tax of 20%. Capital gains are taxed when equities bought at year N are sold before year N+2. They are subject to withholding tax of 10% for natural persons and 30% for corporate entities. None

43 ASEA Yearbook2012

Bourse de Tunis

OVER VIEW
BACKGROUND
Tunis Stock Exchange was created in 1969 as a public institution. In 1994, with the reorganization of the financial market and in order to guarantee a better adherence to international standards, Tunis Stock Exchange was entrusted with the management of the market while a separate regulatory body, the Financial Market Council CMF, was created to supervise market operations, regulate issuance of new securities, protect investors and oversee the Stock Exchange markets. In 1995, the Tunis Stock Exchange became a private entity, exclusively and equally owned by the brokerage firms (23 as of March 2012). These firms have created a Market Guarantee Fund in order to guarantee the settlement of the traded transactions on the Tunis Stock Exchange. Since 1996, several new measures have been adopted, including: zz The implementation in 1996, of an Electronic Trading System to ensure efficient and transparent pricing of securities. zz The launch of the broad market index TUNINDEX , in 31st December 1997. zz The launch of the sector indices, on 31st December 2005. zz The launch in December 2007 of the Alternative Market for small and medium sized companies. The alternative market is intended to facilitate fund raising through and market access of small and medium sized companies conditions adapted to their size, needs and purposes. zz The migration to the latest version of NSC Trading System (NSC V900), in December 2007,

Latest Achievements in 2011


The January 14th revolution in Tunisia had important repercussions on the financial market and special measures have been taken by the market authority in order to avoid panic among investors. For the first time in the history of the Tunis Stock Exchange, the stock market quotation has been suspended twice for a total of 15 business days. These actions have succeeded in calming the market down. 2011 has seen the entry on the stock exchanges official list of just one company vs. five in 2010: TELNET Holding which was the first post revolution new listing and the first company of the list operating in the sector of technology. In 2011, the Tunis Stock Exchange reviewed its indices in order to provide investors and portfolios managers with indicators of market trends and performance. The reference index, the TUNINDEX, based on the free-float capitalization, was modified to include all market instruments. Furthermore, the Market Index Committee launched a new index, the TUNINDEX 20, comprised of the largest 20 companies by market capitalization and the most liquid ones. TUNINDEX Price 20 index, with no dividend reinvestment, was also created. During 2011, the proliferation of political parties competing in the first elections in the history has led the Stock Exchange Management team to organise meeting with major politicians to discuss the role of the financial market and the stock exchange that they can play to finance public and private investment and boosting the economy.

44 ASEA Yearbook2012

Bourse de Tunis

FUTURE OUTLOOK
In order to enhance the role played by the market in financing the economy, Tunis Stock Exchange has developed a mid-term strategy for the period 2011-2013. This strategy is meant to achieve the following: 1. Promote financial education of market participants and the general public. 2. Develop listings and attract new companies. 3. Develop the secondary debt market. 4. Reinforce and secure the Information Systems. 5. Enhance the professional skills of the markets professionals. In 2011, Tunis Stock Exchange launched several projects in order to strengthen its information system security, develop its risk management activities and protect its core business (Operational Business Continuity Plan Project) and improve its quality of service (ISO 9001 Project). In order to better respond to our stakeholders needs, we have launched an overhaul of our web site.

45 ASEA Yearbook2012

Bourse de Tunis

STATISTICS
Section One : Economic Indicators
Currency: USD Indicators Population (million) Real GDP (USD) (millions) at market exchange rates * Inflation rate (%) Net Foreign Direct Investment (USD) (Millions) Unemployment rate (%) * Interest Rate (T-Bills) Exchange rate (local currency) versus US$) * Estimated value for 2011

Table 1: Main Economic Indicators


2009 10.4396 44,618.31 3.50 1,729.83 13.30% 4.18% 1.3173 2010 10.5491 44,078.31 4.40 1,505.67 13% 4.87% 1.4379 2011 10.6738 42,273.19 3.50 1,073.10 16.00% 3.28% 1.4993

Section Two : Trading Statistics


Currency: USD Indicators Total value traded Total volume traded Total number of transactions Number of listed companies Number of traded companies Market Capitalization (billions) end of year Market Capitalization as % of GDP * Turnover Ratio (%) * * Estimated value for 2011 * Turnover Ratio (%)= value traded of listed securities/market capitalization

Table 2: Trading equity Statistics


2009 1,301,594,847.04 189,343,003 394,137 52 52 9.28 22.90% 14.02% 2010 2011 1,826,390,755.96 1,048,193,427.60 271,666,075 629,488 56 56 10.63 24.11% 17.18% 252,692,067 448,872 57 57 9.64 22.50% 10.87%

46 ASEA Yearbook2012

Bourse de Tunis

Table 3: Investors Type Foreigners vs. Local Investors


Type of Investors % of the Total Value Traded 2009 Foreign Investors Local Investors Total % 12.00% 88.00% 100% 2010 10.00% 90.00% 100% 2011 11.30% 88.70% 100%

Table 4: Sectors Traded


Sectors traded on the Stock Exchange Number of companies included in each sector 2009 Domestic Board Finance Telecommunication Consumer services Health Consumer Goods Industry Basic materials Oil and gas Corporate Bonds 52 22 2 6 2 8 7 4 1 142 2010 56 25 2 6 2 8 8 4 1 159 2011 57 24 2 6 2 9 8 4 1 168

Table 5: 5 Most Active Sectors in


2011 1 2 3 4 5 Finance Industry Consumer goods Consumer services Basic materials

47 ASEA Yearbook2012

Bourse de Tunis

Section Three: Bonds Statistics Table 6: Bonds Statistics


Bonds Total Value traded Value traded on governmental bonds Value traded on corporate bonds 2009 75,452,703.26 69,186,759.28 6,265,943.98 2010 52,705,519.30 44,002,666.25 8,702,853.05 2011 71,008,532.65 20,821,435.34 50,187,097.31

Section Four: Trading System


Trading System Type of System Vendor Year of Implementation NSC V900 Automated Atos Euronext Market Solutions 2007

Section Five: Clearing and Settlement


Clearing and Settlement by Societe Tunisienne Interprofessionelle de Compensation De Depot Des Valeurs Mobilieres Systems Vendor Year of Implementation Clearing and Settlement Time Euroclear 1996 T+3

Section Six : Products traded on the Stock Exchange


Types of markets in your Stock Exchange Equity Market Cash Market Derivative Market Bond Market YES YES NO YES

48 ASEA Yearbook2012

Bourse de Tunis

Product (Stocks,Bonds, Funds,ETFs,Derivatives ..etc) Shares Bonds Securitised Debt

Table 7 Products

Description of the Product Common stocks, none voting stocks Government Bonds and Corporate Bonds -

Section Seven : Trading Mechanism


Margin Trading Intraday Trading Online Trading NO NO YES

Section Seven : Indices Table 8 Indices


Index Name TUNINDEX Index Type (Price Index, Sector Index,..etc) A broad market return index launched in December 31 st, 1997, with a base of 1000. Weighted by the free float adjusted market capitalization Return indices launched in December 31 st, 2005, with a base of 1000. Weighted by the free float adjusted market capitalization. Each listed company is allocated to the sector where it realizes the majority of its revenue

Sector Indices

It was launched in January 1st, 2012. It's a return index weighted by free float adjusted TUNINDEX 20 market capitalization and it reflects the performance of the 20 most liquid shares traded on Tunis Stock Exchange

Index performance
Closing 2010 TUNINDEX 5112.52 Closing 2011 4,722.25 % change -7.63%

Section Eight: IPOs, Rights Issues and Debt Securities


IPOs Company SERVICOM Les Ciments de Bizerte 2009 Date of IPO Value of IPO ($ million) 1/6/2009 8/10/2009 2.47 76.91 79.37

49 ASEA Yearbook2012

Bourse de Tunis

IPOs Company Assurances Salim TUNIS RE Carthage Cement Ennakl Automobiles Modern Leasing

2010 Date of IPO 03/19/2010 04/26/2010 10/6/2010 12/7/2010 1/12/2010 Value of IPO ($ million) 6.89 9.74 93.82 66.97 5.91 183.32

IPOs Company TELNET HOLDING

2011 Date of IPO 04/19/2011 Value of IPO ($ million) 8.01 8.01

Debt Securities Company Tunisie Leasing Socit Tunisienne de Banque (STB) BNA Arab Tunisian Lease (ATL) Arab Tunisian Bank (ATB) Compagnie Internationale de Leasing (CIL) Union Internationale de Banque (UIB) Compagnie Internationale de Leasing (CIL) Banque de Tunisie et des Emirates (BTE) Arab Tunisian Lease (ATL) Tunisie Leasing Amen Bank Date of issue 2/2/2009 5/2/2009 03/31/2009 04/27/2009 5/5/2009 06/25/2009 06/29/2009 3/8/2009 1/9/2009 11/9/2009 11/9/2009 09/23/2009

2009 Face Value of issue ($ million) 11.39 37.96 37.96 22.77 37.96 15.18 75.91 15.18 37.96 15.18 15.18 45.55

50 ASEA Yearbook2012

Bourse de Tunis

Banque de l'Habitat (BH) Cie Internationale de Leasing Arab Tunisian Lease (ATL)

12/21/2009 12/23/2009 12/24/2009

75.91 15.18 22.77 482.05

Debt Securities Company Tunisie Leasing STB Tunisie Leasing CIL Arab Tunisian Lease (ATL) Amen Bank BTE Attijari leasing CIL Tunisie Leasing Arab Tunisian Lease (ATL) Attijari Bank El Wifak Leasing Date of issue 02/18/2010 10/3/2010 04/26/2010 7/7/2010 07/26/2010 2/8/2010 08/26/2010 08/31/2010 10/18/2010 10/19/2010 12/13/2010 12/28/2010 12/29/2010

2010 Face Value of issue ($ million) 10.43 69.55 13.91 20.86 52.16 55.64 34.77 20.86 20.86 20.86 24.34 34.77 13.91 392.93

Debt Securities Company CIL Tunisie Leasing Tunisie Leasing UIB Amen Bank Tunisie Leasing Date of issue 10/1/2011 11/1/2011 04/13/2011 08/15/2011 08/26/2011 09/13/2011

2011 Face Value of issue ($ million) 20.86 13.34 20.01 33.35 33.35 20.01 140.92

51 ASEA Yearbook2012

Bourse de Tunis

Section Nine : 2011 Rankings of Top 5 Trading Participants


Ranking Stockbrokerage Purchases Sales $ 238,085,956.11 217,962,263.06 70,234,462.75 66,128,386.85 56,857,870.14 Units 1 2 3 4 5 Tunisie Valeurs MAC. SA BNA CAPITAUX AMEN INVEST BIAT CAPITALIS $ 245,409,207.63 251,642,576.54 63,055,862.80 61,127,283.60 60,779,191.96

Total $ 483,495,163.74 469,604,839.59 133,290,325.55 127,255,670.45 117,637,062.10

52 ASEA Yearbook2012

Casablanca Stock Exchange

CASABLANCA STOCK EXCHANGE


PROFILE
Website Market Regulator Address Trading Session hours Time Zone Contact Person for ASEA Telephone Fax Email Name of Local Currency Commodities Exchange www.casablanca-bourse.com CDVM-Conseil Deontlogique des Valeurs Mobiliere Angle Avenue des Forces Armees Royal et Rue Arrachid Mohamed 9:00 am to 3:35 pm GMT- Greenwich Mean Time M. Youssefi Ayoub, Market Data +212-522 452 626 ; +212-522 452 630 +212 522 452 611 elaloui@casablanca-bourse.com MAD- Moroccan DIRHAM None

53 ASEA Yearbook2012

Casablanca Stock Exchange

OVER VIEW
With a market capitalisation in excess of $ 60.0 billion at the end of 2011, CSE is the second largest securities exchange in Africa. Established as far back as 1929 as the Securities Trading Board, and initially managed by the Casablanca Chamber of Commerce, CSE is also the third oldest exchange in the African continent. In 1993, following the major overhaul of Moroccos capital markets, securite trading board became Casablanca Stock Exchange, a private company, owned by the brokers. In 2001, the exchange started trading on an electronic platform which was upgraded in 2008 to a new, state of the art platform offering multiple functionalities, increased speed and greater transparency. In 2010, CSE became a member of the World Federation of Exchanges (WFE). The same year, CSE created, in partnership with FTSE, the FTSE CSE 15 index. There are currently 76 companies listed on the exchange, representing all major sectors of the economy. CSE operates within a modern market infrastructure which includes a market authority, the CDVM, a central depository, Maroclear and a centralized payment system operated by the Central Bank. With the creation, in 2010, of the Moroccan Financial Board, empowered to transform Casablanca into a regional financial hub, CSE is poised to experience new growth. In 2011, CSE has been involved in the creation of the Association des Bourses Francophones dAfrique (ABFA) (French-speaking Exchanges Association).

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Casablanca Stock Exchange

STATISTICS
Section One : Economic Indicators
Currency: USD Indicators Population (million) Real GDP (USD) (millions) at market exchange rates (2011 estimate IMF) Inflation rate (%)(1) Net Foreign Direct Investment (USD) (Millions)* Unemployment rate (%) (1) Interest Rate (T-Bills)(1) 52 weeks Exchange rate (local currency versus US$)(1) (1) Moroccan central bank * source LOffice des Changes / Foreign direct investment and private foreign loans 9.1 3.45 7.8602

Table 1: Main Economic Indicators


2009 31.514 613854 0.97% 2010 31.851 636567 0.99% 4702.701 9 3.48 8.3569 2011 31.968 666004 1.00% 3369.398 9,1(Q3 2011) 3,48(oct 2011) 8.5772

Section Two : Trading Statistics


Currency: USD Indicators Total value traded (1) Total volume traded (1) Total number of transactions (1) Number of listed companies (2) Number of traded companies Market Capitalization (billions) end of year Market Capitalization as % of GDP Turnover Ratio (%) *

Table 2: Trading equity Statistics


2009 7,045,938,091.63 211,571,347 285,252 76 77 64.74 69.75% 10.88% 2010 9,778,724,870.62 263,564,044 329,877 74 78 69.29 75.54% 14.11% 2011 5,980,905,700.31 189,513,172 218,823 76 77 60.19 62.84% 9.94%

55 ASEA Yearbook2012

Casablanca Stock Exchange

* Turnover Ratio (%)= value traded of listed securities/market capitalization (1) = one way counted-Central Market and Block Market - Rights are included (2) = end of year

Table 3: Investors Type Foreigners vs. Local Investors


% of the Total Value Traded Type of Investors Foreign Investors Local Investors Total % * source: Based on Market Authority (CDVM); 2009 17.00% 82.00% 99% 2010 12% 88% 100% 2011 13% 87% 100%

Insitutions Vs.Individuals
Institutions Individuals Total %

86% 13% 98%

82% 16% 98%

85% 13% 98%

* source: Based on Market Authority (CDVM); for remaining pourcentages, the investor's type Isn't determinated

Table 4: Sectors Traded


Sectors traded on the Stock Exchange Number of companies included in each sector 2009 Shares Market Segment Banks Beverages Chemicals Construction & Building Materials Distributors Electrical & Electronic Equipment Engineering & Equipment Industrial Goods 76 6 3 4 6 8 1 1 2010 74 6 3 4 6 9 1 1 2011 76 6 3 4 7 8 1 2

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Casablanca Stock Exchange

Food producers & Processors Forestry & Paper Holding Companies Insurance Investment Companies & Other Finance Leisures and Hotels Mining Oil & Gas Pharmaceutical Industry Real Estate Software & Computer Services Telecommunications Transport Utilities

7 1 4 3 8 1 4 2 2 4 7 1 2 1

6 1 2 4 8 1 4 2 2 4 6 1 2 1

6 1 2 4 8 1 4 2 2 4 7 1 2 1

Table 5: 5 Most Active Sectors in 2011


# 1 2 3 4 5 Sectors Banks Real Estate Telecommunications Mining Construction & Building Materials

Section Three: Bonds Statistics Table 6: Bonds Statistics


Bonds Total Value traded Value traded on corporate bonds 2009 1,093,065,453.45 1,093,065,453.45 2010 1,119,460,185.47 1,119,460,185.47 2011 1,002,343,955.39 1,002,343,955.39

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Casablanca Stock Exchange

Section Four: Trading System


Trading System Trading System Type of System Vendor Year of Implementation NSC V900 Automated Atos Euronext Market Solutions 2008

Section Five: Clearing and Settlement


Clearing and Settlement by Systems Vendor Year of Implementation Clearing and Settlement Time Casablanca Stock Exchange Locally Developed 2002 T+3

Section Six : Products traded on the Stock Exchange


Types of markets in your Stock Exchange Equity Market Cash Market Bond Market YES YES YES

Table 7 Products
Product (Stocks,Bonds, Funds,ETFs,Derivatives ..etc) Stocks Bonds ETF Description of the Product Shares traded on 3 different compartments Corporate bonds NO

Section Seven : Trading Mechanism


Intraday Trading Online Trading YES YES

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Casablanca Stock Exchange

Section Seven : Indices Table 8 Indices


Index Name MASI Float Index Type (Price Index, Sector Index,..etc) A broad-based index comprising all shares Free float index calculated by FTSE in partnership with CSE-a real time tradable index consisting of the top 15 stocks trading on the Casablanca Stock Exchange, ranked by gross market capitalization

FTSE CSE Morocco 15 Index

Index performance
Closing 2010 MASI Float FTSE CSE Morocco 15 Index 12,655.20 11,092.82 Closing 2011 11,027.65 10,935.62 % change -12.86% -1.42%

Section Eight: IPOs, Rights Issues and Debt Securities


IPOs Company ENNAKL CNIA SAADA Assurance IPOs Company STROC INDUSTRIE JET ALU MAROC SA S.M MONETIQUE Debts Securities Company AFRIQUIA GAZ ALLIANCES ATTIJARIWAFA BANK CGI Date of issue 7/16/2010 3/5/2010 6/24/2010 12/28/2010 Date of IPO 6/30/2011 12/9/2011 12/27/2011 2010 Face Value of issue ($ million) 5.29 5.98 13.27 21.59 Date of IPO 7/13/2010 11/22/2010 2011 Value of IPO ($ million) 12.01 27.42 9.09 2010 Value of IPO ($ million) 23.05 77.15

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Casablanca Stock Exchange

DOUJA PROM ADDOHA LABEL VIE LYDEC ONCF ONDA RISMA

8/6/2010 10/6/2010 7/9/2010 1/25/2010 12/13/2010 12/24/2010

25.68 0.24 39.51 28.86 8.80 41.43

Section Nine : 2011 Rankings of Top 5 Trading Participants


2011 Company ATTIJARIWAFA BANK CDM MEDI TELECOM MEDI TELECOM OCP ONCF Date of issue 6/27/2011 3/24/2011 1/26/2011 12/20/2011 9/29/2011 10/17/2011 Face Value of issue ($ million) 10.17 10.85 1.46 16.32 18.26 46.64

60 ASEA Yearbook2012

Dar es Salaam Exchange

DAR ES SALAAM EXCHANGE


PROFILE
Website Market Regulator Address Trading Session hours (local time) Time Zone Contact Person for ASEA Telephone Fax E-mail Name of Local Currency Tax Rates (dividends, interest, capital gain) Commodities Exchange www.dse.co.tz Capital Markets and Securities Authority 4Th Floor,Twiga Building, Samora Avenue,P.O.Box 70081,Dar es Salaam Deals Market 10.00 am-12.00 pm Orders Market 2:45 pm-3:15 pm Listed Securities 10:30 am-2:30 pm Pre-Opening Section 9:45 am-10:15am Primary Dealers Bonds Markets 10:35 am-4:30pm Greenwich Mean Time + 3 hours Mr.Gabriel Kitua +255 22 2128522 ; +255 22 2123983 +255 22 2133849 info@dse.co.tz Tanzanian Shilling-TZS Taxes are not applicable on capital gains None

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Dar es Salaam Exchange

OVER VIEW
BACKGROUND
The Dar es Salaam Stock Exchange (DSE) started operations in 1998 following the introduction of privatization policy to government corporations. DSE market capitalization stands at $7.39 billion with 17 listed companies, six corporate bonds and 162 treasury bonds. The governance structure of the DSE consists of three levels namely Annual General Meeting of the members of the company, Governing Council and Management. The DSE Management is composed of the Chief Executive Officer and Managers, with powers to run daily activities of the DSE. The DSE membership consists of 7 Licensed Dealing Members (LDMs) and 30 Associate Members. The LDMs are members that are allowed to access DSEs trading facilities to trade on behalf of investors as agents or to trade on their own behalf as principals. Associate members are non-LDM members (natural and legal) who have interest in the development of capital markets in Tanzania including; listed companies, companies with a potential for listing, institutional investors, professional associations, as well as individuals. The primary aim behind the establishment of the DSE was to facilitate implementation of the Tanzanias economic reforms and encourage wider ownership of economic entities. DSE has witnessed phenomenal subscription levels for IPOs of most recently listed companies. Secondary bond trading activities have also picked up. This trend enables not only companies with bankable projects to get funding through the DSE but also the Government to raise funds at lower rates for its development projects hence lessening dependence on external borrowing.

Review of Market Performance in 2011


Market Capitalization increased drastically from USD 3.4 billion in 2010 to USD 7.4 billion in 2011. All Share Index increased by 11.96 % to 1,303.23 points as at end of 2011. The market witnessed three new lisitings in 2011, the two companies namely Nation Media Group and African Barrick Gold were cross listed at DSE and Precision Airway Services become the first local airline company to get listed at the Exchange. Notwithstanding the non performamce of primary bond market in Tanzania, the secondary bond market transactions picked up from USD 147.48 million in 2010 to USD 276.44 million in 2011. During the period under review the market also witnesed an increase in the number of foreign Investor participation by 46% and local investors by 4% (on average) in 2011 compared to the previous year.

FUTURE OUTLOOK Public Awareness Campaigns


The DSE is planning to continue conducting public awareness campaigns that will involve news media, exhibitions as well as special trainings for potential issuers and investors. This will create public awareness on the importance of the DSE to the economy in respect of raising capital for businesses and mobilizing savings for investment.

Launch of Enterprise Growth Market Segment - EGM


The EGM is a new window for medium (SMEs) and startup companies with potential for listing. This segment will allow SMEs and Start-up companies with growth potential but do not meet criteria for listing in the Main Investment Market segment raise needed funds for expansion of their businesses.We are planning to operationalize this segnment during the 2012/13.

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Dar es Salaam Exchange

Municipal and Infrastructure Bonds


The DSE plans to introduce a municipal and infrastructure bonds market segment. The introduction of municipal and infrastructure bonds platform at the DSE will enhance Government effort to finance its projects. Major constraint for the implementation of bankable projects by Local Government Authorities and other Government institutions has been a mismatch of long term nature of projects against annual budgets.

New Listings
We are planning to bring to the market about four companies to raise capital and ultimately increase market liquidity.The target list include companies from financial, mining, industrial and tourism sectors.

Demutualization
Demutualization study is expected to start in 2012 whereby the road map for the demutualization process will be agreed and the implementation of the strategy will follow there after.

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Dar es Salaam Exchange

STATISTICS
Section One : Economic Indicators
Currency: USD Indicators Population (million) Real GDP (USD) (millions) at market exchange rates Inflation rate (%) Net Foreign Direct Investment (USD) (Millions) Unemployment rate (%)* Interest Rate (T-Bills) Exchange rate (local currency versus US$)

Table 1: Main Economic Indicators


2009 40.68 21,368 11.80 645.00 N/A 6.14 1320 2010 43.19 22,041 10.5 700.00 N/A 3.87 1402 2011 44.1 24,463 12.6 NA N/A 9.49 1605

Source for FDIs: United Nations Conference on Trade & Development Source: Bank of Tanzania

Section Two : Trading Statistics


Currency: USD Indicators Total value traded Total volume traded Total number of transactions Number of listed companies Number of traded companies Market Capitalization (Millions) end of year Market Capitalization as % of GDP Turnover Ratio (%) *

Table 2: Trading Equity Statistics


2009 38,358,204.20 123,224,026 21,145 15 12 3,830.00 17.38% 1.00 2010 25,486,535 2011 35,019,608

184,565,822 108,832,375 13,373 15 12 3,368.00 15.28% 0.76 8,314 17 15 7,389.66 30.21% 0.47

* Turnover Ratio (%)= value traded of listed securities/market capitalization

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Dar es Salaam Exchange

Table 3: Investors Type Foreigners vs. Local Investors


Type of Investors % of the Total Value Traded 2009 Foreign Investors Local Investors Total % 1.8 98.2 100% 2010 21.8 78.2 100% 2011 36.7 63.3 100%

Insitutions Vs.Individuals

Institutions Individuals Total %

45.6 54.4 100%

53.8 46.2 100%

40.5 59.5 100%

Table 4: Sectors Traded


Number of companies included in each sector 2009 Main Market Segment (MMS) Banking & Investment Commercial services Industrial & Allied Foreign Share Index United Republic of Tanzania Treasury Bonds Corporate Bonds 5 6 15 4 1 6 4 2010 15 4 1 6 4 2011 15 3 2 6 4 162 6

Table 5: 5 Most Active Sectors in 2011


1 2 3 4 5 Commercial services Industrial & Allied Banking and investment Foreign Share Index

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Dar es Salaam Exchange

Section Three: Bonds Statistics


Currency: USD Bonds Total Value traded Value traded on governmental bonds

Table 6: Bonds Statistics


2009 106,560,000 106,560,000 2010 147,480,000 147,480,000 2011 118,963,154 118,963,154

Section Four: Trading System


Trading System Type of System Vendor Year of Implementation Automatic Trading System (ATS) Automated Millenium IT 2006

Section Five: Clearing and Settlement


Clearing and Settlement by Systems Vendor Year of Implementation Clearing and Settlement Time Dar es Salaam Stock Exchange Millenium IT 2006 T+5

Section Six : Products traded on the Stock Exchange


Types of markets in your Stock Exchange Equity Market Cash Market Derivative Market Bond Market YES NO NO YES

Table 7 Products
Product (Stocks,Bonds, Funds,ETFs,Derivatives ..etc) Shares Bonds Description of the Product Common Shares,preference shares Government and Corporate Bonds

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Dar es Salaam Exchange

Section Seven : Trading Mechanism


Margin Trading YES YES YES Intraday Trading Online Trading

Section Seven : Indices Table 8 Indices


Index Name DSEI TSI BII CSI IAI Index Type (Price Index, Sector Index,..etc) Tanzania All Share Index Tanzania Domestic Share Index Banking & Investment Index Commercial Services Index Industrial & Allied Index

Index performance
DSEI TSI BII CSI IAA

Closing 2010 1,164.00 902.00 764.00 1,035.00 1,072.00

Closing 2011 1303.23 1140.00 1056.00 1459.00 1285.00

% change 11.96 26.39 38.22 40.97 19.87

Section Eight: IPOs, Rights Issues and Debt Securities


IPOs Company CRDB Bank Ltd Note: There was no Rights Issues in 2009. IPOs Company Precision Air Services Date of Issue 21.12.2012 2011 Value of Issue ($ million) 57.37 Date of Issue 17.06.2009 2009 Value of Issue ($ million) 14.48

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Dar es Salaam Exchange

TBL

December

75.00 132.37

Debt Securities Issuer Tanzania Breweries Limited Standard Chartered Bank Promotion of Rural Initiatives

2010 Date of issue 31.08.2010 22.10.2010 8.11.2010 Value ($ million) 24.73 6.7 9.86 41

Debt Securities Issuer Bank M Date of issue 4.02.2011

2011 Value ($ million) 2.00 2.00

Section Nine : 2011 Rankings of Top 5 Trading Participants


Ranking Equity Transactions Purchases $ 1 2 3 4 5 Orbit Securities Ltd TSL Rasilimali Core Securities Vertex 17,946,776.00 7,737,702.00 2,675,411.00 3,640,514.00 2,357,660.00 Sales $ 10,313,548.00 7,887,146.00 9,280,273.00 4,201,615.00 831,269.00 Total $ 28,260,324.00 15,624,848.00 11,955,684.00 7,842,129.00 3,188,929.00

Ranking

Bond Transactions

Purchases $

Sales $ 230,789,240.55 38,084,218.73 0.00

Total $ 465,689,272.85 68,771,035.99 3,286,609.73

1 2 3

Solomon TSL Rasilimali

234,900,032.30 30,686,817.25 3,286,609.73

68 ASEA Yearbook2012

Dar es Salaam Exchange

Orbit Securities Ltd

68,765.40

68,765.40

137,530.80

Members' Contacts are available on the DSE website www.dse.co.tz

69 ASEA Yearbook2012

Douala Stock Exchange

DOUALA STOCK EXCHANGE


PROFILE
Website Market Regulator Address www.douala-stock-exchange.com Financial Services Commission Immeuble de la Bourse, BP442 Douala Boulevard de la Libert, Akwa Trading Session hours (local time) Time Zone Contact Person for ASEA Telephone Fax E-mail Name of Local Currency 9 a.m - 11 a.m (Official Market) GMT +1h Mr Pierre EKOULE, General Manager. +237 33 43 85 83 +237 33 43 85 84 mireille.dicka@douala-stock-exchange.com FCFA (XAF)

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Douala Stock Exchange

OVERVIEW
BACKGROUND Creation of the DSX
The economies of Central Africa, which consist of Cameroon, the Republic of Congo, Gabon, Equatorial Guinea, the Central African Republic and Chad have carried out, over the past two decades, structural adjustment programmes aimed at restoring their macroeconomic equilibrium. In view of the completion of these programmes, Cameroon established a financial market regulated by law no.99/015 of the 22nd December, 1999 concerning the establishment and organisation of a financial market, in order to respond to the needs of privatisations and longterm financial investment. The Douala Stock Exchange was created on the 30th November 2001 and inaugurated on the 23rd April 2003 by the Prime Minister.

Introduction to the DSX


Douala Stock Exchange is a market entreprise operating under the terms and conditions of Law No. 99/015 of the 22nd December 1999 which regulates the creation and organisation of financial markets. It is a limited liability company with a Board of Directors and share capital of 1.740.500.000 Francs CFA divided as follows: 63,7% by banks: Amity Bank, Afriland First Bank, Banque Internationale du Cameroun pour LEpargne et le Crdit, Citibank Cameroun, Commercial Bank of Cameroon, Crdit Agricole - Socit Commerciale de Banques Cameroun, Ecobank, Union Bank of Cameroun, Standard Chartered Bank Cameroon , Socit Gnrale de Banque au Cameroun, Crdit Foncier du Cameroun and FMO; 23% by public entities: Caisse Autonome dAmortissement, Caisse Nationale de Prvoyance Sociale, Caisse de Stabilisation des Prix des Hydrocarbures and the Socit Nationale dInvestissement du Cameroun, and 13,3% by insurance companies : Activa Assurances, Cameroon Insurance, Pro Assur, Compagnie Professionnelle dAssurances, Socit Africaine dAssurance et de Rassurance du Cameroun, and Satellite Insurance. The Board of Directors consists of twelve (12) members including five (5) representatives of Investment Service providers and members of Douala Stock Exchange (brokers), three (3) representatives of public investors, one (1) representative of the insurance companies, one (1) representative of listed companies, one (1) representative of the banking profession and one (1) representative of the Goverment of Cameroon. Under the authority of their Financial Markets Commission, the financial market is responsible for: the administration of the market, the introduction, listing and quotation of shares (activity devolved to the Douala Stock Exchange DSX); the admission, conservation and circulation of shares (activity delegated to the Caisse Autonome dAmortissement CAA) and the cash settlement of market transactions (activity delegated to the Socit Gnrale des Banques au Cameroun SGBC). In addition to the General Management, the organisational chart of Douala Stock Exchange comprises three key functions; Market and Operations, Administration and Finance, and Information and Technology System.

Functioning of the DSX


Douala Stock Exchange applies the principle of a spot or cash market which is centralised and order-driven. These orders are recorded in the DSX quotation system by the Investment Service Providers. There is currently one trading session per week, through there are plans to increase

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Douala Stock Exchange

to 3 sessions per week by the end of 2012. Delivery of shares and settlement of accounts will take place wiithin three days following the trading session, as opposed to four days the current. Douala Stock Exchange consists of three market units: equity, corporate bonds and government bonds. Currently, shares in three (03) companies (Socit des Eaux Minrales du Cameroun-SEMC, Socit Africaine Forestire et Agricole du Cameroun-SAFACAM, and Socit Camerounaise de Palmeraies-SOCAPALM) are listed in the first market unit (shares and capital securities), and one bond (International Finance Corporation -IFC-) is listed in the second market unit (bonds and credit instruments). There are currently 13 brokers locally called Investment services providers, namely; AFRILAND FIRST BANK - BAC - BICEC - BMCE Capital Cameroun - CASCB - CBC - CENAINVEST - CITIBANK - EDC Investment Corporation - SFA - SCBC - SGBC - UBA.

Conditions for Eligibility and Listing on the DSX


The stock market is composed of two divisions, one for large and multinational companies and the other for small and medium size companies and is guided by a number of regulations designed to ensure transparency and the credibility of operations: zz For SHARES, a Limited Liability Company may be admitted into the first division (shares) of the DSX provided its stock market capitalisation on introduction exceeds 500 million F.CFA (USD 1 million), and it can demonstrate a net margin of 3% of its turnover for the previous three years, and can present three years annual audited and consolidated accounts. Additionally, the company is required to sign a contract which provides for a quotation or a price instruction, each trading session. Finally, it must offer to the public at least 20% of its share capital on listing. zz For the second division, credit instruments and certificates, any limited liability comapny is eligible if it shows a stock market capitalisation of at least 200 million F.CFA (USD 400000) on listing, can provide two years audited accounts and a strong profit-making potential. Equally, the company is also required to sign a contract which provides for a quotation or a price instruction every five trading sessions. Finally, it must offer to the public at least 20% of its share capital on listing. zz For CORPORATE BONDS, any limited liability company with share capital of at least 200 million FCFA (USD 400000) and which issues at least 500 million FCFA (USD 1 million) is eligible. zz For GOVERNMEMT BONDS, admission is open according to the law.

1. LATEST ACHIEVEMENTS The Equity Market


Since the beginning of 2010, DSX has held 40 trading sessions with a variety of shares on offer with good performance from SEMC and SAFACAM shares and a poor performance by SOCAPALM shares. SEMC shares showed the best performance during this period. On 20th January 2010, following a capital increase by the incorporation of reserves decided by the companies stakeholders, the share price underwent a technical adjustment by a dividing up of 50% of its price which amounted to a value of 57500 FCFA (USD 115). From that point on, SEMC shares showed a remarkable progression, passing from FCFA 57500 (USD 115) in January 2010 to FCFA 89 223 (USD 118.45) on the 30th September 2010.

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Douala Stock Exchange

During the same period, SAFACAM shares remained relatively stable at FCFA 36000 (USD 72). This price stability during this period does not reflect the performance of the company which showed a return of 13%. SOCAPALM shares had a turbulent year due to the partial collapse of its share price from 40 997 FCFA (USD 82) at the beginning of the year to 35020 FCFA (USD 70.04), a fall of 14.57%. However, with the issuer and the ISP having recently signed a contract, a period of steady growth is
now anticipated.

The Corporate and Government Bonds Market


The IFC bond, currently the only bond on the market, is quoted at 97% as of the 30th September 2010. Stock market capitalisation at the end of September amounted to FCFA 78564346850 (USD 157128693.7), compared with FCFA 82602840645 (USD 165205681.29) at the beginiing of the year, a fall of 5,14 %. This fall is principally attributed to the poor performance of SOCAPALM shares and to technical adjustments to prices of the three listed shares following the payment of dividends to shareholders for the financial year 2009. Total volume of transactions was FCFA 211 076 863 (USD 422 153.73), SOCAPALM with SAFACAM shares being the most actively traded.

Volume of Exchanges
On a monthly basis, an analysis of volume of exchanges was carried out for the month of June, representing 31 % of volume at FCFA 63113260 (USD 126226.52) , followed by the volume of transactions in Septemb at FCFA 28654522 (USD 57309.04) , a share of 19.08%, and then that of January at FCFA 44084854 (USD 88169.71) , a share of 21%. The Credit instrument market showed a turnover of 10534 083 F CFA (USD 21068.17) , the equivalent of 1 047 IFC bonds.

Payment of Dividends
Dividends were paid at the end of the first half year of 2010 for the three listed shares for 2009. In June, SEMC paid to its shareholders a dividend of FCFA 4950 (USD 9.9) . In July, SOCAPALM paid a dividend of FCFA 1282 (USD 2.56), and in August, SAFACAM paid a dividend of FCFA 4272 (USD 8.54). These different transactions were the origin of three events impacting on shares listed on the SDX within the framework of dividend payments.

2. THE FUTURE OUTLOOK Credit Instrument Market


Two (2) bond issues are envisaged for the last quarter of 2010: zz The State of Cameroon plans to make a bond issue of a maximum amount of 200 billion Fcfa (USD 400 millions) within the framework of the implementation its budget under the terms and conditions of the financial laws of 2010. Revenues raised are destined for development projects. Bonds thus issued shall be listed on the Douala Stock Exchange. The syndicate of Investment Service Providers concerned, AFRILAND, CITIBANK and SGBC have been notified officially by the Ministry of Finance. zz The Banque de Dveloppement des Etats de lAfrique Centrale (BDEAC) plans to launch,

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Douala Stock Exchange

within the CEMAC zone, a bond issue to the value of 100 billion Francs CFA (USD 200 millions). A preliminary drawing of 30 billion fcfa (USD 60 millions) is planned for the fourth quarter of 2010. Bonds shall be issued and listed on the two financial markets of the CEMAC zone.

Revision of Strategy
Douala Stock Exchange seeks to increase the number of listed companies. It is therefore carrying out an intensive marketing strategy which aims at drawing attention to the tax advantages offered by the State of Cameroon in order to attract the next wave of privatized companies as well as companies and local groups seeking long term finance. With this aim in mind, the organisational capacities will be reinforced both in terms of information systems and humnan capital. In addition to the three existing functions (Markets and operations, Administration and Finance, and Information Systems), a promotion and product development function will be created as well as Legal and Compliance to improve company governance. Sources of revenues are concerned, they will be extremely diversified. IT equipment is being upgraded in order to integrate itself into the panafrican inter-stock exchange system and EURONEXT

Creation of a Division for Small and Medium sized Businesses


Since the official launching of Douala stock Exchange operations, only the large and multinational companies division is operational. The management objective is to enhance the small and medium size company division by 2011 with the support of the government of Cameroun and international stakeholders. Therefore, the admission criteria in to this segment of business will be more flexible and integrated within the framework of a guarantee fund for small and medium size companies.

Partnerships and Exchanges with other Stock Exchanges


DSX intends to reinforce exchange and cooperation with other stock exchanges in the franc Zone and beyond.

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Douala Stock Exchange

STATISTICS
Section One : Economic Indicators
Currency: USD Indicators

Table 1: Main Economic Indicators


Population (million) Real GDP (USD) (millions) at market exchange rates Inflation rate (%) Exchange rate (local currency versus US$)

2008 18.50 3.70 3.70

2009 19.10 2.00 2.00 500

2010 19.40 3.70 1.50 466

2011 19.40 3.80 3,4(est) 500

Section Two : Trading Statistics


Currency: USD Indicators Total value traded Total volume traded Total number of transactions Number of listed companies Number of traded companies Market Capitalization (billions) end of year (USD.) Turnover Ratio (%) *

Table 2: Trading equity Statistics


2008 247,483.31 3,006.00 97 2 9 0.04 0.55 2009 651,341.42 7,496.00 178 3 11 0.17 0.39 2010 546,688.40 6,372.00 141 3 12 0.19 0.29 2011 447,628.00 4,807.00 141 3 12 0.20 0.23

Section Three: Bonds Statistics Table 6: Bonds Statistics


Bonds Total Value traded (USD.) Value traded on governmental bonds (OTZ) 2008 2009 2010 2011

8,472,000.00 6,984,700.00 8,472,000.00 6,970,000.00

4,056,601.00 4,503,822.00 4,056,601.00 4,056,602.00

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Value traded on corporate bonds (IFC & BDEAC) Value traded on government bonds (ECMR)

0 0

0 0

22,146.00 0.00

21,860.00 447,220.00

Section Four: Trading System


Trading System Type of System Vendor Year of Implementation Titan Automated 3V Finance (Vieil et Tradition-France) 2003

Clearing and Settlement


Clearing and Settlement by Systems Vendor Year of Implementation Clearing and Settlement Time Central depository-Caisse Autonome dAmortissment (CAA) Euroclear 2006 T+3, T+4

Section Six : Products traded on the Stock Exchange Stock, Bonds


Types of markets in your Stock Exchange Equity Market Bond Market YES YES

Table 7 Products
Product(Stocks,Bonds, Funds,ETFs,Derivatives ..etc) Description of the Product Ordinary shares Government and corporate bonds All common stocks Government bonds issued through the Primary Dealers System

Section Seven : Trading Mechanism


Intraday Trading YES

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Douala Stock Exchange

Section Eight: IPOs, Rights Issues and Debt Securities


IPOs Company SAFACAM IPOs Company SOCAPALM IFC IPOs Company BDEAC STATE OF CAMEROON Date of IPO 26/05/2008 Date of IPO 22/01/2009 23/11/2009 23/11/2009 Date of IPO 29/11/2010 06/12/2010 2008 Value of IPO ($ million) 6.22 2009 Value of IPO ($ million) 32.3 42.91 75.21 2010 Value of IPO ($ million) 64.38 429.19 493.57 Members Contacts are available on the SEMwebsite the DSX website www.douala-stock-exchange.com

77 ASEA Yearbook2012

Egyptian Exchange

EGYPTIAN EXCHANGE
PROFILE
Website Market Regulator Address Over-the-counter, Deals Market 9:45 - 11:15 Orders Market 14: 45- 15:15 (Monday & Wednesday) Listed Securities 10:30 - 14:30 Nilex: 10:30 - 11:30 Primary Dealers Bonds Market 10:30-14:30 Greenwich Mean Time + 2 hours Sarah Hosni +202-23933984 ; +202-23921402 Ext 881 +202-239 70 461 sarah.hosni@egx.com.eg Egyptian Pound Taxes are not applicable on capital gains None www.egx.com.eg The Egyptian Financial Supervisory Authority

Trading Session hours (local time)

Time Zone Contact Person for ASEA Telephone Fax E-mail Name of Local Currency Tax Rates (dividends, interest, capital gain) Commodities Exchange

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Egyptian Exchange

OVER VIEW
BACKGROUND
The Egyptian Exchange (EGX) dates back to more than 125 years. The Alexandria Stock Exchange was officially established in 1883, followed by Cairo in 1903. The two exchanges were very active as one of the oldest Futures Market for Cotton in the world back in the 1940s and the Egyptian Exchange was ranked as the fifth in the world. Nevertheless, the socialist policies adopted in the mid 1950 have led to a drastic reduction in activity on the stock exchange, remaining dormant during 1961 till 1992. In an attempt to re-activate the market, the government opted for the public offering of the state owned enterprises through the privatization program, which provided the impetus for its revival of the stock market. In 1997, The Egyptian Exchange (formerly existing as Cairo & Alexandria Stock Exchanges) started its modernization program in terms of legislation and infrastructure to keep abreast with globalization and internationalization. EGX now operates through two locations: Cairo & Alexandria, which are managed by the same Chairman and members of Board of Directors. Stocks, bonds and funds are traded on EGX. In addition to a number of structured products, issued by several international financial institutions, on the Exchange in-house designed index, EGX 30 Index, are listed and traded on various European Exchanges such as EGX 30 Certificates Issuance by The Royal Bank of Scotland (RBS), EGX 30 EUR X-Pert Certificates Issuance by Deutsche Bank, and EGX 30 Open End Certificates Issuance by Goldman Sachs International. The Exchange continued its journey of developing its market, expanding its services and products by launching on Thursday 3 June 2010 the first trading session in the Nile Stock Exchange (NILEX), the first market for growing medium and small companies in the MENA region. NILEX provides medium and small fast growing businesses, including family-owned businesses, from any country and any industry sector, a clear access to capital and the benefits of being traded. EGX has developed a number of indices which help the investors track the markets performance. EGX 20 Capped, EGX 30, EGX70, EGX100, Dow Jones EGX Egypt Titans 20 INDEX, and S&P/ EGX ESG Index which is the first corporate governance and social responsibility index in the MENA region in collaboration with the Egyptian Institute of Directors and Standard &Poors. The Egyptian Exchange is governed and regulated by the Egyptian Financial Supervisory Authority (EFSA) that is a single regulatory body governing all non banking financial services. Fully aware that the backbone of any successful market is a good regulatory framework, the Egyptian Financial Supervisory Authority (EFSA) has revamped the capital markets rule book to bring it in line with the western standards targeting markets efficiency and integrity. EFSA, together with EGX, are working hard to reduce market abuses, manipulation or insider trading. Moreover, EGX has designed internally an advanced surveillance system and established a Risk Management, Investor Relations, and Membership Departments whose main objectives are to identify risks at the macro and micro level and strengthen the markets transparency in order to help improve business environment and ensure that EGX attracts and retains the strongest issuers with sustainable business models. EGX is working in an environment that focuses on the importance of protecting its investors where a Settlement Guarantee Fund 2004 in cooperation with Misr for Clearing & Settlement

79 ASEA Yearbook2012

Egyptian Exchange

Company with a size of LE 30 million is in place to clear unsettled transactions either by paying cash or buying shares on behalf of the defaulting party. Furthermore, an Investor Protection Fund was set up to protect market participants from non commercial risks ensued from the activities of the securities companies. EGX do not impose any restrictions on foreign investment or profit repatriation in the Egyptian securities market. No taxes are levied on dividends, capital gain and interest on bonds for individuals, mutual funds and international funds. On the international front, EGX has signed a number of Memoranda of Understanding with various Exchanges as it continues to develop partnerships with regional and global exchanges. The mutual cooperation and sharing of information serve to enrich the strategic planning of the different exchanges whether on the international, regional or individual fronts. In this respect, EGX is sparing no efforts to strengthen its position on the international capital market map through enhancing its relations with other stock exchanges as well as federations and associations belonging to the exchange industry.
EGX is

zz A Board member of WFE (World Federation of Exchanges). zz A member of ASEA (African Securities Exchanges Association). zz A member of FEAS (Federation of Euro-Asian Stock Exchanges). zz A founder member of the Union of Arab Exchanges. zz An affiliate member of the International Organization of Securities Commissions (IOSCO).

EGX FUTURE OUTLOOK


EGX will continue exerting efforts to enhance the efficiency of the market, raise investors awareness, promote financial literacy, and improve the communication between EGX and its stakeholders to further strengthen with their trust in the market. Moreover, EGX will continue its aggressive marketing plan to attract the big companies to be listed in the market. EGX strives to build on its success by accelerating the introduction of a bundle of new investment products and mechanisms into the Egyptian market such ETFs, sukuks, the Market Maker system which are expected to be launched in the market soon.

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Egyptian Exchange

STATISTICS
Currency: USD Indicators Population (million) Real GDP (USD) (billion) at market exchange rates Inflation rate (Urban) (%) Net Foreign Direct Investment (USD) (Millions) Unemployment rate (%) Interest Rate (91 Days T-Bills) % Exchange rate (local currency versus US$)

Table 1: Main Economic Indicators


2006/2007 77.5 130.74 8.60 11053.20 8.9 6.781 5.6967 2007/2008 79.1 167.91 20.20 13236.50 8.7 9.675 5.3331 2008/2009 2009/2010 2010/2011 83.5 186.23 9.90 8113.40 9.4 10.156 5.5964 84.5 211.88 10.10 6758.20 9 10.179 5.6952 87.40 236.12 9.60 2188.60 11.80 10.20 5.81

Section Two : Trading Statistics Table 2: Trading Equity Statistics


Indicators 2007 Total value traded (USD) Total volume traded Total number of transactions Number of listed companies Number of traded companies ^ Market Capitalization end of year (USD) ^ Market Capitalization as % of GDP 65,834,904,722.82

2008

2009

2010

2011

96,056,030,223.45 81,707,244,812.59

55,360,550,000.00

24,571,443,698.40

15,091,289,631.95

25,556,094,683.70 36,601,431,681.00

33,429,372,218.00

18,490,172,527.00

9,016,116.00

13,456,318.00

14,627,805.00

10,201,219.00

5,589,676.00

435

373

306

212

213

337

322

289

213

204

139,319,168,585

85,901,717,657

91,080,506,444

84,102,973,825

51,688,215,519

85.79%

45.45%

41.40%

40.46%

22.73%

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Egyptian Exchange

Turnover Ratio (%) * * after excluding deals

38.7

70.3**

49.9**

42.9

34.0

* Turnover Ratio (%)= value traded of listed stocks/market capitalization it represtents the trading figures for the main market. Worth mentioning that Nilex market (SMEs Market) has been launched since 2007 and trading has been commenced on Nilex on 3 June 2010, whereby there were 17 companies listed on Nilex at the end of 2010, with a market capitalization of USD 172 million.

EGX was closed from 28 January - 22 March after the revolution. Table 3: Investors Type Foreigners vs. Local Investors*
Type of Investor Foreign Investors Local Investors Total % 31.00 69.00 100% 39.00 61.00 100% 30.00 70.00 100% 34.00 66.00 100% % of the Total Value Traded 19.00 81.00 100% 37.00 63.00 100% 22.00 78.00 100% 52.00 48.00 100% 29.00 71.00 100% 59.00 41.00 100%

Insitutions Vs.Individuals*
Institutions Individuals Total %

Table 4: Sectors Traded


Sectors traded on the Stock Exchange Banks Basic Resources chemicals Construction & Materials Financial Services excluding banks Food & Beverages Healthcare & pharmaceauticals Industrial goods & services and Automobiles Media Oil & Gas Number of companies included in each sector 23 18 20 55 37 54 28 53 1 5 23 15 16 49 43 38 22 44 1 5 21 11 13 38 37 30 21 35 1 5 12 9 7 26 30 28 13 18 1 3 12 9 7 26 29 27 14 17 1 3

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Personal & household products Real Estate Retail Technology Telecommunications Travel & Leisure Utilities

32 45 14 7 3 36 4

28 34 11 4 3 33 4

20 32 9 3 3 24 3

11 26 5 3 3 16 1

11 29 5 3 3 16 1

Table 5: 5 Most Active Sectors in 2011


1 2 3 4 5 Financial Services excluding banks Real Estate Industrial goods & services and Automobiles Construction & Materials Telecommunications

Section Three: Bonds Statistics Table 6: Bonds Statistics


Bonds Total Value traded (USD) Value traded on governmental bonds Value traded on corporate bonds

2008

2009 7,401,447,478.76

2010 10,938,692,718.20

2011 5,093,916,817.59

3,630,012,514.28

3,600,159,602.44 29,852,911.84

7,392,040,689.83 9,406,788.93

10,841,835,284.13 96,857,434.06

5,056,289,649.99 37,627,167.60

Section Four: Trading System


Trading System Type of System Vendor Year of Implementation X-Stream Automated NASDAQ OMX Group 2008

Section Five: Clearing and Settlement

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Egyptian Exchange

Clearing and Settlement by Systems Vendor Year of Implementation Clearing and Settlement Time

Egyptian Exchange Locally Developed 2006 T+2, T+3 (OTC)

Section Six : Products traded on the Stock Exchange


Types of markets in your Stock Exchange Equity Market Cash Market Derivative Market Bond Market YES YES NO YES

Table 7 Products
Product (Stocks,Bonds, Funds,ETFs,Derivatives ..etc) Description of the Product Stocks Bonds Mutual Funds All common stocks as well as 3 companies with preferred stocks Government and Corporate bonds with the bulk owed to Treasury Bonds Issued through the Primary Dealers System Closed Ended Funds

Egyptian Depository Receipts EDRs are certificates issued by a custodian bank, which represent (EDRs) ownership of a specific number of shares of a foreign company, that can be listed and traded on EGX ETFs Rules and Regulations are issued

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Section Seven : Trading Mechanism


Margin Trading Intraday Trading Online Trading YES YES YES

*EFSA SUSPENDED MARGIN TRADING AND INTRADAY TRADING ACTIVITIES AS A PRECAUTIONARY MEASURE POST THE REVOLUTION TO ENSURE BUSINESS CONTINUITY, CREDIBILITY OF THE EGYPTIAN MARKET AND AS A PROTECTION FOR INVESTORS RIGHTS

Section Seven : Indices Table 8 Indices


Index Name EGX 30 (Main index) EGX 70 EGX 100 Dow Jones EGX Egypt Titans 20 Index S&P/EGX ESG Index Index Type (Price Index, Sector Index,..etc) free float market capitalization weighted index Price Index Price Index free float market capitalization weighted index Enviornmental, Social and Governance Index

Index performance
Closing 2009 EGX 30 EGX 70 EGX 100 DJ EGX Egypt Titans 20 S&P/EGX ESG Index 6,208.77 642.93 1059.33 1314.33 917.62 closing 2010 7,142.14 721.54 1166.24 1532.78 1112.69 closing 2011 3,918.45 451.18 697.51 876.8 646.67 % change -45% -37% -40% -43% -42%

Sector Indices
Closing 2009 Banks Real Estate Chemicals 1,249.35 1,118.16 761.83 closing 2010 2,204.75 1,352.26 904.72 closing 2011 911.67 440.82 675.43 % change -59% -67% -25%

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Egyptian Exchange

Healthcare & Pharmaceuticals Personal & Household Products Financial Services excluding Banks Industrial Goods, Services & Automobiles Construction & Materials Basic Resources Food and Beverages Travel & Leisure Telecommunications

1,273.04 533.16 724.52 1,650.64 1,480.97 762.9 973.54 585 501.94

1,486.09 609.14 810.58 1,819.58 1,610.63 813.92 1,014.33 571.57 422.13

1,244.48 458.60 357.25 893.27 1,129.22 192.25 602.11 195.28 276.37

-16% -25% -56% -51% -30% -76% -41% -66% -35%

Section Eight: IPOs, Rights Issues and Debt Securities


IPOs Company Juhayna Food Industries IPO Private Placement Advanced Pharmaceutical Packaging Co. (APP) Amer Group Holding (Amer Group) Private Placement IPO Private Placement Jun-10 Nov-10 2010 Date of IPO Jun-10 Value of IPO ($ million) 33.08 139.02 3.62 39.62 158.49

Debt Securities Company Contact securitization Contact securitization Date of issue Dec-10 Jul-11 Listing date Mar-11 Sep-11

2011 Face Value of issue ($ million) 69.63 58.02

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Egyptian Exchange

Debt Securities Company The Egyptian Company for Mobile Services MobiNil GB Auto Orascom Construction Industries Contact securitization Al Tawfik Securitization Company Date of issue Jan-10 May-10 Sep-10 Jul-10 Jul-10

2010 Listing date Mar-10 Jun-10 Dec-10 Sep-10 Nov-10 Face Value of issue ($ million) 258.18 172.12 283.99 80.90 99.14

Members' Contacts are available on the EGX website www.egx.com.eg

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Ghana Stock Exchange

GHANA STOCK EXCHANGE


PROFILE
Website Market Regulator Address Trading Session hours Time Zone Contact Person for ASEA Telephone Fax Email Name of Local Currency Tax Rates Commodities Exchange www.gse.com.gh Securities and Exchange Commission, Ghana 5th &6th Floor Cedi house, P.O. Box1849, Accra 9:30 am to 1:00 pm GMT- Greenwich Mean Time Diana Okinne/ Ekow Afedzie +233 302 669 908 ; +233 302 669 914 +233 302 669 913 dokine@gse.com.gh/peafedzie@gse.com.gh Ghana Cedi 8% withholding tax on dividend, 0% tax on capital gains None

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Ghana Stock Exchange

OVER VIEW
BACKGROUND
The Ghana Stock Exchange was established in July 1989 as a private company limited by guarantee under the Ghana Companies Code, 1963. It was given recognition as an authorized Stock Exchange under the Stock Exchange Act of 1971 (Act 348) in October 1990. The Exchange was inaugurated on November 12, 1990 and trading commenced on its floor the same day. The Exchange was officially launched on January 11. 1991 and became a public company limited by guarantee in April 1994. The Exchange is governed by a nine member Council - two representatives each from Licensed Dealing Members and Listed Companies, three independent members and two Executive Directors of the Exchange. The Council Membership includes some of the most distinguished and competent persons in Ghanaian commerce, industry, finance and public service. The Council has all powers and functions of a Board under the Companies Acts. By virtue of the Stock Exchange Act of 1971, such functions include preventing frauds and malpractices, maintaining good order among members, regulating the stock market business and granting listing and publishing prices.

Recent Performance/Latest Development


In 2011, the Ghana Stock Exchange implemented some major changes in its trading activities. To

complement the automated trading regime, the Exchange extended its trading hours to afford dealers increased contact hours with their clients during the trading day and also to afford non-resident investors in time zones different from ours, greater opportunity to reach out to their local brokers. The trading hours changed to 09.30hours GMT to 15.00 hrs GMT from the existing 09.30hours GMT to 13.00hours GMT. This was expected to also help improve liquidity in the market place. The Ghana Stock Exchange (GSE) introduced a new method of calculating closing prices of equities on the market. Closing prices of listed equities from January 4, 2011 were calculated using the volume weighted average price of each equity for every given trading day. Hitherto, closing price was based on the last transaction price of listed equities. These changes notwithstanding, trading volume and values of 419.79m shares and GH446.56m respectively recorded over the period of Jan-December 2011 were significantly higher than the volume of 330.13million shares and value of GH151.13million recorded over the same period in 2010. The volume of shares traded went up by 27% while value of shares traded in 2011 represented 295% over the volume and values achieved in 2010 respectively. As stated earlier, two new indices were introduced on January 4, 2011 to replace the GSE AllShare Index which tracks price changes in the listed equities. The new indices were the GSE Composite Index (GSE-CI)and the GSE Financial Stocks Index (GSE-FSI). The GSE-CI recorded -3.10% while the GSE-FSI recorded -13.69% at the end of December 2011. Market Capitalization went up; by136.59% from the December 2010 value of GH20.12billion to GH47.35billion. The increase was due mainly to the listing of Tullow Oil Plc and some additional listings. Tullow Oil Plc was the only IPO to be listed on the Exchange during the period under review. The company listed 3.53million shares valued at GH109.48million. This brought the number of listed companies to 34. The Exchange recorded two de-listings: Accra Brewery Ltd and CFAO Ghana Ltd.

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The GSE Securities Depository continued its educational drive towards immobilization of share certificates. At the end of December, 2011aproximately 49.37% of total listed shares had been mobilized and 64,845 accounts had been opened by investors in the Depository.

PROSPECTS FOR 2012


The key issues for the Exchange in 2012 include: 1) Repositioning the GSE strongly in Ghanas financial sector. 2) Listing of the first Exchange Traded Funds (NewGold ETF) on the GSE. 3) Provision of registrar services by GSE Securities Depository. 4) Developing and launching an Alternative market for the listing and trading of Small and Meduim size business. 5) Continue with our advocacy for a local content for Ghana which will ultimately require companies in a number of sectors such as telecom, mining, energy and oil and the financial sector to become public listed companies sharing their future with the investing public.

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STATISTICS
Section One : Economic Indicators
Currency: USD Indicators Population (million) Real GDP (USD) (millions) at market exchange rates Inflation rate (%) Net Foreign Direct Investment (USD) (Millions) Unemployment rate (%) Interest Rate (T-Bills) Exchange rate (local currency versus US$)

Table 1: Main Economic Indicators


2009 23.70 15.13 16.00 None 11 22.53 1.43 2010 24.30 30.48 8.50 None 11.2 12.57 1.47 2011 24.20 28.52 8.50 80.60 11 13.5 1.66

Section Two : Trading Statistics


Currency: USD Indicators Total value traded Total volume traded Total number of transactions Number of listed companies Number of traded companies Market Capitalization (billions) end of year Market Capitalization as % of GDP Turnover Ratio (%) *

Table 2: Trading equity Statistics


2009 51.88 97 16,793.00 35 33 11.15 73.70% 0.0046 2010 102.92 331 31,674.00 35 34 13.68 44.88% 0.0075 2011 269.01 420 30,709.00 34 34 28.52 120.37% 2.49

* Turnover Ratio (%)= value traded of listed securities/market capitalization

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Table 4: Sectors Traded

Sectors traded on the Stock Exchange

Number of companies included in each sector 2009 2010 2011

Domestic Board Manufacturing Finance & Insurance Food & Beverage Distribution / Oil Publishing & Printing ICT Mining Agricultural Pharmaceutical Corporate Bonds 6 11 3 5 2 2 2 2 2 1 6 11 3 5 2 2 2 2 2 6 11 2 5 2 2 2 2 2 1

Table 5: 5 Most Active Sectors in 2009-2011


1 2 3 4 5 Finance & Insurance Manufacturing Distribution / Oil Food & Beverages Pharmaceutical

Section Three: Bonds Statistics Table 6: Bonds Statistics


Bonds Total Value traded Value traded on governmental bonds Value traded on corporate bonds 2009 1,281.71 2010 1,157.75 3.90 1,153.85 2011 None 3.90 2,402.07

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Trading System
Trading System Type of System Vendor

GSE Automatic Trading System (GATS) Automated Infotech Global (Pte) Ltd

Clearing and Settlement


Clearing and Settlement by Systems Vendor Year of Implementation Clearing and Settlement Time Ghana Stock Exchange Infotech Global (Pte) Ltd 2009 T+0, T+1, T+3,

Section Six : Products traded on the Stock Exchange


Types of markets in your Stock Exchange Equity Market Cash Market Derivative Market Bond Market YES NO NO YES

Table 7 Products
Stocks Bonds ETF

Product(Stocks,Bonds, Funds,ETFs,Derivatives ..etc)

Description of the Product Common stocks, one preference shares, one depository shares Dollar denominated corporate bonds and government bonds None

Section Seven : Trading Mechanism


Margin Trading Intraday Trading Online Trading NO NO YES

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Section Seven : Indices Table 8 Indices


Index Name GSE Composite Index GSE Financial Stock Index Index Type (Price Index, Sector Index,..etc) Price Index Sector Index

Index performance
Closing 2010 GSE Composite Index GSE Financial Stock Index Closinw 969.03 863.09 % change -3.10 -13.69

* NB - The GSE Composite index and the GSE Financial Stock Index replaced the GSE All -Share Index in January 2011. The base period for the two new indices was December 31, 2010

Section Eight: IPOs, Rights Issues and Debt Securities


IPOs Company Tullow Oil PLC 2010 Date of IPO 27th July 2011 Value of IPO ($ million) 65.95

Section Nine : 2011 Rankings of Top 5 Trading Participants


Ranking Stockbrokerage Units 1 2 3 4 5 merban stockbrokers ltd Databank Brokerage Ltd EDC Stockbrokers Ltd Gold Coast Securities Ltd IC Securities Purchases $ 49,441,701.81 40,493,942.17 39,757,404.82 26,142,442.77 22,128,528.92 Sales $ 2,997,129.52 45,038,945.18 48,061,472.29 5,464,856.02 30,026,892.17 Total $ 52,438,831.33 85,532,887.35 87,818,877.11 31,607,298.80 52,155,421.08

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Johannesburg Stock Exchange

JOHANNESBURG STOCK EXCHANGE


PROFILE
Website Market Regulator Address Trading Session hours (local time) Time Zone Contact Person for ASEA Telephone Fax E-mail Name of Local Currency www.jse.co.za FSB -Financial Services Board One Exchange Square, Gwen Lane, SandownSandown, 2196 09h00 - 17h00/ 08h30-17h3o (Equity & Currency Derivatives) GMT+2 Geoff Rothschild +27 11 520 7114 +27 11 520 8998 geoffr@jse.co.za South African Rand (ZAR)

Non-residents are exempt from; tax on dividends , tax on South African sourced interest and value added tax Tax Rates (dividends, interest, capital gain) ( VAT).Taxes applicable to non residents are; Securities Transfer Tax (STT) of 0.25%, post settlement taxes, tax on Royalty payments of 12% and withholding tax of 15% to entertainers and sports persons Listing of Foreign Domiciled Companies Commodities Exchange Yes upon approval by the JSE The JSE is fully integrated, among the exchanges markets there is also has commodities derivatives market

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Johannesburg Stock Exchange

OVERVIEW
The JSE aims at being recognised as the South African Exchange providing the leading fully integrated financial market for African securities as well as an effective gateway to international products and markets for African investors. The JSE is a vertically and horizontally integrated, fully electronic exchange offering issuance, trade and post-trade services (vertical) across five markets namely equity, equity derivatives, commodity derivatives, spot and derivative interest rate products, and currency derivatives (horizontal). As a self-regulating organisation, the JSE regulates issuers and investors in terms of the Securities Services Act, 2004, and is supervised by the exchanges regulator, the Financial Services Board. The exchange also packages and sells market-related data. We continue to diversify our product range across all markets and are recognised for our innovative ability to structure products that meet client needs. We employ approximately 500 people directly and are a key part of South Africas financial services ecosystem, which has a significant role in the economic development of a wide range of stakeholders. 2011 marked a time of significant milestones for the JSE including being our fifth year as a listed company, robust operational performance in all our divisions and the seamless transition of leadership from our long time CEO Russell Loubser to new JSE CEO Nicky Newton-King who took office in January 2012.

2011 Performance Review


zz National Treasurys relaxed exchange controls to classify Foreign Inward listed companies as Domestic companies zz During the year, the JSE acquired the business that administers the hedge fund platform of Managed Account Platform (Pty) Limited, for which we paid R27.5 million, funded by means of a loan from FirstRand Alternative Investment Management (Pty) Limited to be settled from the revenue generated by the administration fees received from the platform. This is the Groups only long term borrowing (2010: Rmil). The JSE holds R1 billion (2010: R1 billion) in cash and cash equivalents on the statement of financial position. zz Significant progress was made in the implementation of the new equity trading system, owned by Millenium IT (MIT), a wholly owned subsidiary of the London Stock Exchange (LSE) Group. The system offers world-class trading technology and along with its relocation to Johannesburg significantly reduces latency and transaction execution times. This also reduces reliance on international links, which enhances the systems operational stability. The project is one of the JSEs primary technology objectives for 2012 and is expected to be completed in July 2012.

History of JSE
1887: 1947: 1963: 1978 1979 The JSE is established as a stock exchange The first legislation applicable to the operation of exchanges is introduced with the Stock Exchanges Control Act. The JSE becomes a member of the World Federation of Exchanges. The JSE achieves a market capitalisation of R51 billion, eight times the market size in 1961 a record for the JSE. Krugerrands are officially listed.

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1995

Substantial amendments are made to the legislation applicable to stock exchanges which result in the deregulation of the JSE through the introduction of limited liability corporate and foreign membership. The South African Institute of Stockbrokers is formed to represent, train and set standards for the qualification of stockbrokers. In December, the market capitalisation exceeds R1 trillion for the first time. The open outcry trading floor is closed on 7 June and replaced by an order driven, centralised, automated trading system known as the Johannesburg Equities Trading (JET) system. Dual trading capacity and negotiated brokerage is introduced. The value of shares traded annually reaches a new record of R117.4 billion and the new capital raised during the year reaches R28.4 billion. SENS (Securities Exchange News Service known then as Stock Exchange News Service), a real time news service for the dissemination of company announcements and price sensitive information, is introduced. SENS ensures early and wide dissemination of all information that may have an effect on the prices of securities that trade on the JSE. In January, the new Insider Trading Act is introduced based on recommendations made by the King Task Group on Corporate Governance, which included representatives from the JSE. The JSE establishes, in collaboration with South Africas four largest commercial banks, the electronic settlement system, STRATE, and the process to dematerialise and electronically settle securities listed on the JSE on a rolling, contractual and guaranteed basis is initiated. The JSE successfully lists Satrix 40, the JSEs first exchange traded fund, which tracks the top 40 companies listed on the JSEs Main Board. The JSE acquires SAFEX, the South African Futures Exchange, and becomes the leader in both equities and equity and agricultural derivatives trading in the South African market. The JSE enters into a joint venture with GL Trade SA to provide an internationally accepted trading front-end to the equities market, known in South Africa as TALX. All listed securities are successfully dematerialised and migrated to the STRATE electronic settlement environment, with rolling, contractual and guaranteed settlement for equities taking place five days after trade (T+5). Since the completion of this process, the JSE has had a zero failed trade record, thereby improving market integrity immeasurably and representing a major milestone in winning both local and international investor confidence. The JET system is replaced by the LSEs SETS system, hosted by the LSE in London. The system, operated from London by the LSE, is called JSE SETS. The JSE also introduces the LSEs LMIL system, known in South Africa as InfoWiz to provide a world-class information dissemination system and substantially improve the distribution of real-time equities market information. More than just a change in technology platforms, the introduction of JSE SETS also represented the forging of a strategic alliance with the LSE and improved the international visibility of the JSE. The JSE also takes an important step forward in its campaign to modernise its operations with the launch of a new free float indexing system in conjunction with FTSE, namely the FTSE/JSE African Index Series to replace the then existing indices. The FTSE/JSE African Index Series has enhanced the investibility of South African stocks by providing foreign investors with an indexing system with which they are familiar. Two new exchange traded funds are launched, namely Satrix Fini, which tracks the top 15 financial counters and Satrix Indi, which tracks the top 25 industrial counters, on the Main Board of the JSE.

1996

1997

1999

2000 2001

2002

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Johannesburg Stock Exchange

2003 2004 2005

The JSE launches AltX. AltX has been developed in partnership with the dti. The JSE launches the Socially Responsible Investment (SRI) Index, which measures compliance by companies with triple bottom line criteria around economic, environmental and social sustainability. The JSE launches Yield-X to its market for a wide range of interest rate products. This world-first allows for the trading of both spot and derivative interest rate products on one platform with multi-lateral netting across all products. The JSE demutualises and incorporates in South Africa as JSE Limited, a public unlisted company on 1 July 2005. Existing rights holders of the JSE become its first shareholders and for the first time in the JSEs history, a person who is not an Authorised User of the JSE or a stockbroker can obtain an ownership interest in the JSE. Immediately on demutualisation, JSE rights were converted into JSE Shares and each rights holder received 1 000 JSE Shares for every 1 JSE right held. This resulted in the JSE having an authorised share capital of R40 million made up of 40 000 000 ordinary shares of R1.00 each, of which 8 340 250 ordinary shares were issued to previous rights holders. Over the counter trading in JSE Shares commences with settlement of the trades occurring through STRATE.

2006 2009 2010 2011 2012

In June the JSE Ltd lists on the Main Board In June the Competition Tribunal gave approval to the JSE to acquire the entire issued share capital of BESA. Ranked No 1 Regulated SE by the World Economic Forum Competitiveness Report Ranked No 1 Regulated SE by the World Economic Forum Competitiveness Report. New CEO appointed , Nicky Newton-King.

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STATISTICS
Section One : Economic Indicators
Currency: USD Indicators Population (million)* Real GDP (USD) (billion) at market exchange rates Inflation rate (%) Net Foreign Direct Investment (USD) (Millions) Unemployment rate (%)** Interest Rate (91 Days T-Bills) % Exchange rate (local currency versus US$)

Table 1: Main Economic Indicators


2009 49.30 211.8 7.1 4230.8 24.3 8 8.4 2010 50.00 251.1 4.3 1304.2 24 6.5 7.3 2011 50.60 261.4 5.0 6452.1 23.9 5.6 7.3

* Mid-year population estimates. Source: Statistics South Africa * QLFS survey as at Q4

Section Two : Trading Statistics


Currency: USD

Table 2: Trading equity Statistics


Ex Rate (Oanda) R/USD Indicators Total value traded Total volume traded Total number of transactions Number of listed companies Number of traded companies Market Capitalization (billions) end of year Market Capitalization as % of GDP Turnover Ratio (%) * 46.25 43.26 7.476 2009 374,007,048,670 82,855,166,139 20,950,750 410 390 793,079,512,279 6.8254 2010 438,087,637,674 71,251,655,807 23,758,618 407 386 981,436,975,987 8.1701 2011 402,299,570,059 71,463,833,873 26,504,221 406 385 845,584,062,317 30.91 46.25

* Turnover Ratio (%)= value traded of listed securities/market capitalization

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Table 3: Investors Type Foreigners vs. Local Investors


Type of Investors % of the Total Value Traded 2009 Foreign Investors Local Investors Total % 17.41 82.59 100 2010 15.63 84.37 100 2011 14.35 85.65 100

Table 4: Sectors Traded


Sectors traded on the Stock Exchange Number of companies included in each sector 2009 Domestic Board Automobiles & Parts Banks Beverages Chemicals Construction & Materials Corporate Debt Electricity Electronic & Electrical Equipment Equity Investment Instruments Financial Services Fixed Line Telecommunications Food & Drug Retailers Food Producers Forestry & Paper General Industrials General Retailers Health Care Equipment & Services 2 7 4 7 34 1 2 14 10 27 2 5 17 4 9 19 3 2 7 4 7 31 1 2 15 10 25 2 5 16 4 9 18 4 2 7 4 6 29 1 2 16 12 24 1 5 16 4 11 21 4 2010 2011

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Household Goods & Home Construction Industrial Engineering Industrial Metals & Mining Industrial Transportation Leisure Goods Life Insurance Media Mining Mobile Telecommunications Nonlife Insurance Oil & Gas Producers Other Securities Personal Goods Pharmaceuticals & Biotechnology Preference Shares Real Estate Investment & Services Real Estate Investment Trusts Software & Computer Services Support Services Technology Hardware & Equipment Tobacco Travel & Leisure

2 8 11 8 2 6 6 51 5 5 3 1 4 4 8 23 7 22 25 6 1 15

2 10 13 8 2 6 6 53 5 4 3 1 4 5 8 26 7 18 21 6 1 15

2 6 14 7 2 6 6 55 5 3 3 1 4 5 8 29 7 14 23 6 1 13

Table 5: 5 Most Active Sectors in 2011


# 1 2 2 Sectors Mining Construction & Materials Real Estate Investment & Services

2011 Number of companies included in each sector 55 29 29

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3 4 5 6 6 7 7 8 9

Financial Services Support Services General Retailers Electronic & Electrical Equipment Food Producers Industrial Metals & Mining Software & Computer Services Travel & Leisure Equity Investment Instruments

24 23 21 16 16 14 14 13 12 11 8 7 7 7 6 6 6 6 6 5 5 5 4 4 4 4 3 3

10 General Industrials 11 Preference Shares 12 Banks 12 Industrial Transportation 12 Real Estate Investment Trusts 13 Chemicals 13 Industrial Engineering 13 Life Insurance 13 Media 13 Technology Hardware & Equipment 14 Food & Drug Retailers 14 Mobile Telecommunications 14 Pharmaceuticals & Biotechnology 15 Beverages 15 Forestry & Paper 15 Health Care Equipment & Services 15 Personal Goods 16 Nonlife Insurance 16 Oil & Gas Producers

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17 Automobiles & Parts 17 Electricity 17 Household Goods & Home Construction 17 Leisure Goods 18 Corporate Debt 18 Fixed Line Telecommunications 18 Other Securities 18 Tobacco

2 2 2 2 1 1 1 1

Section Three: Bonds Statistics


Currency: USD Bonds Total Value traded Value traded on governmental bonds Value traded on corporate bonds

Table 6: Bonds Statistics


2009 1,723,051,723,136 1,641,041,149,861 82,010,573,275 2010 2390666669395.64 2326957805323.06 63,708,864,073 2011 2,487,483,407,631 2,423,734,951,761 63,748,455,870

Section Four: Trading System


Equities Trading System Type of System Vendor Year of Implementation JSE TradElect Automated London Stock Exchange 2007 Derivatives Nutron Front End Automated Locally Developed 2008

Section Five: Clearing and Settlement


Equities Clearing and Settlement by Systems Vendor Year of Implementation Clearing and Settlement Time JSE Limited Locally Developed 2009 T+5 Derivatives SAFCOM Locally Developed 2010 T+3

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Section Six : Products traded on the Stock Exchange


Types of markets in your Stock Exchange Equity Market Derivative Market Bond Market YES YES YES

Table 7
Product(Stocks,Bonds, Funds,ETFs,Derivatives ..etc) Stocks Description of the Product All common stocks as well as preferrence stocks Can-Do Futures and Options; Single Stock Futures; Equity Index Futures; SAVI Squared; Dividend Neutral Stock Future (DNSF); SAVI Top40; Dividend Futures; Equity Options and International Derivatives (IDX) Dollar/Rand, Euro/Rand, Pound/Rand, Australian Dollar/Rand and Japanese Yen/Rand Currency Futures & Options contracts CBOT Soy complex Futures & Options (includes beans, meal and oil),Grain Futures & Options; Options on Commodity Futures; Chicago Soft Red Wheat Futures & Options; Kansas City Board of Trade Hard; Red Winter Wheat; Chicago Corn Futures & Options; Crude Oil Futures & Options; Copper Futures; Gold Futures & Options; Platinum Futures & Options; SAVI White Maize and Silver Futures Government and Corporate bonds with the bulk owed to Treasury Bonds Issued through the Primary Dealers System Carbon Credit Notes (CCNs), Debentures; Exchange Traded Funds (ETFs); Exchange Traded Notes (ETNs); Krugerrand; Linked Units; Property entities; Share Instalments; Warrants;TALX

Equity Derivatives Currency Derivatives

Commodity Derivatives Bonds

Other

Section Seven : Trading Mechanism


Margin Trading Intraday Trading Online Trading YES YES YES

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Section Seven : Indices Table 8 Indices


Index Name FTSE/JSE All Share Price FTSE/JSE Top 40 Price Index Type (Price Index, Sector Index,..etc) Price Price

Index performance
Closing 2010 JSE/FTSE All Share JSE/FTSE Top 40 32,118.89 28,639.40 Closing 2011 31,985.67 28,469.81 % change -0.41 -0.59

Section Eight: IPOs, Rights Issues and Debt Securities


IPOs Company CURRO HOLDINGS LIMITED IPOs Company RECM & CALIBRE LTD PREFS RGT SMART MARKET INT LTD WILDERNESS HLDGS LTD Date of IPO 6/2/2011 Date of IPO 6/8/2010 4/14/2010 4/8/2010 2010 2011 Value of IPO (USD) 117,753 Value of IPO (USD) 6,414,533 75,417 1,888,251

Section Nine : 2011 Rankings of Top 5 Trading Participants


Ranking Stockbrokerage Units 1 2 3 4 5 Deutsche Securities (Pty) Ltd UBS South Africa (Pty) Ltd ABSA Capital Securities (Pty) Ltd Credit Suisse Securities Johannesburg (Pty) Limited Merrill Lynch South Africa (Pty) Ltd Purchases USD 42,736,269,665 35,155,293,012 30,947,730,986 28,783,464,285 29,006,988,468 Sales USD 42,260,722,753 35,254,128,073 32,203,474,765 29,615,172,276 27,850,086,585 Total USD 84,996,992,418 70,409,421,085 63,151,205,751 58,398,636,561 56,857,075,053

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Section Nine : 2010 Rankings of Top 5 Trading Participants


Ranking Purchases Stockbrokerage Units 1 2 3 4 5 Deutsche Securities (Pty) Ltd SBG Assets (Pty) Ltd USD 42,853,599,888 37,270,018,592

Sales USD

Total USD 84,602,573,061 73,440,376,294 63,583,192,812 63,292,521,492 52,221,281,141

41,748,973,173 36,170,357,702 32,222,907,137 31,864,269,666 25,721,701,865

Citigroup Global Markets (Pty) Ltd 31,360,285,675 UBS South Africa (Pty) Ltd JP Morgan Equities Ltd 31,428,251,826 26,499,579,276

Section Nine : 2009 Rankings of Top 5 Trading Participants


Ranking Stockbrokerage Units 1 2 3 4 5 Deutsche Securities (Pty) Ltd SBG Assets (Pty) Ltd JP Morgan Equities Ltd Citigroup Global Markets (Pty) Ltd UBS South Africa (Pty) Ltd Purchases USD 35,442,228,800 33,845,496,026 25,929,783,553 25,345,579,644 23,520,172,037 Sales USD 35,916,041,329 31,968,087,085 26,267,372,313 24,587,985,410 23,448,715,181 Total USD 71,358,270,128 65,813,583,110 52,197,155,866 49,933,565,054 46,968,887,217

106 ASEA Yearbook2012

Rwanda Stock Exchange

RWANDA STOCK EXCHANGE


PROFILE
Website Market Regulator Address Trading Session hours (local time) Time Zone Contact Person for ASEA Telephone Fax E-mail Name of Local Currency Tax Rates (dividends, interest, capital gain) Commodities Exchange www.rse.rw Capital Markets and Securities Authority 1st Floor Kigali City Tower, Avenue du Commerce, P.O. Box 3882, Kigali - Rwanda Open Outcry: 9:00 AM- 12:00 PM , OTC Market starts at the closing of Open Outcry till the next day at the opening of Open Outcry Greenwich Mean Time + 2 hours Mr.Pierre Celestin RWABUKUMBA +250 252575968 None info@rse.rw Rwanda franc( RWF) Taxes are not applicable on capital gains, on dividends there is a 5% witholding tax for domestic investors and 15% for international investors outside East Africa. None

107 ASEA Yearbook2012

Rwanda Stock Exchange

OVER VIEW
BACKGROUND
The Rwanda Stock Exchange (RSE) was incorporated on October 7th, 2005 to carry out stock market operations in Rwanda but the company was kept in shelf registration as other developments were taking place. The Rwanda Stock Exchange Limited was officially launched on January 31st, 2011 as a fully dimutualized company. The ownership structure of the stock exchange consists of Members of the exchange (60%), Government of Rwanda (20%) and Institutional investors (20%). The governance structure has three levels namely, The General Assembly of shareholders, The Board of Directors and Management. The membership structure consists of three categories namely the Stock brokers, Dealers and Advisors or Sponsors. The RSE has eight full stock brokers and two Advisors or Sponsors who are actively conducting business on the Rwandan stock market.

Market Performance in 2011


The market registered the first two IPOs from domestic companies to ever raise funds through the capital market. These two companies, Bralirwa and Bank of Kigali, a Brewery and a Bank, respecively were joining two cross listed companies from the region: KCB Bank and Nation Media Group both from Kenya. Activity increased drastically on RSE from USD 83,500 in 2010 to USD 35.3 Million in turnover 2012 and from 24, 128 shares in 2010 to 118.4 thousand shares in 2011. The bond market also registered more turnover during the period under review from USD 3,460 in 2010 to USD 823.7 thousand in 2011.

FUTURE OUTLOOK
The RSE is planning to continue conducting public awareness campaigns that will involve the media, the law makers, potential issuers, the intermediaries and other stakeholders. The stock exchange plans to increase listings building on privatization issues from the government portfolio, private companies, more cross listings as well as public and private debt issues. Listing are bound to increase as the Government of Rwanda has adapted a policy to privatize a number of companies in which government has significant shareholding through capital market. RSE also plans to fully automate trading and integrate it to the rest of the region by mid next year so that the market becomes more efficient and more liquid.

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STATISTICS
Section One : Economic Indicators
Currency: USD Indicators Population (million) Real GDP (USD) (millions) at market exchange rates Net Foreign Direct Investment (USD) (Millions) Exchange rate (local currency versus US$)

Table 1: Main Economic Indicators


2009 10 5,216 118.67 571.23 2010 10 5,578 42.33 594.14 2011 NA NA None 604.45

* NA Source for FDIs: United Nations Conference on Trade & Development Source: National Bank of Rwanda/National Bureau of

Section Two : Trading Statistics


Currency: USD Indicators Total value traded Total volume traded Total number of transactions Number of listed companies Number of traded companies Market Capitalization (Millions) end of year Market Capitalization as % of GDP

Table 2: Trading Equity Statistics


2009 20,871.00 76,300 49 1 1 635.80 12.18% 2010 83,500 24,128 50 2 2 1,169.80 21.00% 2011 35,274,455 118,134,400 1,856 4 4 1,589.30 None

Table 4: Sectors Traded


Sectors traded on the Stock Exchange Main Market Segment (MMS) Banking & Investment Number of companies included in each sector 2009 1 1 2010 2 1 2011 4 2

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Industrial Commercial Fixed Income Market Segment United Republic of RwandaTreasury Bonds Corporate Bonds

0 0 4 3 1

0 1 6 5 1

1 1 7 6 1

Table 5: 5 Most Active Sectors in 2011


1 2 Banking and investment Industrial

Section Three: Bonds Statistics


Currency: USD Bonds Total Value traded Value traded on governmental bonds

Table 6: Bonds Statistics


2009 2,142 2,142 2010 3,460 3,460 2011 823,723 823,723

Trading System
Trading System Type of System Vendor Year of Implementation Open Outcry Manual 2008

Clearing and Settlement


Clearing and Settlement by Systems Vendor Year of Implementation Clearing and Settlement Time Central Securities Depository (CSD) CMA Small Systems 2011 T+2

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Section Six : Products traded on the Stock Exchange


Types of markets in your Stock Exchange Equity Market Cash Market Derivative Market Bond Market YES NO NO YES

Table 7
Product (Stocks,Bonds, Funds,ETFs,Derivatives ..etc) Shares Bonds Description of the Product Common Shares,preference shares Government and Corporate Bonds

Section Seven : Trading Mechanism


Margin Trading Intraday Trading Online Trading NO NO NO

Section Eight: IPOs, Rights Issues and Debt Securities


IPOs Bralirwa Limited Bank of Kigali 31/01/2011 01/09/2011 2011 29.20 62.50 91.70

Debt Securities Issuer Gov. of Rwanda Gov. of Rwanda Gov. of Rwanda Gov. of Rwanda Date of issue February May August November

2010 Value ($ million) 2.5 1.5 2.5 3.5 10

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Debt Securities Issuer Gov. of Rwanda Gov. of Rwanda Date of issue March October

2011 Value ($ million) 2.50 2.50 5.00

Section Nine : 2011 Rankings of Top 5 Trading Participants


Ranking Equity Transactions Purchases USD 1 2 3 4 5 6 Ranking African Alliance MBEA CSFS Dyer&Blair CDH Faida Bond Transactions 17,376,075.00 13,641,034.83 181,088.67 2,020,360.50 1,483,806.67 393,024.67 Purchases $ 1 2 CDH Dallas Securities 829,325,000.00 500.00 Sales USD 11,532,513.16 9,112,811.00 4,427,106.67 1,339,353.17 1,537,058.00 1,096,094.17 Sales $ 828,775,000.00 0.00 Total USD 28,908,588.16 22,753,845.83 4,608,195.34 3,359,713.67 3,020,864.67 1,489,118.84 Total $ 1,658,100,000.00 500.00

Members Contacts are available on the RSE website www.rse.rw

112 ASEA Yearbook2012

Lusaka Stock Exchange

LUSAKA STOCK EXCHANGE


PROFILE
Website Market Regulator Address Trading Session hours Time Zone Contact Person for ASEA Telephone Fax Email Name of Local Currency Tax Rates Commodities Exchange www.luse.co.zm Securities and Exchange Commission 3rd Floor, Exchange Building, Central Park, P.O. Box 34523, Lusaka 11:00 am to 1:00 pm GMT- 2 hours Mrs. Beatrice Nkanza +260 211 228 391 +260 211 225 969 nkanzab@luse.co.zm Zambian Kwacha 0% tax on dividends for individuals, 15% for corporates, 15% on interest ZAMACE

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Lusaka Stock Exchange

OVERVIEW
BACKGROUND
The Lusaka Stock Exchange (LuSE) began operations in February 1994. Its formation was directly linked to the economic reforms and liberalisation of the Zambian economy that began in 1991, a key feature of which was the privatisation of state-owned enterprises. A stock exchange was viewed as pivotal to the success of the privatisation programme which was also intended to facilitate foreign investment. The securities market in Zambia was formalised by the enactment of the Securities Act in December 1993. The Securities Act, and its subsidiary legislation in the form of rules, provides for the operation of a market that is fair, orderly, secure, and transparent. It provides for investor protection and the licensing of all market players. The Act also provides for the establishment of the Securities and Exchange Commission (SEC-Zambia) as the regulatory agency for the Zambian securities market. LuSE is also a self regulatory organisation (SRO) which creates rules for its members, listed companies and for trading.

Structure
The LuSE is incorporated as a private limited liability company owned by the broker members. To participate in the Zambian securities market, the first requirement is to incorporate as a company and thereafter to apply to the SEC for selection as a licensed dealer. Licensed dealers are qualified to provide financial advisory services to issuers and investors. To buy or sell securities on behalf of clients (secondary market trading), licensed dealers apply for admission into membership of the LuSE and thereby become formalised as stock brokers. The LuSE is therefore a broker-dealer market whereby broker members have dual capacity roles, acting as agents (brokers) as well being qualified to act as principals (dealers) for their own accounts. The Articles of Association of the LuSE had provided for a board of eight directors of which six directors were from the broker members and the other two directors separately represented the public and the listed companies respectively. However, in line with good corporate governance practices LuSE broadened its board by allowing for two more independent directors. The LuSE is licensed by the SEC-Zambia and also has membership, trading, clearing and settlement rules. The Exchange in 2005 introduced a Corporate Governance Code for listed and quoted companies.

Markets
LuSE operates a unified market dealing in both equity and debt. The equity market has two tiers the listed or main board, and the quoted or second tier market. Currently, upon successful registration of equity securities with the Securities and Exchange Commission Zambia, the company is automatically quoted. Registration of securities is a legal requirement whereas listing is a matter of contract between the company and the Exchange To list, a company has to satisfy the LuSE Listing Requirements which are mostly harmonised with those obtaining in the SADC region. The Listing Requirements specify the minimum free float, number of public shareholders, profitability period, prescribed share capita and number of shares in issue. Details of these requirements and rules are available from the Exchange. To promote listing the Government has established tax incentives that only apply to listed companies and stocks. The debt or bond market deals with primary issuance and secondary trading of corporate bonds. LuSE is the sole secondary market for Government bonds.

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LATEST ACHIEVEMENTS REAL ESTATE INVESTMENTS ZAMBIA PLC (Formerly Farmers House Plc)
zz On 9 March 2012, the following transactions were implemented: zz REIZ acquired the 8,100,000 ordinary shares in Arcades, being the total (100%) issued share capital of Arcades; zz 13,714,286 new REIZ shares were issued to the Arcades shareholders and listed on the LuSE; and zz The cash portion of the consideration was transferred by REIZ to the Escrow Agent, BDO Corporate Services Limited.

Zambian Breweries Plc


Zambian Breweries raised US$70m via a share rights issue in order to expand production capacity by December 2011. Zambian Breweries, which is wholly-owned by SABMiller, planed to use the funding to expand brewing capacity at its Ndola plant in the country. A total of 182,000,000 new shares were issued and the rights issue was 100% subscribed

Zambeef Products Plc


In June 2011, Zambeef Products PLC (Zambeef or the Group), a fully integrated African agri-business with operations in Zambia, Nigeria and Ghana, announced its intention to apply for admission to trading on AIM and to raise approximately US$55.0m via a rights issue on the Lusaka Stock Exchange (LuSE) (the Rights Issue) as well as a private placing of ordinary shares on AIM (the Placing) (together the Fundraise). By September 2011, US$55 million was raised by issuing 35,558,580 million shares on the LuSE and placement of 53,713,570 million shares on London AIM. The funds were used to acquire Mpongwe Farms from ETC BIO-Energy.

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STATISTICS
Section One : Economic Indicators
Currency: USD Indicators Population (million) Real GDP (USD) (millions) at market exchange rates Inflation rate (%) Net Foreign Direct Investment (USD) (Millions) Unemployment rate (%) Interest Rate (T-Bills) Exchange rate (local currency versus US$)

Table 1: Main Economic Indicators


2009 11.86 13,599.58 9.90 699.15 50 10.72 4730 2010 13.87 13,686 7.90 2000.00 50% 8.62% 4905 2011 13.87 19,621 7.20 178.29 50% 9.20% 5,200

Section Two : Trading Statistics


Currency: USD Indicators Total value traded Total volume traded Total number of transactions Number of listed companies Number of listed Receipts Number of traded companies Number of traded Receipts Market Capitalization (billions) end of year Market Capitalization as % of GDP Turnover Ratio (%) *

Table 2: Trading equity Statistics


2009 47,498,184.13 875,014,061.00 6,619.00 20 1 20 1 5.273 38.77% 0.90% 2010 196,037,765.39 1,419,662,009.00 7,610.00 20 1 20 1 6,302 48.05% 3.11% 2011 149,101,834.43 1,148,269,144.00 7,117.00 20 1 20 1 9,409 63.54% 1.59%

* Turnover Ratio (%)= value traded of listed securities/market capitalization

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Table 3: Investors Type Foreigners vs. Local Investors


% of the Total Value Traded Type of Investors Foreign Investors Local Investors Total % 2009 41.2 58.8 100.00 68.00 32.00 100.00 2010 36.6 63.4 100.00 81.00 19.00 100.00 2011 19.4 80.6 100.00 90.00 10.00 100.00

Institutions Individuals Total %

Insitutions Vs. Individuals

Table 4: Sectors Traded


Number of companies included in each sector Sectors traded on the Stock Exchange Manufacturing Mobile Telecommubications Hospitality Retail Trading Oil Marketing Agriculture Processing Investments Banking Property Mining Energy 2009 6 1 1 2 1 2 2 3 1 5 1 2010 6 1 1 2 1 2 2 3 2 5 1 2011 6 1 1 2 1 2 2 3 2 5 1

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Section Three: Bonds Statistics Table 6: Bonds Statistics


Bonds Total Value traded Value traded on governmental bonds 2009 10,300,820.52 10,300,820.52 2010 115,625,090.91 115,625,090.91 2011 225,481,804.41 225,481,804.41

Section Four : Trading System


Trading System Type of System Vendor Year of Implementation Automated Millenium IT 2008

Section Five :Clearing and Settlement


Clearing and Settlement by Systems Vendor Year of Implementation Clearing and Settlement Time Lusaka Stock Exchange Millenium IT 2008 T+3

Section Six : Products traded on the Stock Exchange


Types of markets in your Stock Exchange Equity Market Bond Market YES YES

Table 7
Product (Stocks,Bonds, Funds,ETFs,Derivatives ..etc) Stocks Bonds Depository Receipts Description of the Product Common and Preference shares Government and Corporate Bonds Issued by First Quantum Minerals

Section Seven : Trading Mechanism


Intraday Trading YES

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Table 8 Indices
Index Name LASI

Index Type (Price Index, Sector Index,..etc) It is a weighted market capitalisation index. Its computed by dividing the overall market Cap by a base divider It is a also weighted market capitalisation index. Its computed by dividing the market cap for freely transferrable shares by a base divider which excludes that portion not freely transferrable.

Free Float Index

Index performance
Closing 2010 LuSE All Share Index (LASI) Free Float Index 3,303.92 2,143.95 Closing 2011 4,040.35 2,845.36 % change 22.29 32.72

Section Eight: IPOs, Rights Issues and Debt Securities


IPOs Company Celtel (Zain) ZANACO 2008 Date of IPO 30/04/2008 29/09/2008 Value of IPO ($ million) 203.24 30.47 233.70

Debt Securities Company Barclays Bank Standard Chartered Bank Bayport Date of issue

2008 Face Value of issue ($ million) 76.17 108.81 43.53

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Section Nine : 2011 Rankings of Top 5 Trading Participants


Ranking Purchases Stockbrokerage Units 1 2 3 4 5 6 Ranking Stockbrokers Zambia Pangaea Reinassance African Alliance Madison Asset Management Intermarket Securities Equity Capital Resources Purchases $ 1 2 3 4 5 Puma Zambeef Zanaco Standard Chartered Bank Shoprite None None None None $ None None None None

Sales $

Total $ 99,925,870.22 20,876,869.74 17,291,788.44 7,154,901.46 3,201,017.85 651,386.73

None None None None

Sales $ None None None None

Total $ 85,210,906.37 30,536,278.58 7,588,038.37 5,372,113.17 4,401,365.38

120 ASEA Yearbook2012

Malawi Stock Exchange

MALAWI STOCK EXCHANGE


PROFILE
Website Market Regulator Address Trading Session hours (local time) Time Zone Contact Person for ASEA Telephone Fax E-mail Name of Local Currency Tax Rates (dividends, interest, capital gain) Commodities Exchange www.mse.co.mw RESERVE BANK OF MALAWI PRIVATE BAG 270, BLANTYRE, MALAWI 11.00 AM GMT + 2 MR SYMON MSEFULA +265 01 824 233 +265 01 823 636 mse@mse-mw.com Malawi Kwacha 10 % on dividends; 30% on capital gains if shares owned for less than 12 months. None

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Malawi Stock Exchange

OVER VIEW
1.0 REVIEW OF MARKET PERFORMANCE IN 2011
The market recovered from the annual negative return on index of 3.92 % registered in 2010 to a positive return on index of 8.41 % registered in 2011 anchored by an increase in both traded volume and value. The return in US Dollar terms was however eroded as a result of the depreciation of the Kwacha by almost 10 percent against the US Dollar and other trading currencies, particularly in the last quarter of 2011. Trading volume in year 2011 set a new annual record high since the inception of the Exchange in 1996 with a total of 1,590,006,071 shares transacted at a total consideration of MK7,062,658,723.29 (US$53,346,694.93) in 1,425 trades. In the corresponding period in 2010, the market transacted a total of 241,957,941 shares at a total consideration of MK1,863,110,685.53 (US$12,361,586.16) in 1,308 trades, reflecting a 557.14 % increase in terms of share volume and a 279.1 % (331.55% in US Dollar terms) increase in value. The turnover velocity as measured by the ratio of Total Value of Trades to Market Capitalisation (TVT/MCAP) increased to 3.15% in 2011 from 0.90% recorded in 2010. The ratio of Total Value of Trades to Gross Domestic Product (TVT/GDP) recorded a liquidity level of 0.26% in the review period while in 2010 liquidity was at 0.15 %.

2.0 LATEST ACHIEVEMENTS


In terms of market development the primary market activity was still slow in 2011 as the market didnt register any new listing in the year under review and the number of listed companies decreased to 14 due to the voluntary delisting of Packaging Industries Malawi Limited in the last quarter of 2011. NBS Bank issued a renounceable rights offer of 103,949,049 to its members in the ratio of 1 ordinary share for every 6 ordinary shares held as at the record date of 21st October, 2011. The additional bonus shares were listed on the Exchange on 19th December, 2011. In order to stimulate activity on the market, the Stock Exchange held a number of sensitization workshops throughout the country on stock investment and listing opportunities on the Exchange.

3.0

FUTURE OUTLOOK

Despite the economic challenges the country is facing, the MSE is in a process of rebranding and repositioning itself as part of implementing its strategic activities of developing the capital market in Malawi through the following activities: zz To hold sensitization workshops throughout the country on stock investment and listing opportunities on the Exchange. zz Encourage the listing of both Corporate and Government Bonds on the MSE. zz Establish the Central Share Depository System by 2012.

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STATISTICS
Section One : Economic Indicators
Currency: USD Indicators Population Real GDP Real per capita GDP (US$) Inflation rate (%) Interest Rate (T-Bills) Exchange rate (local currency versus US$)

Table 1: Main Economic Indicators


2009 13.5 7.5 343.6 8.4 10.01 140.606 2010 13.8 7.1 369.0 7.4 10.26 150.801 2011 14.4 6.0 390.6 9.8 9.78 163.7515

Section Two : Trading Statistics


Currency: USD Indicators Total value traded - million Total volume traded - million Total number of transactions Number of listed companies Number of traded companies Market Capitalization end of year - million Market Capitalization as % of GDP Turnover Ratio (%) *

Table 2: Trading Statistics


2009 20.310 592.420 1,795 15 15 8,028.6 38.44 1.33 2010 12.400 241.958 1,541 15 13 8,478.26 36.95 0.90 2011 53.347 1,590.006 1,425 14 14 16,372.50 30.98 3.15

* Turnover Ratio (%)= value traded of listed securities/market capitalization

Table 4: Sectors Traded


Sectors traded on the Stock Exchange Number of companies included in each sector 2009 Financial Sector 7 2010 7 2011 7

123 ASEA Yearbook2012

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Manufacturing Sector Tourism/Hotel Industry Investment Vehicle Multisectoral Real Estate and Property Information Technology

2 2 1 1 1 1

1 2 1 1 1 1

1 2 1 1 1 1

Table 5: 5 Most Active Sectors in 2011


1 2 3 4 5 6 Information Technology Financial Sector Investment Vehicle Real Estate and Property Manufacturing Multisectoral

Section Four: Trading System


Trading System Type of System Vendor Year of Implementation Automated Millenium IT 2008

Section Five: Clearing and Settlement


Clearing and Settlement by Systems Vendor Year of Implementation Clearing and Settlement Time Lusaka Stock Exchange Millenium IT 2008 T+3

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Section Seven : Indices Table 8 Indices


Index Name MASI DSI FSI Index Type (Price Index, Sector Index,..etc) MALAWI ALL SHARE INDEX DOMESTIC SHARE INDEX FOREIGN SHARE INDEX

Index performance
Index Name MASI DSI FSI

Closing 2010 4953.09 3922.61 351.92

Closing 2011 5369.42 4238.39 535.42

% change 8.41 8.05 52.14

Table 9 Monthly Closing 2011


Months Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Closing 4953.09 5002.73 4863.41 4876.28 4914.88 4912.30 4922.90 4905.96 5027.27 5039.30 5341.64 5369.42

125 ASEA Yearbook2012

Stock Exchange of Mauritius

STOCK EXCHANGE OF MAURITIUS


PROFILE
Website Market Regulator Address Trading Session hours (local time) www.stockexchangeofmauritius.com Financial Services Commission 4th Floor,One Cathedral Square 16, Jules Koenig Street Port-Louis ,Mauritius 9 a.m -1.30 p.m (Official and Development & Enterprise Markets) 9.30 a.m-11.30 a.m Debt Market Time Zone Contact Person for ASEA Telephone Fax E-mail Name of Local Currency Tax Rates (dividends, interest, capital gain) GMT +4h Mr Sunil Benimadhu,Chief Executive +230 2129541 +230 2088409 sunil.benimadhu@sem.intnet.mu Mauritian Rupees No Tax on dividends,15% tax on interests,No capital gains tax

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OVERVIEW
HISTORY OF THE Stock Exchange of Mauritius LTD (SEM)
zz The Stock Exchange of Mauritius Ltd (SEM) was incorporated in Mauritius on March 30, 1989 under the Stock Exchange Act 1988, as a private limited company responsible for the operation and promotion of an efficient and regulated securities market in Mauritius. Since October 6th, 2008, the SEM has become a public company, and over the years the Exchange has witnessed a significant overhaul of its operational, regulatory and technical framework to reflect the ever-changing standards of the stock market environment worldwide. SEM is today one of the leading Exchanges in Africa, a member of the World Federation of Exchanges (WFE), and designated by the United Kingdoms Her Majestys Revenue and Customs (HMRC), as a recognised Stock Exchange. zz The SEM operates two markets: the Official Market, the Development & Enterprise Market (DEM). The Official Market started its operations in 1989 with five listed companies and a market capitalisation of nearly USD 92 million. Currently, there are 38 companies listed on the Official Market representing a market capitalisation of nearly US$ 5.53 billion as at29February 2012. The DEM has been launched on 4 August 2006 and there are presently 49 companies listed on this market with a market capitalisation of nearly US$1.91 billion as at29February2012. zz SEM set up in 2006 the Development & Enterprise Market (DEM), which is a market designed for Small and Medium-sized Enterprises (SMEs) and newly set-up companies which possess a sound business plan and demonstrate a good growth potential. It is meant for companies wishing to avail themselves of the advantages and facilities provided by an organised and regulated market to raise capital to fund their future growth, improve liquidity in their shares, obtain an objective market valuation of their shares and enhance their overall corporate image. zz The stock market was opened to foreign investors following the lifting of exchange control in 1994. Foreign investors do not need approval to trade shares, unless investment is for the purpose of legal or management control of a Mauritian company or for the holding of more than 15% in a sugar company. Foreign investors benefit from numerous incentives such as revenue on sale of shares and zero-rating of withholding tax on dividends and no tax on capital gains. zz SEMs Automated Trading System (SEMATS) was launched on 29th June 2001, putting an end to traditional trading patterns which have typified the Stock Exchange of Mauritius since its inception. Likewise, the successful implementation of the Central Depository System (CDS) since January 1997 has brought about prompt, efficient clearing and settlement of trades and at the same time reduced some of the inherent risks in the process. With the support of the Bank of Mauritius which acts as clearing bank, CDS ensures delivery versus payment (DVP) on a T+3 rolling basis. The CDS also provides for a Guarantee Fund Mechanism to guarantee settlement failures of participants. zz The trading of treasury bills on the market was introduced by the SEM in December 2003, a first step of a process aimed at the setting up of an active secondary market for government instruments. Lately, SEM has been working closely with the Central Bank and Commercial Banks to set up a platform to trade medium and longterm government securities on the Exchange. zz The attainment of Membership status in the World Federation of Exchanges (WFE) in November 2005 also constituted an important milestone that has enabled the SEM to join the league of stock exchanges that are compliant with the stringent standards and market principles established by the WFE. This WFE membership status underpins the growing role

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that foreign investors are today playing in our market. In a typical year, foreign investments represent 2535% of trading activities on our market. zz The SEM is presently going through a strategic reorientation of its activities and gradually moving away from an equity-based domestic Exchange to a multi-product internationally oriented Exchange. In early 2010, the SEM has brought some major changes to its Listing Rules to align them with the Collective Investment Schemes Regulations 2008 with a view to positioning the SEM as an attractive venue for the Listing of Global and Specialised Funds. zz Since 2010, SEM can trade and settle equity and debt products in Euro and GBP. SEM becamein June 2011 the first Exchange in Africa to list, trade and settle equity products in USD. This innovative thrust positions SEM very favourably on the international front and contributes to the internationalisation of the Exchange. zz Since May 2011, SEM introduced a new Chapter, namely Chapter 18 in the SEMs Listing Rules, to cater for the listing of specialist companies and specialist debt instruments, targeted at qualified investors. This path represents a major shift for SEM from a domestic-equity-focused Exchange to a multi-product-internationally-focused Exchange. In the years to come, SEM believes, the split of listings will overwhelmingly consist of international funds, international issuers, specialised debt instruments, Africa-focused Exchange-traded funds and other structured products. zz In September 2011, SEM was awarded the Most Innovative African Stock Exchange for 2011 at the Africa investor (Ai) prestigious annual Index Series Awards held at the New York Stock Exchange (NYSE). SEM topped the Most Innovative Stock Exchange category out of a group of eight African Stock Exchanges nominated, the other nominees being Johannesburg Stock Exchange, Egyptian Exchange, Casablanca Stock Exchange, Ghana Stock Exchange, Nigerian Stock Exchange, Tunis Stock Exchange and Nairobi Stock Exchange. zz Looking forward, SEM is committed to reinforcing its foundations and maintaining its development momentum in line with its multi-pronged strategy of steadily moving from a domestic-equity-focused Exchange to a multi-product-internationally-focused Exchange. In the years to come, the split of listings on SEM is expected to overwhelmingly consist of international funds, international issuers, specialized debt instruments, Africa-focused Exchange-traded funds and other structured products. The value of products traded and settled in USD, Euro, etc. is expected to increase over time, confirming the internationalised status of the SEM over time. As SEM also aspires to emerge as a capital raising platform for Africa-focused investments routed through the Global Business Sector, the SEM platform will increasingly be used to channel investment flows from SA/Europe/Asia into Africa and from USA/Europe into Asia. The number of issuers, players and investors in our market will increase over time, increasing the breadth and depth of our market in Mauritius, and thereby also bringing a meaningful contribution to the integration of the Mauritius financial services sector within the international financial system. SEM also aims at consolidating its position with a view to further contributing more broadly to the development of the Mauritian economy and of capital market activities on the national and regional fronts.

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STATISTICS
Section One : Economic Indicators
Currency: USD

Table 1: Main Economic Indicators


Indicators Population (million) Real GDP (USD) (millions) at market exchange rates Inflation rate (%) Foreign Direct Investment (USD) (Millions) Unemployment rate (%) Interest Rate (T-Bills) Exchange rate (local currency versus US$) 2009 1.28 8,761 2.50 106.37 8.1 4.4 31.4 2010 1.29 9,427 2.90 317.13 7.5 3.07 31.34 2011 1.29 10,832 6.50 244.14 7.9 4.33 29.98

Table 2: Trading Statistics


Indicators Total value traded Total volume traded Total number of transactions Number of listed companies Number of traded companies Market Capitalization (billions) end of year Market Capitalization as % of GDP Turnover Ratio (%) * 2009 409,343,204.66 2010 439,686,839.04 2011 559,140,499.58 347,394,601.00 68,653 87 87 7.68 70.90 7.28

700,215,031.00 483,572,936.00 72,381 89 89 6.36 75.70 6.43 77,764 87 87 7.46 80.63 5.90

Table 3: Investors Type Foreigners vs. Local Investors


Type of Investors % of the Total Value Traded 2009 2010 2011

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Foreign Investors Local Investors Total %

24.04 75.96 100%

21.16 78.24 100%

38.87 61.13 100%

Insitutions Vs.Individuals
Institutions Individuals Total % 75.43 24.57 100% 73.65 26.35 100% 78.91 21.09 100%

Table 4: Sectors Traded


Sectors traded on the Stock Exchange Banks, Insurance and other Finance Commerce Industry Investments Leisure & Hotels Sugar Transport Foreign Others Number of companies included in each sector 2009 7 11 19 24 8 10 3 1 6 2010 7 11 20 25 8 8 1 1 6 2011 7 11 21 23 8 8 2 1 6

Table 5: 5 Most Active Sectors in 2011


1 2 3 4 5 Investments Sugar Leisure & Hotels Banks, Insurance and other Finance Commerce Investments Banks, Insurance and other Finance Leisure & Hotels Commerce Others Based on Volume Traded

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Section Three: Bonds Statistics


Table 6: Bonds Statistics Bonds Total Value traded Value traded on governmental bonds Value traded on corporate bonds 2009 3,057.26 3057.261146 2010 2011 934,767.00 934,767.00

Section Four : Trading System


Trading System Type of System Vendor Year of Implementation SEMATS Automated Millenium IT 2001

Section Five: Clearing and Settlement


Clearing and Settlement by Systems Vendor Year of Implementation Clearing and Settlement Time Central Depository and Settlement Company Ltd. Millenium IT 2001 T+3

Section Six : Products traded on the Stock Exchange


Types of markets in your Stock Exchange Equity Market Bond Market YES YES

Table 7
Products offered by the Stock Exchange: Product (Stocks,Bonds, Funds,ETFs,Derivatives ..etc) Ordinary shares and preference shares Treasury bills Description of the Product All common stocks Government bonds issued through the Primary Dealers System

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Section Seven : Trading Mechanism


Intraday Trading Online Trading YES YES

Section Seven : Indices Table 8


Index Name SEMDEX Index Type (Price Index, Sector Index,..etc)

The SEMDEX is a capital-weighted price index which trades the price movements of all the shares listed on the Official Market. The Total Return Index, the SEMTRI, was launched in October 2002. Besides capturing the price movements of listed stocks, common to the already published all-share index SEMDEX, the Total Return Index, SEMTRI, incorporates the added feature of providing investors, in general, and long-term investors like pensions funds, in particular, a good measurement of total return which combines both capital gains/losses on listed stocks and gross dividends obtained on these stocks since the inception of the local stock market on 5 July 1989. Gross dividends are assumed to be re-invested in the stocks underlying the capital index, SEMDEX. The SEM-7 index was introduced in March 1998. Designed to meet international standards and provide an investible benchmark for domestic and foreign market participants, the SEM-7 comprises the seven largest eligible shares of the Official Market, measured in terms of market capitalisation, liquidity and investibility criteria. The DEMEX is a capital-weighted index which tracks the price weights of the shares listed on the DEM. The DEMTRI is a total-return index for the DEM market.

SEMTRI

SEM-7

DEMEX DEMTRI

Index performance
Closing 2009 SEMDEX SEM-7 1,967.45 373.22 Closing 2010 1,888.38 350.33 % change -4% -6%

Section Eight: IPOs, Rights Issues and Debt Securities


Debt Securities Company 364-day GMTB (21/05/2010) Date of issue 22-May-09 2009 Face Value of issue ($ million) 2959 2,959

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Debt Securities Company 364-day GMTB (08/04/2011) Debt Securities Company 364-day GMTB ( 19.11.12 ) Lux Island Resorts Convertible Bond 21.11.2011 31.01.2011 Date of issue Date of issue 16-Apr-10

2010 Face Value of issue ($ million) 3191 3,191 2011 Face Value of issue ($ million) 3336 0.34 3,336

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Mozambique Stock Exchange

MOZAMBIQUE STOCK EXCHANGE


PROFILE
Website Market Regulator Address Trading Session hours (local time) Time Zone Contact Person for ASEA Telephone Fax E-mail Name of Local Currency Tax Rates (dividends, interest, capital gain) Listing of Foreign Domiciled Companies Commodities Exchange www.bolsadevalores.co.mz Central Bank (Mozambique) 1230, 5st Floor, 25 de Setembro Avenue, Mozambique 9:00 am to 12:00 pm Greenwich Mean Time + 2 hours Rodrigues Paruque/ Bruno Tembe/ Pedro Frederico Cossa +258 21 308826/7/8 +258 21 310559 rparuque@bvm.co.mz; btembe@bvm.co.mz; pedro. cossa@bvm.co.mz Metical 10% for listed securities (50% tax benefits) Company must be registered in Mozambique None

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OVERVIEW
HISTORICAL BACKGROUND
Mozambique Stock Exchange (BVM) is a public institution under the umbrella of the Ministry of Finance. It was inaugurated on the 14th October 1999, after being formed, by the Mozambican Government, and through the Ministry of Planning and Finance, a Commission for the installation of a Stock Exchange in Mozambique. BVM initiated its activities with only one security Treasury Bond 1999. Trading has always been carried out through an electronic system. From 2000 the members began to trade through a remote trading network which provided direct access for the stockbrokers to the trading sessions through the internet. BVM is the management entity of the securities market endowed with necessary means to ensure continuity in an open and free market, and also has competence to regulate operational issues by generating conditions for the effective functioning of the market in accordance to high standards of integrity, regulation, normality and transparency.

The Primary Market


During 2011, the BVM registered five (5) bond issues and four (4) commercial papers issues, totalizing 9 issues. This is a very positive point compared to the 5 issues from 2010. Also in the primary market, the shareholders of the CDM - Cervejas de Moambique, decided to perform a right issue of 9.681.244 shares at a price of USD4,17 each to riase USD40.370,787,48.

Secondary Market
The BVM registered an increase on the number of securities listed. Compared to 2010, where the BVM counted with 19 listed securities, in 2011, this number increased to a total of 25 listed securities; increasing as well the market capitalization in 77,08%, from USD352.651.010,91 in 2010 to USD624.475.972,15 in 2011. Furthermore, during the same year, there was registered the extinction of one of the listed treasury bonds which has reached its maturity, and four (4) private bonds have gone through partial amortizations on its capital issues. Regarding to tradings, the value of transactions registered a decline of 15,94%. While in 2010 the value of transactions was USD 17.239.852,68, in 2011 it decreased to USD 14.491.448,20.

Structural Reforms
The BVM Central Securities Depository (CSD) is scheduled to start its operations by June 2012. The system permits the registration of market participants who are recognized and accepted as members of the system. In 2011, the BVM has gone through the process that has been initiated in 2010, in establishing the necessary conditions for the set up of the CSD. The Millennium IT has been identified as the most appropriate to the Mozambican environment, not only because of the great functionalities it offers but also because it is the software most used among the SADC countries.

External Relations
The BVM participated regularly in diverse international forums regarding financial markets. The mos relevant were the ones promoted by the CoSSE Committee of SADC Stock Exchanges, the ASEA African Securities Exchanges Association, the WFE - World Federation of Exchanges and the Islamic Securities Exchanges. BVM has also participated in two workshops regarding

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Financial Literacy and Bond Markets, promoted by CoSSE, in a partnership with the SADC Executive Secretariat and the Johannesburg Stock Exchange (JSE Limited).

Regulations
During 2011, the BVM upgraded the regulation N 3/GPCABVM/2010, of 28 May, after the approval of the regulation N 1/GPCABVM/2011 of the 31st March, which dictates the minimum quantities for listing at BVM.

FUTURE OUTLOOK
zz Once operational by june 2012 the Central Securities Depository (CSD) is scheduled to start its operations by June 2012, which will convey many benefits such as the administration and control of registered securities, members accounts and an internal clearing and settlement system of transactions; zz The BVM expects to have three (3) more companies listed in the institution; zz The BVM is also working with the Central Bank to create conditions to enable the use of Treasury Bonds as collateral in the Interbank Money Market operations. At the moment only Treasury Bills are used for this purpose. The deadline for this project is June 2012.

Responsiveness Engagement
In order to respond to the needs of investors and listed companies, BVM: zz launched the upgrading of its technological infrastructure, with the installation of a data center according to international standards. zz Developed and upgraded the Institutions Service of Securities Holders Information software (SIAE), in order to increase its functionalities, to better serve the issuers. zz With the same objective mentioned above, the BVM registered the SIAE software Industrial Property. zz Upgraded the Institutions website, in order to provide a more user-friendly interface for users (investors, listed companies and the public in general).

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STATISTICS
Section One : Economic Indicators
Currency: USD Indicators Population (million) Real GDP (USD) (millions) at market exchange rates Inflation rate (%) Net Foreign Direct Investment (USD) (Millions) (UNCTAD) Interest Rate (T-Bills) Exchange rate (local currency versus US$) * provisional Source for FDIs: United Nations Conference on Trade & Development Source: Central Bank of Kenya

Table 1: Main Economic Indicators


2009 21.80 6,300.00 4.20 1,776.75 15.02 26.71 2010 22.42 6,600.00 16.60 578.81 11.98 32.99 2011 23.05 10,690.00 6.14 974.49 15.67 27.22

Section Two : Trading Statistics


Currency: USD Indicators Total value traded Total volume traded Total number of transactions Number of listed companies Number of traded companies Market Capitalization (billions) end of year Market Capitalization as % of GDP Turnover Ratio (%) *

Table 2: Trading Equity Statistics


2009 8,297.70 2,357,285 35 2 2 2010 17,239.85 5,841,360 33 2 2 2011 14,491,448 4,152,992 82 2 2 0.62448 0.00% 0.02321

0.325133488 0.345795665 0.01% 0.026380847 0.01% 0.12651819

* Turnover Ratio (%)= value traded of listed securities/market capitalization

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Table 4: Sectors Traded

Sectors traded on the Stock Exchange

Number of companies included in each sector 2009 2010 2 1 1 6 4 0 0 1 0 1 2011 2 1 1 8 4 0 0 1 1 2

Equities Brewery Energy Corporate Bonds Banks Financial Sector Excluding Banks Food & Beverages Telecommunications Construction and Materials Energy

2 1 1 7 4 1 0 2 0 0

Table 5: 5 Most Active Sectors in 2011


1 2 3 4 5 Brewery Energy Banks Telecommunications Construction and Materials

Section Three: Bonds Statistics


Currency: USD Bonds Total Value traded Value traded on governmental bonds Value traded on corporate bonds

Table 6: Bonds Statistics


2009 8,545,762 8,360,639 185,123 2010 18,693,401 17,155,944 1,537,458 2011 986,718,525 7,481,843 979,236,682

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Table 7 Products

Product (Stocks,Bonds, Funds,ETFs,Derivatives ..etc) Stocks Bonds Commercial Paper Participation Securities

Description of the Product Common stocks as well as preferred socks issued by companies Treasury bonds and corporate bonds It is a short term debt product with maturity up to 1 year It is a debt security with fixed remuneration and also variable remuneration (depending on issuer profits). The amount of the issue is equivalent to the company equity.

Section Eight: IPOs, Rights Issues and Debt Securities


Debt Securities Company Government of Mozambique ProCredit BCI - Banco Comercial de Moambique Debt Securities Company Government of Mozambique Petromoc mCel - Moamibique Celular Banco Internacional de Moambique - BIM Debt Securities Company BIM 2011 ProCredit Bank 2011 Petromoc 2011 ENH 2011 BCI Bank 2011 Date of issue July 2011 July 2011 August 2011 November 2011 December 2011 Date of issue September 2010 August 2010 September 2010 October 2010 Date of issue September 2008 February 2009 April 2010 2009 Face Value of issue ($ million) 10 10 11 31 2010 Face Value of issue ($ million) 45.47 10.6 11.5 30.3 98 2011 Face Value of issue ($ million) 7.35 3.31 5.88 4.04 36.74

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Petromoc 2011 - II Insitec Constri Government of Mozambique

December 2011 December 2011 December 2011

11.02 12.72 96.20 177

Section Nine : 2011 Rankings of Top 5 Trading Participants (*Ranking according to greater number of transactions)
Ranking Stockbrokerage Units 1 2 3 4 5 Ranking Standar Bank Millennium BIM (Bank) Banco Comercial e de Investimentos Barclays Bank BPI Dealer Equity Transactions Stockbrokerage Units 1 2 Ranking CDM (Brewery company) CMH (Hydrocarbon company) Treasury Bond Transactions Stockbrokerage Units 1 2 3 4 5 Ranking OT 2010 - 1st serial OT 2009 OT 2005 3rd serial OT 2008 OT 2011 Private Bond Transactions Stockbrokerage Units 1 2 Petromoc 2010 Standard Bank 2007 Sales $ 9,113,101.86 143,362.23 117,127.30 2,773.70 4,233,651.73 Sales $ 188,489.53 75,211.24 Sales $ 5,437.18 1,849,726.56 827,075.68 571,388.91 4,233,651.73 Sales $ 2,428,751.91 1,913,813.37 Purchases $ 1,882,490.82 27,318.15 4,353,340.01 7,346,867.84 Purchases $ 188,489.53 75,211.24 Purchases $ 5,437.18 1,849,726.56 827,075.68 571,388.91 4,233,651.73 Purchases $ 2,428,751.91 1,913,813.37 Total $ 10,995,592.67 170,680.38 4,470,467.30 7,349,641.53 4,233,651.73 Total $ 376,979.06 150,422.48 Total $ 5,437.18 3,699,453.12 1,654,151.36 1,142,777.81 8,467,303.45 Total $ 4,857,503.82 3,827,626.75

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3 4 5

Mcell 2008 - II Mcell 2008 - I BCP 2009

542,269.75 226,221.53 747,979.43

542,269.75 226,221.53 747,979.43

1,084,539.49 452,443.06 1,495,958.85

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Nairobi Securities Exchange

NAIROBI SECURITIES EXCHANGE LIMITED

NAIROBI SECURITIES EXCHANGE


PROFILE
Website Market Regulator Address Trading Session hours (local time) Time Zone Contact Person for ASEA Telephone Fax E-mail Name of Local Currency Tax Rates (dividends, interest, capital gain) Commodities Exchange www.nse.co.ke Capital Markets Authority (Kenya) 1st Floor, Nation Center, Kimathi Street, P O Box 43633 - 00100 Nairobi KENYA Preopen: 9:00am - 9:30am; Opening Auction: 9:30 am: Continous Trading: 9:30am - 3:00 pm; Close: 3:00pm Greenwich Mean Time + 3 hours Donald Atieno Ouma +254 20 2831000 +254 20 2224200 douma@nse.co.ke Kenya Shilling Dividend withholding taxes 5% (domestic investors) 10% (foreign investors); Withholding tax on interest income 15%; Capital gains taxes suspended since 1985 None

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OVERVIEW
REVIEW OF MARKET PERFORMANCE IN 2011
The Capital Markets registered a decline in performance in 2011 characterized by decreased activity in the secondary markets. Reduced economic growth resulted in lower turnovers in the equity market caused by rising inflation in the second half of the year, higher and volatile interest rates, depreciation (and volatility) of the Kenya shilling against major currencies and Kenyas, incursion in Somalia. Investors also shifted funds from equities to fixed deposits, treasury bills and bonds. The NSE 20 Share Index declined by 27.7% to close at 3,205.02 points at the end of 2011. The NSE All Share Index (NASI) declined by 30.6%, closing at 68.03 points at the end of 2011. The FTSE NSE Kenya 15 and FTSE NSE Kenya 25 indexes declined 3.15% and 3.31% respectively to 90.31 and 92.64 points. The FTSE NSE Kenya index series was launched on November 8 2011.

Positive Macroeconomic Outlook


We however maintain a positive outlook for the medium term. According to the World Bank, the real GDP growth is expected to rebound to 5.9% in 2012, as the economy recovers from the drought in 2011. The World Bank forecasts that growth will be in the 5-5.6% range in 2013-16. After surging to a high of 19.72% in 2011, inflation is forecast to retreat to 6.7% in 2012 and to remain in the 5-6% range in 2013-16, helped by adequate supplies of maize, Kenyas staple food crop, prudent monetary policies and more stable global commodity prices. Additionally, after rising to 8.1% of GDP in 2011, underpinned by costlier oil, the current account deficit is expected to narrow gradually, helped by steady growth in earnings from exports, tourism and remittances.

Structural Reforms
On January 31, 2011, the Executive Board of the International Monetary Fund (IMF) approved a three-year arrangement under the Extended Credit Facility for Kenya in an amount equivalent to SDR 325.68 million (about US$508.7 million). The program aims at protecting Kenyas external position, while allowing a gradual fiscal adjustment. In December 2011, following the completion of the second review of Kenyas economic performance the IMF Board approved an augmentation of access equal to 60% of quota, leading to a total access of 180% of quota, an amount equivalent to SDR 488.52 million (about US$760.63 million). The government further aims at quicken the pace of structural reforms in 2011-12, including deregulation and trade liberalization; especially within the East African Community (EAC). In 2011, we witnessed the beginning of an overhaul of company law, insolvency law and capital markets regulations. Although the 2012 elections may distract policymakers, the elections are unlikely to trigger any major policy shifts, as all key parties support a free market system which supports the Economic pillar of Kenyas Vision 2030. Foreign policy will continue to be driven by economic interests, including the maintenance of close relations with key donors and the advance of regional integration, especially within the EAC. In the medium term, the expectations about Kenyas economic projections continue to be optimistic, with economic recovery projected to accelerate largely due to improved performance of key sectors and domestic demand. In anticipation of an improved economic environment and in order to improve our reach, we continue to innovate and benchmark against best practices.

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The Nse Milestones


As part of our Vision To be a leading securities exchange in Africa, with a global reach., last year saw us accomplishing the following major milestones.

1. Name Change
The Nairobi Securities Exchange changed her name to the Nairobi Securities Exchange Limited. this change reflects the fact that besides stocks, the Nairobi Securities Exchange (NSE) offers a platform for the issuance and trading of debt securities. The NSE is also growing its portfolio of information products and services. This name change is in line with the 2010 2014 strategic plan of the Nairobi Securities Exchange to evolve into a full service securities exchange which supports trading, clearing and settlement of equities, debt, derivatives and other associated instruments.

2. Re-Registration of The Company


The Nairobi Securities Exchangeconverted from a company limited by guarantee to a company limited by shareholding; a function that was also marked by the re-registration from the Nairobi Securities Exchangeto the Nairobi Securities Exchange Limited.

3. Reduction of The Settlement Cycle


The equity settlement cycle moved from the previous T+4 settlement cycle to the T+3 settlement cycle. This market milestone is in line with international best practice. Trading in debt securities was already on a T+3 settlement cycle. We expect that the efficiency gains from this shorter settlement cycle will improve liquidity in the market for listed equity securities thus making our market more attractive to domestic and foreign investors.

4. Nse Broker Back Office System


The Broker Back Office (BBO) went live and is now undergoing the test phase to optimise system customization. The BBO system automates the entire process of transacting in shares with minimal manual intervention and is interfaced with the Automated Trading System (ATS) and Central Depository System (CDS). This system will reduce the risk of trading in securities listed on the NSE, boost investor confidence and facilitate greater access by enabling internet trading. The Broker Back Office will improve the integrity of the Exchange trading systems and facilitate greater access to our securities market.

5. Company Reclassification
We reclassified the industry sectors under which our listed companies are placed. Equities are now classified under ten (10) industry sectors. Debt securities including preference shares are classified under three (3) categories. This reclassification brings us closer to international best practise and will enable domestic and international investors to more easily compare company and sector performance. We are convinced that the reclassification will provide a more accurate reflection of the diversity of the companies listed at the NSE and by extension reflect the increasing diversification of our economy.

6. FTSE NSE Kenya Index Series


On November 8, 2011, we successfully launched the FTSE NSE Kenya 15 and FTSE NSE Kenya 25 Indices. The launch of the indices is the result of an extensive market consultation process with local asset owners and fund managers and reflects the growing interest in new domestic investment and diversification opportunities in the East African region. Designed to enhance and capture the depth of information available on the Kenyan market,

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the indices are also suitable as the foundation for ETFs and other index-linked products which can also be utilised by global investors wishing to access this frontier market. These indices are running concurrently with the NSE 20 Share and NSE All Share indices. The branded indices give the NSE the opportunity to use FTSEs expertise to design, manage and distribute branded indices and index related products, domestically and internationally. Overall, the indices should improve capital flows into the domestic market and enhance liquidity and market capitalization.

7. New Listings
2011 was an year of listings at the NSE. We welcomed three (3) new companies and saw the reinstatement of one. On April 21 2011, CFC Insurance Holdings listed by introduction on the Main Investment Market segment (MIMS). Based on its listing price of Kshs6.157 (USCents 7.33), the market capitalization was US$37.78 million. On July 14 2011, Transcentury Ltd listed by way of introduction on the Alternative Investment Market Segment (AIMS). Based on its listing price of Kshs.50.00 (USCents 55.88), the market capitalization was US$149.23 million. British American Investments Company Ltd. (Britak) listed on September 8 2011, after an IPO that raised US$41.16 million. In 2011, we witnessed the re-listing of Uchumi Supermarkets Ltd on the Main Investment Market after a five (5) year suspension from trading. On the Debt market, we also witnessed the listing of the first Tranche of the Shelter Afrique US$29.19 million, Medium Term Note (MTN) Issue. This illustrates the confidence our corporates have placed in our markets ability to meet their ongoing needs.

2012 OUTLOOK
The Board and Management will continue to support innovations that will aid in the growth of the market. In 2012, we will prioritise the following initiatives:

1. Treasury Bond Index


Together with FTSE International, we are working on introducing a Treasury Bond Index, which we believe will enable our investors to accurately measure the performance of their bond portfolios.

2. Growth Enterprise Market Segment (Gems)


We are in the process of setting up the Growth Enterprise Market Segment (GEMS), a Mid Cap Market Segment. This market segment will facilitate the listing of Small and Medium Sized Enterprises (SMEs). The establishment of the Mid Cap Market Segment is not only expected to diversify the avenues of long term capital for SMEs, but also raise the level of savings and investments within the capital markets through additional listings. The introduction of the Mid Cap Market is in line with the Government focus on the SME sector as one of the key drivers of Vision 2030, destined to play an effective role as an engine for economic growth, poverty eradication, and employment creation. The Board of the Capital Markets Authority approved the rules and regulations for GEMS. The regulations have now been forwarded to the Minister for Finance for gazettement.

3. New Listings
This year, we anticipate an estimated five (5) companies will be coming to the market to raise capital. When a Company is listed, it makes a statement of its commitment to transparency and good corporate governance. The shareholders have an opportunity to scrutinize and question the Board and Management on the performance of the company. Through its share price, the company will also get a market viewpoint on its performance. We shall continue to support such transactions that provide value to the shareholders, employees and our economy.

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4. Demutualization
February 3, 2012 marked the end of a five (5) months legal process after the presiding judge ruled in favour of the NSE in a matter against Francis Thuo & Partners that had halted the demutualization process. In her ruling, Justice Cecilia Githua held that the Nairobi Securities Exchange is a Limited Liability Company and therefore the NSE is not amenable to judicial review. This ruling marks a significant step towards the completion of the Demutualization process. The NSE remains committed to settling any outstanding issues with Francis Thuo & Partners Ltd. The demutualization of the NSE is a statement of our commitment to transparency and good corporate governance and that this improved governance is critical in attracting investors and increasing opportunities to raise debt and equity through the capital markets. This resonates with the NSEs vision: "To be the leading securities exchange in Africa with a global reach"

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STATISTICS
Section One : Economic Indicators
Currency: USD Indicators Population (million) Real GDP (USD) (millions) at market exchange rates Inflation rate (%) Net Foreign Direct Investment (USD) (Millions) (UNCTAD) Unemployment rate (%)* Interest Rate (T-Bills) Exchange rate (local currency versus US$)

Table 1: Main Economic Indicators


2009 39.4 29,988 9.24 610.00 40 6.82 75.82 2010 39.4 29988 5.32 829.09 40 2.28 80.57 2011 40.0 29,989 18.91 833.43 40 16.6 85.07

* provisional Source for FDIs: United Nations Conference on Trade & Development Source: Central Bank of Kenya

Section Two : Trading Statistics


Currency: USD Indicators Total value traded Total volume traded Total number of transactions Number of listed companies Number of traded companies Market Capitalization (billions) end of year Market Capitalization as % of GDP Turnover Ratio (%) *

Table 2: Trading Equity Statistics


2009 503,357,970.88 3,160,031,392 402,169 55 50 10.97 36.58% 4.59 2010 1,369,292,860 7,545,785,928 721,367 55 50 14.48 48.29% 9.45 2011 917,577,424 5,721,825,694 382,175 58 54 10.34 34.48% 8.87

* Turnover Ratio (%)= value traded of listed securities/market capitalization

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Table 3: Investors Type Foreign vs. Local Investors


Type of Investors 2009 Foreign Investors Local Investors 55.77 44.23 100% 70.76 29.24 100% % of the Total Value Traded 2010 28.16 71.84 100% 75.25 24.75 100% 2011 51.89 48.11 100% 80.05 19.95 100%

Institutions Vs.Individuals
Institutions Individuals Total %

Total %

Table 4: Sectors Traded


Sectors traded on the Stock Exchange Number of companies included in each sector 2009 Main Investment Market Segment (MIMS) Commercial and Services Banking Automobiles & Accessories Construction & Allied Energy and Petroleum Insurance Investment Manufacturing & Allied Telecommunication & Technology Agricultural Preference shares Government of Kenya Treasury Bonds Corporate Bonds 55 8 10 4 5 4 3 3 9 2 7 2 63 11 2010 55 8 10 4 5 4 3 3 9 2 7 2 68 11 2011 58 8 10 4 5 4 5 4 9 2 7 2 60 9

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Table 5: 5 Most Active Sectors in 2011


1 2 3 4 5 Telecommunication & Technology Banking Commercial and Services Manufacturing & Allied Energy and Petroleum

Section Three: Bonds Statistics


Currency: USD Bonds Total Value traded Value traded on governmental bonds Value traded on corporate bonds

Table 6: Bonds Statistics


2009 1,459,316,275 1,452,362,305 6,953,970 2010 5,996,626,536 5,696,795,209 299,831,327 2011 5,351,069,753 5,298,705,561 52,364,191

Section Four: Trading System


Trading System Type of System Vendor Year of Implementation Automated Trading System (ATS) Automated Millenium IT 2006

Section Five: Clearing and Settlement


Clearing and Settlement by Systems Vendor Year of Implementation Clearing and Settlement Time Central Depository & Settlement Corporation Limited Millenium IT 2004 T+3

Section Six : Products traded on the Stock Exchange


Types of markets in your Stock Exchange Equity Market Bond Market YES YES

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Table 7 Section Seven : Trading Mechanism


Product (Stocks,Bonds, Funds,ETFs,Derivatives ..etc) Shares Products Bonds

Description of the Product

Common and Preference Shares

Government and Corporate Bonds

Section Seven : Indices Table 8 Indices


Index Name NSE 20 Share Index Index Type (Price Index, Sector Index,..etc) Price index. The index returns are based on capital gains/losses of the largest 20 securities listed on the NSE, valued by full market capitalisation.

The NASI calculated using the base-weighted aggregate methodology NSE All Share Index (NASI) also known as the market value weighted methodology, and encompasses all equities listed on the Nairobi Securities Exchange. FTSE NSE Kenya 15 FTSE NSE Kenya 25 This tradable index reflects the performance of the largest 15 stocks, ranked by full market capitalisation trading on the Nairobi Securities Exchange. This tradable index reflects the performance of the 25 most liquid stocks trading on the Nairobi Securities Exchange.

Index performance
NSE 20 Share Index NSE All Share

Closing 2010 3,247.44 71.64 8th Nov. 2011

Closing 2011 3205.02 68.03 Closing 2011 90.31 92.64

% change -1.31 -5.04 % change -3.15 -3.31

FTSE NSE Kenya 15 FTSE NSE Kenya 25

93.25 95.81

Note: The FTSE NSE Kenya Index series were launched on 8th November 2011

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Section Eight: IPOs, Rights Issues and Debt Securities


Rights Issues Company Kenya Power (formerly Kenya Power and Lighting Company) Standard Chartered Bank Kenya Ltd TPS Eastern Africa Ltd Kenya Commercial Bank (KCB) Date of Issue January 24 2011 October 29 2010 October 04 2010 August 19 2010 2010 Value of Issue ($ millions) 117.98 30.94 14.86 184.86 348.64 Note: There was no IPOs in 2010 but there was rights issues worth $348.64 million Rights Issues Company British-American Investments Co.(Kenya) Debt Securities Issuer Government of Kenya Infrastructure Bond CFC Stanbic Bank Shelter Afrique Date of Issue 12th July 2011 2009 Date of issue February 23 2009 July 7 2009 August 24 2009 November 2 2009 .October 7 2009 December 7 2009 2010 Value of IPO ($ million) 25,722.00 32.72 13.11 332.30 99.87 251.54 583.45 27,034.99 Value of IPO ($ million) 2011 Value of Issue ($ millions) 41.14

Kenya Electricity Generating Company Safaricom

Government of Kenya Infrastructure Bond Other government bond issues Debt Securities Issuer

Date of issue

Government of Kenya Treasury Bond Government of Kenya Treasury Bond Government of Kenya Treasury Bond

December 27 2010 185.74 November 1 2010 September 27 2010 185.76 160.71

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Government of Kenya Treasury Bond Government of Kenya Treasury Bond Government of Kenya Treasury Bond Government of Kenya Treasury Bond Government of Kenya Treasury Bond Government of Kenya Treasury Bond Government of Kenya Treasury Bond Housing Finance Company of Kenya Debt Securities Issuer

August 30 2010 July 26 2010 June 28 2010 May 24 2010 April 26 2010 March 29 2010 February 01 2010 October 29 2010 2011

391.33 184.27 92.06 151.42 155.22 155.22 157.98 61.89 1,882 Value of IPO ($ million) 130.53 285.78 213.69 117.55 117.32 132.51 141.31 136.66 29.39 1,304.74

Date of issue December 26 2011 February 28 2011 April 25 2011 September 26 2011 November 28 2011 January 31 2011 May 30 2011 October 03 2011 July 11 2011

Government of Kenya Treasury Bond Government of Kenya Treasury Bond Government of Kenya Treasury Bond Government of Kenya Treasury Bond Government of Kenya Treasury Bond Government of Kenya Treasury Bond Government of Kenya Treasury Bond Government of Kenya Treasury Bond Shelter Afrique

Section Nine : 2011 Rankings of Top 5 Trading Participants


Ranking Equity Transactions Purchases $ 1 2 3 4 Kestrel Capital Renaissance Capital CFC Stanbic Financial Services African Alliance 219,793,137.44 138,899,333.58 83,338,163.85 91,949,388.08 Sales $ 168,286,508.09 104,342,627.65 114,408,345.74 76,043,055.23 Total $ 388,079,645.53 243,241,961.22 197,746,509.59 167,992,443.31

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Dyer & Blair Investment Bank

63,946,556.64 Purchases $

75,930,209.77 Sales $ 1,179,600,329 1,075,321,500 721,277,771 686,129,658 370,885,153

139,876,766.41 Total $ 2,383,812,155 2,179,798,401 1,408,027,507 1,369,558,011 746,072,646

Ranking Bond Transactions

1 2 3 4 5

Standard Investment Bank Dyer & Blair Investment Bank Kestrel Capital Faida Investment Bank Sterling Capital Limited

1,204,211,826 1,104,476,901 686,749,736 683,428,353 375,187,493

Members' Contacts are available on the NSE website www.nse.co.ke

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NAMIBIA STOCK EXCHANGE


PROFILE
Website Market Regulator Address Trading Session hours (local time) Time Zone Contact Person for ASEA Telephone Fax E-mail Name of Local Currency Tax Rates (dividends, interest, capital gain) www.nsx.com.na NAMFISA - Namibia Supervisory Authority Financial Institutions

Robert Mugabe Avenue 4, Windhoek, Namibia 09h00 - 17h00 in summer and 08h00 - 16h00 in winter GMT+2 in summer & +1 in winter John Mandy +264-61-227 647 +264-61-245 831 johnm@nsx.com.na Namibia Dollar Non-resident shareholders Tax @ 10% of dividends The NSX will list a foreign company that is listed on another recognised stock exchange and encourages the use depository receipts None

Listing of Foreign Domiciled Companies Commodities Exchange

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OVERVIEW
The NSX is an association of members, form, in 1992 and licensed annually by the Namibia Financial Institutions Supervisory Authority (NAMFISA), in accoradance with the Stock Exchanges Control Act of 1985 and acts as a self-regulating organisation. As most of the services are outsourced the NSX operates with a small staff. Further due to the small size of the Namibian economy and the legacy development by South Africa the majority of listed companies comprise South African holding companies of Namibian branches or subsidiaries.

Board of the Namibian Stock Exchange (the Board)


As at 31 December 2011, the non-executive Board consisted of 9 elected members, one-third of the elected Board members normally retire annually. The Board is elected in line with the Constitution of the NSX which was gazetted on 15 October 2005 (Government Gazette No 3815) based upon their skills and experience and from seven prescribed sectors of the Financial Industry. The Chairman of the Board is elected by the Board members. A representative of NAMFISA is invited to attend all the meetings of the Board and its committees. The majority of the members of the Board are considered to be independent non-executive directors as some have interests that fall outside the definition of independent as set out in the King II Code and the NSX Listing Requirements but at the end of 2011all had served for periods shorter than defined as independent in the UKs Combined Code. The Board has taken cognisance of the potential conflicts and has taken steps to mitigate any such conflicts. The Board believes that its composition and regular elections ensure that no one individual has undue influence in its deliberations and ultimate decisions.

Audit & Risk Committee


It is the responsibility of the Audit Committee to review the annual financial statements of the NSX and its subsidiaries and the Guarantee Fund, and to make appropriate recommendations regarding their approval to the Board. The Audit Committee has the responsibility to oversee the implementation of the risk management process following the workshop mentioned elsewhere.

Listing Committee
The Listing Committee includes, among others, representatives of major accounting and legal firms in Namibia and its meetings are chaired by a member of the Board. This Committee meets on an ad hoc basis to approve all listing applications for bonds and both primary and dual listed equities. The NSX has accepted the challenge to look at our business practices and models on how our products or services reach the client. The strategic plan details 12 long term objectives and our Enterprise Risks are revisited regularly. Two dual listings of an Australian and its largest shareholder a AIM primary listed company (Extract Resources Limited and Kalahari Minerals plc respectively) on DevX (Development Capital Board) are under consideration as offers have been received from a Chinese company to acquire all the shares in these two companies. The NSX contributed to deepening the markets in the region by its participation on the dual primary listing of Trustco Group Holdings Limited on the Africa Board of the JSE and its participation in the Committee of SADC Stock Exchanges, whose objective of an integrated

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regional stock exchange is included in an annex to the Financial Investment Protocol recently ratified by the National Assembly. As part of the ERM, the NSX interrogated the modalities of Regulation 28 to the Pension Fund Act (in terms of which each fund must invest 35% of its total fund in Namibian assets, with certain prescriptive minimums and prudential maximums) to determine how the implementation of the latest draft will affect the NSX and its members (brokers). In doing this analysis the dominance of the Government Institutions Pension Fund (GIPF), a government employees defined benefit fund, emerged as a significant risk to the trading on the NSX and unfortunately this is now a reality as reflected in the major drop in turnover in 2011 - the Annual Report will be released in mid-April 2012. The investment mandates granted by the GIPF to its appointed Asset Managers and their application of these mandates has severely affected the trading results of any particular year. The NSX acknowledges that its success in building up reserves, in excess of N$ 34million over the past decade with a trebling in the last five years, has largely been due to this Regulation 28 and the Namibianisation process, driven by GIPF. These two factors are crucial to the further development of the NSX. In considering the demutualisation of the Exchange the largest uncertainties were the sustainability of the trading results of the NSX, in part due to the above mentioned points and the cost of providing for the state of the art technology and ensuring best corporate governance.

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STATISTICS
Section One : Economic Indicators
Currency: USD Indicators Population (million) Real GDP (USD) (millions) at market exchange rates Inflation rate (%) Net Foreign Direct Investment (USD) (Millions) Unemployment rate (%) Interest Rate (T-Bills) Exchange rate (local currency versus US$)

Table 1: Main Economic Indicators


2009 2.10 7,973.09 6.70 594.32 0.5 7.42 7.4034 2010 2.08 7,931.98 8.80 798.29 0.512 6.68 6.6392 51.2 6.65 8.1421 6.00 2011 2.14

Section Two : Trading Statistics


Currency: USD Indicators

Table 2: Trading equity Statistics


Total value traded Total volume traded Total number of transactions Number of listed companies Number of traded companies Market Capitalization (billions) end of year Market Capitalization as % of GDP Turnover Ratio (%) *

2009 1,081,685,126 342,971,823 3,016 33 31 141.493 1774.63% 0.76%

2010 1,019,677,970 214,523 3,071 33 27 173.438 2186.57% 0.59%

2011 448,519,339 98,864,818 2,765 32 27 137.857

* Turnover Ratio (%)= value traded of listed securities/market capitalization

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Table 4: Sectors Traded

Sectors traded on the Stock Exchange

Number of companies included in each sector 2009 2010 2011

Domestic Board Industrials Materials Mining Chemicals General Industrials Support Services Food Processor Beverages Food Producers General retailers Food and Drug Retailers Banks Nonlife Insurances Life Assurance Real Estate General Finance DevX Bonds 1 2 1 1 1 1 1 2 1 4 2 3 2 4 7 19 1 2 1 1 1 1 1 2 1 4 1 3 2 4 8 20 1 2 1 1 1 1 1 2 1 4 1 3 2 5 9 25

Table 5: 5 Most Active Sectors in 2011


2011 1 2 3 4 5 Financial Basic Materials Consumer Goods Consumer Services Industrials

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Section Three: Bonds Statistics


Currency: USD Bonds Total Value traded Value traded on governmental bonds Value traded on corporate bonds

Table 6: Bonds Statistics


2009 2010 46,291,914 25,450,923 2011 29,461,687 1,842,277

Section Four: Trading System


Trading System Type of System Vendor Year of Implementation London SE Automated London Stock Exchange 1998

Section Five: Clearing and Settlement


Clearing and Settlement by Systems Vendor Year of Implementation Clearing and Settlement Time STRATE STRATE 2000 T+5

Section Six : Products traded on the Stock Exchange


Types of markets in your Stock Exchange Equity Market Cash Market Derivative Market Bond Market YES NO NO YES

Table 7
Product (Stocks,Bonds, Funds,ETFs,Derivatives ..etc) Description of the Product

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Equities

An instrument that signifies an ownership position, or equity, in a corporation, and represents a claim on its proportionate share in the corporations assets and profits. Ordinary and Preference shares Secondary trades in Government, State Owned Enterprise bonds and Corporate bonds

Bonds

Section Seven : Trading Mechanism


Margin Trading Intraday Trading Online Trading YES YES NO

Section Seven : Indices Table 8 Indices


Index Name Index Type (Price Index, Sector Index,..etc) The NSX Overall Index is a price index based on the free float market capital value of all ordinary securities listed on the main board of the NSX which qualify as eligible for inclusion in the index. The NSX Local Index is a price index based on the free float market capital value of all the ordinary Namibian registered securities listed on the main board of the NSX which qualify as eligible for inclusion in the index.

NSX Overall Index

NSX Local Index

Closing 2010 NSX Overall Index NSX Local Index 867.23 172.72

Closing 2011 838.24 221.19

% change -3.34 28.06

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NIGERIAN STOCK EXCHANGE


PROFILE
Website Market Regulator Address Trading Session hours (local time) Time Zone Contact Person for ASEA Telephone E-mail Name of Local Currency www.nse.com.ng Securities and Exchange Commission (SEC), Nigeria Stock Exchange House, 2/4 Customs Street, P.O.Box 2457, Marina, Lagos, NIGERIA 09h30 - 14h30 (Official Trading Hours) West Central Africa N. Yvonne Emordi +234 1 463 8333 ; +234 1 463 8334 yemordi@nigerianstockexchange.com Naira

Tax Rates (dividends, interest, capital 10% tax on interest, 10% tax on dividends, 0% tax on capital gains) gains Listing of Foreign Domiciled Companies Available Commodities Exchange Not available

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OVERVIEW
1960
The Lagos Stock Exchange is incorporated as a company Limited by Guarantee. Trading begins one year later.

1977
The Lagos Stock Exchange is rebranded The Nigerian Stock Exchange.

1984
The Nigerian Stock Exchange launches the All Share Index, a value-weighted market capitalization index with a base value of 100.

1985
The Second-Tier Securities Market (SSM) is launched to accommodate small and medium sized companies interested raise capital from the market.

1986
The Exchange moves to its new headquarters at 2/4 Customs Street, Lagos.

1987
The Exchange connects to the Reuters Electronic Contributor System for greater international exposure.

1992
The All Share Index hits 1,000 points.

1993
The Nigerian Capital Market is deregulated improving the competitiveness of the market and making it more investor-friendly.

1995
The Exchange Control Act of 1962 and the Nigerian Enterprises Promotion Decree of 1989 are abolished, removing constraints on foreign participation; and the Nigerian Investment Promotion Commission Decree No.16 and Foreign Exchange (Monitoring & Miscellaneous)Provisions Decree No.17 are promulgated to encourage international participation. The same year, the Board of Trustees of the Investors Protection Fund is inaugurated.

1996
A 5% band limit in daily fluctuation of any equity is imposed, and the Exchange moves from T+14 clearing and settlement to T+5.

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1997
The Central Securities Clearing System Limited (CSCS), a subsidiary of the NSE, commences operations, providing automated clearing, settlement and delivery services, as well as custodian services.

1998
Trading Rights commences on the exchange. The NSE is elected President of the African Securities Exchanges Association (ASEA); and the Exchange signs an MOU with the Ghana Stock Exchange (GSE) to encourage cross border listings.

1999
The Exchange moves from the Open Outcry system to the NASDAQ OMX Horizonautomated trading system (ATS); the Investments & Securities Decree No. 45 of 1999 is promulgated to promote a more efficient and virile capital market; and the NSE signs an MOU with the Johannesburg Securities Exchange (JSE Ltd.) to encourage cross-border listings. The same year, the first cross-listed company is admitted to the Main Board.

2000
Ndi Okereke-Onyiuke, OON resumes as the first female Director General of the Exchange; the NSE signs an MOU with the Nairobi Securities Exchange(NSE) to encourage cross-border listings; and the Exchange moves to T+3 clearing and settlement. The same year, the Trade Guarantee Fund is launched and funded to guarantee the settlement of bona fide market transactions; the National Annual Essay competition is kicked off at universities all around Nigeria. The NSE signs MOUs with the International Stock Exchange of London and the Egyptian Exchange (EGX); and the All Share Index crosses the 10,000 mark.

2002
The Exchange launches its first Web site.

2003
The Exchange extends trading hours 10:00 to 12:00.

2004
The Exchange admits its first Federal Government Bond to the market.

2005
The NSE and CSCS launch a trade alert notification service, and a digital storage and retrieval programme for investors.

2007
The Exchange celebrates the opening of its modern electronic trading floor, extends trading hours by one hour 09:30 to 12:30, and celebrates a record N1 trillion in the value of trades transacted upon.

2009
The Exchange begins publishing daily values for the NSE 30 index and for four sector indices Banking, Insurance, Food & Beverages and Oil & Gas.

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2010
The Securities and Exchange Commission (SEC) of Nigeria intervenes in the management of the Exchange. The same year, trading hours are extended by two hours 09:30 to 14:30.

2011
Oscar N. Onyema is named Chief Executive Officer of the Nigerian Stock Exchange.

2011 MARKET REVIEW


In 2011, the Nigerian capital market was gripped by volatility. Financial market events, including rising interest rates, banking sector reforms, and challenges resulting from the Euro zone debt crisis, marred investors appetite for shares. The market struggled throughout the year as fund managers and asset managers continued to cut their equity exposure and/or sell down to cover deteriorating positions in the US and Euro zone. 2011 closed with a total market capitalization of N10.28 trillion ($67.68 billion), held up by secondary equity issues, the introduction of the first Exchange Traded Fund (ETF) on the NSE (and in West Africa), and an increase in state and corporate bond issues. Market capitalization of listed equities fell by 17.42%, ending the year at N6.54 trillion ($43.06 billion). The NSE All Share Index (ASI) retracted to 20,730.63 by the end of December, 4,039.89 points or 17.07% lower. While investors were rewarded with market growth in the first half of the year, this expansion was halted in the second half of the year, mimicking the performance of 45 other nations represented in the MSCI All-Country World Index.

2011 HIGHLIGHTS
In 2011, the NSE set a broad objective to create an African institution that competes effectively in the global marketplace. The vision to be The Gateway to African Markets was set, supported by the main objective to achieve $1 trillion in market capitalization by 2016, and to have five (5) products available in our market. The NSE has taken strategic steps to lay the foundation for achieving this vision and these objectives. 1) New Leadership The NSE welcomed its new CEO, Mr. Oscar Onyema, on April 4th, 2011, the Executive Director of the Market Operations and Technology (MOT) Division, Mr. Adeolu Bajomo, on May 3rd, 2011, and the Head of the Corporate Division, Mr. Bolsa Adeeko, on July 4th, 2011. Since joining the Exchange, the team has worked tirelessly to lay the right foundation for the growth and development of the NSE and the capital market. The Council (Board) The Council Committee structure was reconstituted and six (6) Council Committees were formed to guide the management of the Exchange: The Audit and Risk Management, Demutualization, Disciplinary, Finance and General Purpose, Rules and Adjudication, and Technology Committees. Regulation and Compliance Broker-Dealers: The NSE is enforcing the minimum capital requirement for broker-dealers, with more than 30 firms successfully meeting/exceeding the N70 million (approximately $460k) minimum capital requirement as at the end of 2011. To strengthen key aspects of the regulatory framework, the Exchange reconstituted the in-house Investigation Panel and has introduced penalties for seven (7) violations previously lacking penalties in the Exchanges rules: Unauthorized sale of shares; Fraudulent verification of share certificates; Misappropriation of funds; False third party transactions; Failure to maintain separate client accounts; Failure to appoint a licensed Compliance Officer; and Failure to submit financial statements. The Exchange recorded 80% resolution of all complaints received in 2011; and reported approximately 90% compliance for submission of financial accounts from broker-dealer firms (from 5% in early 2011).

2)

3)

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Issuers (Listed Companies): By the end of 2011, the NSE reported a 96.81% compliance rate for the submission of 2010 annual accounts by listed companies, up from 64% in July 2011. The compliance rate for companies with fiscal years ending January-to-September 2011 was 75.47%. The Exchange also revised issuer rules, and assigned stiffer penalties to the following violations: Late and non-submission of quarterly and annual financial statements; and Failure to notify the Exchange of Board changes. 4) Market Segmentation On November 1st, 2011, the NSE rebranded the exchanges markets and boards, and consolidated thirty-three (33) industry sectors into twelve (12) sectors that better reflect the Nigerian economy, and align with international industrial classifications. All listed companies were reclassified into the new sectors, removing restrictions that previously deterred prospective issuers. Market Capitalization and Growth/Income classifications of stocks were simultaneously implemented to increase understanding of listed companies, and to provide input into investor education efforts. New Products, Liquidity and Depth In 2011, the Exchange launched two (2) new products as a market development strategy. The second closed-end fund, the Sim Capital Alliance Value Fund, was admitted to the Main Board in August, and the first ETF, the NewGold ETF, was launched in December. In 2012, the NSE will define key initiatives, specifically aimed at developing product liquidity and depth for equities, bonds and ETFs. Share Buy Back The Exchanges share buy-back guidelines, which comply with the Companies and Allied Matters Act (CAMA) and the Investment Securities Act (ISA), have been approved by the regulator. Companies are now allowed to buy back up-to-15% of their shares which must be retired. Companies may not issue the same types of securities for a period of one year. Business Development and Listings In 2011, the Exchange spent considerable resources building a pipeline of companies for listing on both the equities Main Board and Alternative Securities Market (ASeM). In March 2012, the SEC approved revised listing rules that provide flexibility without compromising the integrity of the market. While the NSE will target key industries that are crucial to the economy but under-represented in the market Agriculture, Oil & Gas, Telecommunications and the Utilities sectors companies in other sectors will be welcomed by the market and investors. Market Structure In 2011, the Exchange identified key initiatives to address lack of investor confidence and lack of liquidity and depth in the market. The following rules, requirements and guidelines were approved by the Council and were approved by the regulator in March 2012. zz Introduction of Market Making zz Introduction of Securities Lending 9) Technology In 2011, the Exchange performed an audit on its technology infrastructure to identify opportunities for improving access to theNSEs network. In the first quarter of 2012, the Exchange launched its low-latency, high-performance, high-capacity, low-cost virtual private network (VPN) for brokers. This supports the NSEs strategy to enable costeffective and efficient execution of trades from broker-dealer offices. It will form a major backbone of the ongoing technology transformation.

5)

6)

7)

8)

10) Stakeholder Engagement The Exchange continues to ramp up stakeholder engagement efforts to engage with listed companies, major institutional investors (local and foreign) and key retail investors, business news outlets, regulators and market operators. In 2011, the NSE introduced a formal bell-ringing program as a platform for celebrating capital market and listed company milestones. These forums are a platform to provide our stakeholders with additional insight into our market reform efforts. The new NSE Web site was

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launched in February 2012 as a comprehensive platform for communicating with all NSE stakeholders and for providing transparency into the market. 11) Financial Literacy The Exchange has embarked on a massive financial literacy effort that is anchored on our investor education program. The first Investor Clinic event was held in February 2012, and subsequent events will be held around the country. To support this effort, the Exchange will engage brokerage firms to improve the advisory services arms of their businesses, to align with international best practices. 12) Advocacy In 2011, the Exchange began intensifying advocacy efforts around public policy formulation that affects investors, listed companies, the broker-dealer community, and other stakeholders in the capital market. Increased collaboration with relevant government agencies will facilitate alignment between the needs of the capital market and existing (and future) policy that can propel market growth, especially in terms of local institutional participation and prospective issuer incentives.

2012 OUTLOOK
Coming into 2012, the Nigerian Stock Exchange has emerged stronger and more focused. The Council and the management team will carry on with market reforms, to champion the acceleration of Nigerias and Africas economic development. While the Euro zone debt crisis remains a key risk to the world economy, and certain regions continue to experience political and economic challenges that impact the global markets, reports point to OECD countries grappling with slower growth in 2012. Slow growth in the US and a mild recession in the Euro zone remain in the forecast, and attention is on non-OECD countries (i.e., in Africa and other emerging economies) to sustain world growth.

Bullish Economic Outlook


The outlook for Nigeria remains favourable. According to the World Bank, real GDP in 2012 is forecast to sustain its recent robustness at 7.5%, albeit the heavy losses sustained during the one-week national strike in January 2012 could have an unfavourable impact. Non-oil GDP is slated to grow by 7.8%, slightly below the projected 8.3% estimate for 2011. Despite double-digit inflation of 10.3% at the end of 2011, the Central Bank of Nigerias (CBN) substantial monetary tightening to manage inflation and strong demand for foreign exchange, along with moderation of food prices, were credited for the 1.4% year-on-year drop from the preceding year. Deregulation of Nigerias downstream Oil & Gas sector presents opportunities for free-market transformation, which would translate into positive returns for Oil & Gas stocks. Anticipation of the passage of the revised Petroleum Industry Bill (PIB) and other reforms in the sector could drive privatization and the listing of key establishments. If properly managed, reform efforts and potential increases in revenues would be directed towards boosting the economy and positively affecting personal savings, providing significant private sector incentives and additional funding for critical infrastructure projects power plants, road and others. This would translate into opportunities for capital market participation. Further anticipation of initiatives that support economic growth, higher employment potential (particularly agriculture), a tighter fiscal budget, an operational Sovereign Wealth Fund, and stronger domestic demand all important components for higher disposable income, a lower cost of doing business, and lower exchange and interest rates could trigger an up-tick in the Nigerian market.

2012 STRATEGIC INITIATIVES


The NSE has identified key initiatives that are important for driving the markets recovery and are critical to its short- and long-term growth and development. These will guide the primary

Nigerian Stock Exchange

focus of the Exchange as well as the initial projects to kick-off the year. They include: zz Develop Products Liquidity and Depth zz Attracting and Retaining More Listings zz E2E Trading Automation zz Continued Enhancement of Regulatory Programs zz Financial Literacy zz IFRS Compliance zz Demutualization zz Market Data Services zz Advocacy zz Dematerialization The new Nigerian Stock Exchange provides a vehicle for long-term saving and borrowing, and hence, efficient use of financial resources. The current market cycle presents an incredible opportunity for investors. As the reforms continue (and with government support) we remain confident that by years end, the market will be well on its way to recovering its vibrancy, and that the Nigerian Stock Exchange will be that much closer to becoming The Gateway to African Markets.

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STATISTICS
Section One : Economic Indicators
Currency: USD Indicators Population (million) Real GDP (USD) (millions) at market exchange rates Inflation rate (%) Net Foreign Direct Investment (USD) (Millions) Unemployment rate (%) Exchange rate (local currency versus US$)

Table 1: Main Economic Indicators


2009 149.22 271,566 13.9 8,230 19.7 131.25 2010 154.72 216,803 13.8 6,200 21.1 148.31 2011 160.00 247,100 10.9 6,099 23.9 151.82

Section Two : Trading Statistics


Currency: USD Indicators Total value traded Total volume traded Total number of transactions Number of listed companies Number of traded companies Market Capitalization (billions) end of year Market Capitalization as % of GDP Turnover Ratio (%) *

Table 2: Trading equity Statistics


2009 4,654,797,499 102,850,000,000 1,739,364 216 212 47.70 17.56% 9.75 2010 5,290,740,369 93,335,401,241 1,913,000 217 206 53.40 24.63% 9.91 2011 4,181,924,837 89,576,608,901 1,230,754 198 188 43.06 17.43% 9.70

* Turnover Ratio (%)= value traded of listed securities/market capitalization

Table 3: Investors Type Foreigners vs. Local Investors


Type of Investors % of the Total Value Traded 2009 2010 2011

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Foreign Investors Local Investors Total %

30% 70% 100%

49% 51% 100%

81% 19% 100%

Institutions Vs.Individuals
Institutional 2009 2010 2011 111,701 127,405 134,981 individual 4,554,454 4,722,602 4,846,497 Total 4,666,155 4,850,007 4,981,478 % inst. 2.39 2.63 2.71 %indivi 97.61 97.37 97.29 Total 100 100 100

Table 4: Sectors Traded


Sectors traded on the Stock Exchange Number of companies included in each sector 2009 Domestic Board Agriculture Conglomerates Construction/Real Estate Consumer Goods Financial Services Healthcare Information Communication Technology Industrial Goods Natural Resources Oil and Gas Services 6 6 10 35 61 11 10 29 9 15 24 6 6 11 33 62 11 10 30 9 15 24 5 6 11 30 56 11 10 26 7 14 22 2010 2011

Table 5: 5 Most Active Sectors


1 2 3 Financial Services Consumer Goods Industrial Goods

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4 5

Services Oil & Gas

Section Three: Bonds Statistics


Currency: USD Bonds Total Value traded Value traded on governmental bonds Value traded on corporate bonds

Table 6: Bonds Statistics


2009 2,805,922.00 812.00 2,805,110.00 2010 95,332.75 95,332.75 0.00 2011 NA NA NA

Section Seven : Trading Mechanism


Product (Stocks,Bonds, Funds, Description of the Product ETFs, Derivatives, etc.) Stocks Bonds ETFs Oridnary Shares and Preference Shares Federal Bonds, State and Local (Municipal) Bonds, and Corporate Bonds Investment Funds that track different Indices, Baskets of Assets or Commodities

Margin Trading Intraday Trading Online Trading

YES YES YES

Section Seven : Indices Table 8 Indices


Index Name NSE All Share Index (ASI) Index Type (Price Index, Sector Index,..etc) The NSE ASI (All Share Index) is a value-weighted market capitalization index. The start date for the NSE ASI is January 3, 1984; the base value is 100 points. The NSE 30 Index comprises the top 30 equities in terms of market capitalization and liquidity. Only fully-paid common shares, denominated in the Nigerian currency (naira) are included in the index. The number of equities in the index is fixed at 30. The start date for the NSE 30 Index is January 1, 2007; the base value is 1,000 points. The index is rebalanced quarterly, on the first business day in January, April, July and October.

Bloomberg NSE 30

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Bloomberg NSE Consumer Goods Index (formerly Food/ Beverages)

The NSE Food/Beverages Index is one-of-four indices designed to provide a benchmark to capture the performance of a specific sector. The number of stocks in this index is fixed at 10. The start date for the Consumer Index is July 1, 2008; the base value is 1,000 points. The index is rebalanced on a semianunual basis, on the first business day in January and July. The NSE Banking Index is one-of-four indices designed to provide a benchmark to capture the performance of a specific sector. The number of stocks fixed at 10. The start date for the Banking Index is July 1, 2008; the base value is 1,000 points. The index is rebalanced on a semi-anunual basis, on the first business day in January and July.

Bloomberg NSE Banking Index

The NSE Oil & Gas Index is one-of-four indices designed to provide a benchmark to capture the performance of a specific sector. The number of stocks fixed at 5. The start date for the Oil & Gas Index is July 1, 2008; the base Bloomberg NSE Oil & value is 1,000 points. The index is rebalanced on a semi-anunual basis, on the Gas Index first business day in January and July. The NSE Insurance Index is one-of-four indices designed to provide a benchmark to capture the performance of a specific sector. The number of stocks fixed at 10. The eligible equity universe is the top 10 most capitalized and liquid companies in the Insurance sector. The start date for the NSE Insurance Index is July 1, 2008; the base value is 1,000 points. The index is rebalanced on a semi-anunual basis, on the first business day in January and July.

Bloomberg NSE Insurance Index

Index performance
NSE - ASI Bloomberg NSE 30

Closing 2010 24,770.52 1,081.95

Closing 2011 20,730.63 923.77

% change -16.31 -14.62

Section Eight: IPOs, Rights Issues and Debt Securities


IPOs Company Union Homes REIT Debt Securities Company 7TH FGN Bond 2013 Series 1 C&I Leasing Niger State Lagos State 7TH FGN Bond 2015 Series 2 Date of issue 19-Feb-2010 23-Feb-2010 16-Mar-2010 19-Apr-2010 23-Apr-2010 Date of IPO 2-Jul-2010 2010 Face Value of issue ($ million) 3,303.86 1.75 60.68 387.70 3,371.32 2010 Value of IPO ($ million) 1.09

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Bayelsa State 7TH FGN Bond 2030 Series 3 Kaduna State UACN Property Dev. Co. Plc UBA Plc Ebonyi State Benue State Flour Mills Nigeria Plc Edo State Chellerams Debt Securities Company AMCON Dana Group Plc NAHCO Plc Delta State Niger State

30-Jun-2010 27-Jul-2010 24-Aug-2010 8-Sep-2010 28-Sep-2010 29-Sep-2010 26-Oct-2010 9-Dec-2010 31-Dec-2010 31-Dec-2010 Date of issue 6-Apr-2011 9-Apr-2011 29-Sep-2011 30-Sep-2011 15-Dec-2011 2011

333.80 1,469.19 56.75 100.14 133.52 110.15 87.65 247.00 164.67 9.88

Face Value of issue ($ million) 11,197.47 52.76 14.16 329.33 59.28

Section Nine : 2011 Rankings of Top 5 Trading Participants


Ranking Stockbrokerage Units 1 2 3 4 5 STANBIC IBTC STOCKBROKERS LIMITED RENCAP SECURITIES (NIG) LIMITED CSL STOCKBROKERS LIMITED BGL SECURITIES LIMITED VETIVA SECURITIES LIMITED Purchases $ 124,176,366,970.41 84,444,887,527.70 43,091,751,926.19 23,905,890,355.14 18,204,849,937.51 Sales $ 99,973,581,589.38 61,766,457,565.64 21,907,776,665.35 24,638,141,881.95 23,059,136,405.90 Total $ 224,149,948,559.79 146,211,345,093.34 64,999,528,591.54 48,544,032,237.09 41,263,986,343.41

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UGANDA SECURITIES EXCHANGE


PROFILE
Website Market Regulator Address Trading Session hours (local time) Time Zone Contact Person for ASEA Telephone Fax E-mail Name of Local Currency Tax Rates (dividends, interest, capital gain) www.use.or.ug Capital Markets Authority (Uganda) 2nd Floor, Workers House, Pilkington, P O Box 23552 Kampala UGANDA 10am - 12 noon Greenwich Mean Time + 3 hours Mr. Joseph S. Kitamirike - Chief Executive +256 41 4343297 +256 41 4342841 jskitamirike@use.or.ug Uganda Shilling Dividend withholding taxes 10% (domestic investors) 10% (foreign investors); No capital gains taxes Company must register in Uganda - Registrar of Companies. If already listed, it must get a letter of comfort from its listing authority. It must also get a letter of comfort from its sector regulator. None

Listing of Foreign Domiciled Companies Commodities Exchange

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OVERVIEW
UGANDA: MARKET PERFORMANCE FOR THE PERIOD FROM JANUARY - DECEMBER 2011. 1. ECONOMIC INDICATORS Inflation Domestic and Global Developments
In line with the persistent rise in both domestic and global inflation, Bank of Uganda continued with the pursuance of a tight monetary policy stance throughout the year. The tight monetary policy stance was aimed at among others taming the depreciation pressures that were putting further inflationary pressures. The headline inflation momentum which peaked in October to 30.4 percent declined to 29.0 percent in November closing at 27 percent in December. Annual Core Inflation also decline, to 30.6 percent from 30.8 percent in October closing at 29.2 % in December 2011. In the same period Energy, Fuel and Utilities (EFU) rose from 10.1 percent in October to 11.5 percent in November closing at 11.6 percent in December. Going forward the monetary policy remains committed to have a stable inflation in the long term. The November monetary policy reported forecasted inflation to remain elevated till late 2012 on account of sticky prices, persistent uncertainty and exchange rate depreciation pressures, before moderating to 5 percent by early 2013.

Interest Rates
Consistent with the tight monetary policy stance, interest rates increased throughout the quarter. The interest rates continued to increase in the fourth quarter from 18.7% 18.4% and 18.9% respectively in October for the 91 day, 182 day and 364 day bills to 20.5%, 20.6% and 19.6% in November and rising higher to close at 21.23% 22.43% and 23.45% respectively in December. While remaining in line with fiscal financing needs and in a bid to align structural liquidity with levels consistent with the monetary policy stance BOU issued treasury securities. The average yields on government securities continued to increase amidst the tight monetary policy at the beginning of the year. Liquidity conditions in the banking system remained tight throughout the quarter leading to relatively high inter bank money market rates with the weighted average 7-day interbank money market rate trending above the upper bound of the CBR occasionally.

Foreign Exchange Rate Shilling Gains


On an average basis, the shilling appreciated against the US dollar with the interbank oreign exchange monthly average mid-rate (IFEM) increasing from Ushs 2,805 in October to Ushs 2,491 in December. The appreciation of the shilling was due to strong portfolio inflows that caused an upward pressure on the exchange rate prompting intervention in foreign exchange markets to slow the pace of appreciation. The appreciation of the shilling was also due to domestic factors, specifically significant dollar inflows from NGOs and Coffee export proceeds, amidst tight liquidity conditions and low corporate demand.

2. MARKET PERFORMANCE: January December 2011 2.1.Secondary Market Activity


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II.1.1 Bonds Market

zz Activity was recorded on the Corporate Bond Segment with the Housing Finance Bank, Stanbic Bank Uganda, East African Development Bank and PTA Bonds posting a total of Ushs 906.6 million. zz Government Bond Trading from the primary dealers registered a total of Ushs 650,223,800,000

2.1.2 Equity Market


The secondary market trends last year were comparable to the 2010 position, with turnover in 2011 registering Ushs 41bn from Ushs 42bn of 2010 representing a daily average of approxmately. Ushs 177m. Volumes recorded in the year stood at 168 million shares compared to 277 million shares traded in 2010. While the total number of deals recorded were 4,748 down from 4,860 in 2010. Market Activity throughout 2011 saw the Stanbic Bank Uganda counter score the highest returns in turnover a position it has maintained since it was listed on the market. The counter accounted for approx. 45 % of the turnover; followed by Bank of Baroda Uganda which scooped 22 % of the turnover. DFCU Group, CENTUM and New Vision Limited came next accounting for 11.5%, 9.7% and 5.8 % of the turnover respectively. Uganda Clays Limited, National Insurance Corporation and British American Tobacco Uganda took up 3.1 %, 1.9 % and 1 % respectively while Equity Bank Limited and Kenya Commercial Bank accounted for less than 1 % of the turnover.
1st Quarter Volume Trade Turnover (Ushs) No. of Deals Trading Days Monthly Av. Turnover (Ushs) Monthly Av. No. of trades (Ushs) Market Capitalization (Ushs. bn) USE All Share Index Local Index 60,312,080 19,331,100,240 1,377 43 449.6m 32 12,537 1,13.28 361.29 2nd Quarter 25,673,891 6,518,409,355 1,331 59 110.5m 23 13,683.4 1,122.31 233.57 3rd Quarter 46,139,325 9,489,478,585 1,139 64 148.3m 18 10,717.9 879.09 264.66 4th Quarter 36,174,467 5,445,920,440 901 64 85.1m 14 10,539.5 864.45 225.14

Source: USE Annual Volume Comparison (Calender Years) 2007 - 2011 Turnover (Ushs) 2007 2008 85,203,921,340 89,770,590,595 Volume 484,112,529 216,938,311 Deals 14,338 15,659

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2009 2010 2011 Source: USE USE Index performance

19,739,110,145 42,047,148,495 40,784,908,620

123,231,889 226,537,341 168,299,763

5,698 4,960 4,748

The year 2011, saw the ALSI decline despite the listing of Centum Investment shares at the beginning of the year, and the increased participation of foreign investors. The ALSI opened at an all time high of 1,292.5 in January and was above the 1,000 mark till mid August, when the Index dropped gradually from 989 in September to as low as 768 at the end of the year. A position that was lasted recorded in August 2009. The Local Company Index (LCI) had fluctuating positions throughout the year with the first quarter posting a high of 375.1 and further on to record a new high of 424.3 in the second quarter before closing the year at 194.6.

Source: USE

Source: USE

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zz Government Yield Curve

Source: Bank of Uganda

CHRONOLOG OF EVENTS AT THE EXCHANGE


1997: The Licensing of the USE by the Capital Markets Authority of Uganda to operate as an approved Stock Exchange in June 1997. 1998: The listing of USEs first security, the Ushs 10 billion 4 year East African Development Bank (EADB) Bond in January 1998. 1999: The listing of the 5 year Ushs 8.3 billion PTA Bond in March 1999. 2000: The flotation and eventual listing of USEs first equity, the Uganda Clays Ltd share on the 18th of January. UCL shares were 15% oversubscribed. 2000: The flotation of the British American Tobacco (Uganda) Ltd BATU share through the USE on 28th June. BATU shares were 5% oversubscribed and represented the second divestiture of government held shares in a company to take place through the Exchange. 2001: The first ever cross border listing in the East African market occurred with the listing of East African Breweries Ltd (EABL) on the USE on 27th March. EABL is ranked among the top 10 companies on the Nairobi Securities Exchange(NSE) in terms of capitalization. 2002: The listing of the Kenya Airways share on the USE on the 28th of March becoming USEs second cross listed product. The shares currently have Blue chip status on the Nairobi Securities Exchange(NSE). 2002: The first flotation of a commercial banks shares in Uganda occurred on the 2nd September, 2002 when Bank of Baroda offered 20% of its stock to the public through the USE. 80million shares were on sale in multiples of 100 at Ushs 600 per share. Its shares were 16.7 % oversubscribed (making it the best response so far)

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2002: Official listing of Bank of Baroda Uganda Ltd (BOBU) on the USE on 14th November making it the first financial institution to list on the USE. 2003: The listing of the first tranche (Ushs 24 billion) of the Ushs 54 billion UTL Medium term Note on 16th September. 2003: The Launch of the USE All Share Index on 23rd October 2003. 2004: Official listing of the 2 year, Ushs 20 billion Uganda Government 20% Coupon Rate Treasury Bond on January 15th making it the first Government Bond to be listed on the USE. Currently there are two 2 year bonds, two 3 year bonds, a 5 year bond and a 10 year bond listed on the stock exchange. Please refer to our Listed Securities page for more information. 2004: DFCU group goes public making it Ugandas second financial institution to do so. 2004: New Vision offers 20% of its shareholding for sale to the public, making it the fifth local company to conduct an IPO in the Ugandan market. NVL is officially listed on 16 Dec 2004. 2005: The listing of the 8 year East African Development Bank (EADB) Bond in December 2005. 2006: Official cross-listing of Jubilee Holdings Limited (JHL) on the USE on 14th February making it the first insurance institution to list on the USE. 2007: Stanbic Bank Uganda is listed on the USE on 25 Jan following a successful IPO that was 200% over-subscribed. 2008: Kenya Commercial Bank (KCB) is cross listed in Novemeber; USE hosts the annual ASEA conference and celebrates ten (10) years of existence 2009: On the 18th of June, Equity Bank Limited (EBL) is cross-listed on USE. 2009: September, 17th - The listing of the StanbicBond 2010: The Securities Central Depository (SCD) was introduced in February. 2010: On 25th, March National Insurance Corporation (NIC)was listed onUSE. 2010: On 19th, October Nation Media Group (NMG) was cross-listed on USE 2011: On 10th, February CENTUM Investment Limited was cross-listed on USE

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STATISTICS
Section One : Economic Indicators
Currency: USD Indicators Population (million) Real GDP (USD) (millions) at market exchange rates Inflation rate (%) Net Foreign Direct Investment (USD) (Millions) Unemployment rate (%) Interest Rate (T-Bills) Exchange rate (local currency versus US$)

Table 1: Main Economic Indicators


2009 32,700,000.00 17,963.20 13.00 603.75 60 7.5 1907 2010 33,800,000.00 18,269.00 11.00 854.15 50 10 2317 2011 34,500,000.00 18,280.00 27.00 648.00 None 22.34 2336

Section Two : Trading Statistics


Currency: USD Indicators Total value traded Total volume traded Total number of transactions Number of listed companies Number of traded companies Market Capitalization (billions) end of year Market Capitalization as % of GDP Turnover Ratio (%) *

Table 2: Trading equity Statistics


2009 10,350,870.55 64,621 5,698 11 8 3.75 20.88% 2,760,232.15 2010 18,147,237.16 97,772 4,960 13 13 5.51 30.16% 3,293,509.47

* Turnover Ratio (%)= value traded of listed securities/market capitalization

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Table 4: Sectors Traded


Sectors traded on the Stock Exchange Number of companies included in each sector 2009 Domestic Board Banking Commercial & Services Insurance Construction & Allied Manufacturing & Allied Corporate Bonds * Specify the sector and the number of companies in each 2 2 0 1 2 5 5 3 2 1 2 5 2010

Table 5: 5 Most Active Sectors in 2011


1 2 3 Banking, Finance and Investment Industrial, Manufacturing and Allied Commercial and Services

Section Four: Trading System


Trading System Type of System Vendor Year of Implementation Open Outcry Manual 1998

Section Six : Products traded on the Stock Exchange


Types of markets in your Stock Exchange Equity Market Bond Market YES YES

Table 7
Product (Stocks,Bonds, Funds,ETFs,Derivatives ..etc) Description of the Product Stocks Common Shares

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Bonds

Government and Corporate Bonds

Section Seven : Trading Mechanism


Margin Trading Intraday Trading Online Trading NO NO NO

Section Seven : Indices Table 8 Indices


Index Name USE ALL Share Index (ALSI) Index Type (Price Index, Sector Index,..etc) The ALSI calculated using the base-weighted aggregate methodology also known as the market value weighted methodology, and encompasses all equities listed on the Uganda Securities Exchange The LCI calculated using market value weighted methodology, and encompasses only local equities listed on the Uganda Securities Exchange Closing 2011 864.45 % change -28%

USE Local Company Index (LCI) Closing 2010 USE ALSI 1188.07

Section Eight: IPOs, Rights Issues and Debt Securities


IPOs Company National Insurance Corporation 2010 Date of IPO 25-Mar-10 Value of IPO ($ million) 8,613,554.00 8,613,554.00 Debt Securities Company Government of Uganda Treasury Bond-2 years Government of Uganda Treasury Bond-3 years Government of Uganda Treasury Bond-5 years Government of Uganda Treasury Bond-10 years PTA Bank Corporate Bond Stanbic Bank Uganda Corporate Bond Date of issue 12-Jan-09 1-Apr-09 17-Sep-09 11-Nov-09 3-Nov-09 18-Aug-09 2009 Face Value of issue ($ million) 104,876,769.80 141,583,639.22 47,194,546.41 31,463,030.94 20,975,353.96 15,731,515.47

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Total Debt Securities Company Government of Uganda Treasury Bond-2 years Government of Uganda Treasury Bond-3 years Government of Uganda Treasury Bond-5 years Government of Uganda Treasury Bond-10 years Stanbic Bank Uganda Corporate Bond Total Debt Securities Government of Uganda Treasury Bond-2 years Government of Uganda Treasury Bond-3 years Government of Uganda Treasury Bond-5 years Total Date of issue 13-Oct-10 8-Dec-10 18-Aug-10 21-Jul-10 10-Dec-10 2011 2010

361,824,855.79

Face Value of issue ($ million) 47,475,183.43 47,475,183.43 60,422,960.73 56,107,034.96 12,947,777.30 224,428,140 235,445,205.48 149,828,767.12 34,246,575.34 419,520,548

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ZIMBABWE STOCK EXCHANGE


PROFILE
Website Market Regulator Address Trading Session hours (local time) Time Zone Contact Person for ASEA Telephone Fax E-mail Name of Local Currency www.zse.co.zw Securities Commission of Zimbabwe 4th Floor, 101 Building, Corner Third Street/Kwame Nkrumah Avenue, HARARE 1000 hrs-1130 hrs Greenwich Mean Time + 2 hours Mr. Martin Matanda +263 4 701096/7 +263 4 762348 mmatanda@zse.co.zw Zimbabwe Dollars

Dividend withholding taxes 10% (domestic investors) 10% Tax Rates (dividends, interest, capital gain) (foreign investors); Withholding tax on interest income 15%; Capital gains taxes 1% on the sale side Commodities Exchange None

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OVERVIEW
BACKGROUND TO THE ZIMBABWE STOCK EXCHANGE
The first stock exchange in Zimbabwe opened its doors shortly after the arrival of the Pioneer Column in Bulawayo 1896. It was however only operational for about 6 years. Other stock exchanges were established in Gwelo (Gweru) and Umtali (Mutare). The latter, also founded in 1896, thrived on the success of local mining, but with the realization that deposits in the area were not extensive, activity declined and it closed in 1924. After World War 11 a new exchange was founded in Bulawayo and dealing started in 1946. A second floor was opened in Salisbury (Harare) in December 1951 and trading between the two centers was by telephone. These continued operating until it was decided that legislation should be enacted to govern the rights and obligations of both members of the Exchange and the general investing public. The Zimbabwe Stock Exchange Act reached the statute book in January 1974. The members of the Exchange continued to trade as before, but it become necessary for legal reasons to bring into being a new Exchange coincidental with the passing o f the legislation. The present Exchange therefore dates back from the passing of the Act. In 2004, The Securities Act was promulgated to repeal the ZSE Act becoming operational in September 2008. Zimbabwe has a fully developed Capital market with an active and equally developed institutional base. As a result of a long tradition of investing on the Market, an entire industry has been created. Zimbabwe has a Pension Fund industry, an insurance industry, a local asset management industry supported by nineteen Registered Stockbroking firms.

Change In Functional Currency in 2009


In November 2008, the Zimbabwe Stock Exchange temporarily stopped trading following intervention by The Reserve Bank of Zimbabwe and reopened later on 19 February 2009. The Zimbabwe economy dollarized in 2009 and the Zimbabwe Stock Exchange similarly adopted the US dollar as its primary trading currency. Indices were rebased to 100 for both the Industrial and Mining indices.

Achievements for 2011 Education and Outreach Programmes


Zimbabwe Stock Exchange hosted a total of 25 schools during 2011 as part of investor education and outreach effort. There has been an improvement on the number of schools that visited the ZSE compared to the previous year. ZSE routinely accommodate universities, colleges and high schools as part of investor education campaign. The capital markets regulator (Securities Commission of Zimbabwe) and Stockbrokers regularly participate in these sessions by giving short lectures on their respective roles.

Future Projects/ Outlook ZSE Website launch


The ZSE will relaunch its website following it rebuilding. This is intended to meet the current information needs of investors and other stakeholders in terms of market data, Listed companies

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information, Corporate Actions and other market related news. The web site will be unveiled by end of April 2012.

Demutualization
The demutualization of the ZSE is still in progress and is expected to be finalized by 31 August 2012.

Central Securities Depository


The Government of Zimbabwe has agreed with the ZSE and other key stakeholders about the scope and structure of the Central Securities Depository. Work is underway to have a fully functional Central Securities Depository by 30 September 2012.

Automated Trading System


The possibility of replacing the manual trading system currently in use is being explored If found feasible, the system will be purchased for implementation concurrently with the Central Depository System scheduled for the end of forth quarter 2012.

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STATISTICS
Section One : Economic Indicators
Currency: USD Indicators Population (million) Real GDP (USD) (millions) at market exchange rates Inflation rate (%) Net Foreign Direct Investment (USD) (Millions) (UNCTAD) Unemployment rate (%)* Interest Rate (T-Bills) * provisional Source for FDIs: Reserve Bank Of Zimabwe Source: Reserve Bank of Zimbabwe

Table 1: Main Economic Indicators


2009 12.23 5,899 -0.08 105.00 None None 2010 12.34 6,650 3.5 122.60 None None 2011 12.3 8,080 4.9 250.00 None None

Section Two : Trading Statistics


Currency: USD Indicators Total value traded Total volume traded Total number of transactions Number of listed companies Number of traded companies Market Capitalization (billions) end of year Market Capitalization as % of GDP Turnover Ratio (%) *

Table 2: Trading Equity Statistics


2009 411,946,188.00 4,591,848,936 56,261 78 78 3829 64.91% 10.76 2010 391,572,731 6,799,885,018 39,655 78 78 3884 58.41% 10.08 2011 477,523,919 4,610,008,413 30,983 77 77 3690 45.67% 12.95

* Turnover Ratio (%)= value traded of listed securities/market capitalization

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Table 3: Investors Type Foreigners vs. Local Investors


Type of Investors % of the Total Value Traded 2009 Foreign Investors Local Investors Total % 35 65 100% 2010 23 77 100% 2011 36 64 100%

Table 4: Sectors Traded


Sectors traded on the Stock Exchange Number of companies included in each sector 2009 Main Investment Market Segment (Mims) Banking Insurance And Finanve Commerce Mining Industry Investments Sugar Transport Tourism Preference Shares 15 5 4 43 6 1 1 3 1 15 5 4 43 6 1 1 3 1 15 5 4 42 6 1 1 3 1 2010 2011

Table 5: 5 Most Active Sectors in 2011


1 2 3 4 5 Industrial Banking Insurance And Finanve Commerce Tourism Invetiments

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Section Six : Products traded on the Stock Exchange


Types of markets in your Stock Exchange Equity Market YES

Table 7
Product (Stocks,Bonds, Funds,ETFs,Derivatives ..etc) stocks Description of the Product Common and Preference Shares

Section Seven : Trading Mechanism


Intraday Trading YES

Section Seven : Indices Table 8 Indices


Index Name ZSE Industrial ZSE Mining Index Type (Price Index, Sector Index,..etc) Price weighted index. Price weighted index.

Index performance
Closing 2010 ZSE Industrial ZSE Mining 151.27 200.40 Closing 2011 145.86 100.7 % change -3.58 -49.75

Note: The ZSE Industrial and Mining Indices had a 100 basis on 19 February 2009

Section Eight: IPOs, Rights Issues and Debt Securities


Rights Issues Issuer Fidelity Life CFX African Sun Date of issue 16-Oct-09 12-Nov-09 13-Nov-09 2009 Value of million) 2.5000 10.0000 10.0178 Rights($

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Nicoz DIAMOND

12-Nov-09

3.9661 26.48

Rights Issues Issuer Star Africa Ok Zimbabwe Art ZDR FBCH NMBZ TN PG Industries PG Industries Medtech Date of issue 05-Mar-10 26-Mar-10 09-Apr-10 23-Apr-10 16-Jun-10 16-Jul-10 23-Nov-10 20-Dec-10 26-Nov-10

2010 Value of million) 20.0000 20.0225 4.6730 7.9910 10.2870 6.6850 4.4800 6.7500 1.6083 82.4968 rights($

Issuer Nil Note: There was no IPOs in 2011

Date of issue

Value of IPO ($ million)

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Associate Member

ASSOCIATE MEMBER

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South Asian Federation of Exchanges (SAFE)

SOUTH ASIAN FEDERATION OF EXCHANGES (SAFE)


INTRODUCTION

Secretary General, South Asian Federation of Exchanges (SAFE)


South Asian Federation of Exchanges (SAFE) is a cooperative platform launched by the bourses in South Asia with the purpose of promote the development and harmonization of the securities markets in the region. SAFE is a not for profit association having recognized body status of the South Asian Association for Regional Cooperation (SAARC), and is a network exchange association of the World Federation of Exchanges (WFE). The operations, activities, and the programs of Federation are primarily funded by its member exchanges, while some specific projects get sponsorships from some multilateral donor/development agencies. SAFE stands to prepare and position its member markets for their orderly integration into the global financial system by enhancing the depth, inter-connectivity, integrity and transparency of its member markets. Since its inception, SAFE has worked to become a focused platform for the representatives of the exchange industry and other capital market related institutions of the Region. Additionally, the Federation has also provided a channel through which the individual stock exchanges continue to find opportunities for bilateral cooperation.

AFTAB AHMAD CH.

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SAFE was set up in year 2000 under the initiative of Chittagong Stock Exchange, Bangladesh but now operates from its permanent Secretariat at Islamabad, Pakistan. The activities and operations of the Federation are being spearheaded by Mr. Aftab Ahmad Ch, who has been serving as the regular Secretary General of the Federation since 2005 under the appointment by the SAFEs Executive Committee.

OBJECTIVES
zz To encourage co-operation and mutual assistance amongst the Members in order to promote and develop the respective capital markets; zz To work towards the harmonization of regulatory standards and promote best business practices in the Regional securities markets; zz To encourage cross border listings, securities trading and portfolio investments in the Region; zz To work for the improvement in the governance & transparency norms; the promotion of consistent & common reporting standards, and the introduction of effective investor relations frameworks in the listed sector of the Region; zz To help mobilize domestic savings in our respective countries and to introduce best consumer/investor protection standards in the Region. zz To promote financial literacy and access in the Region through independent or joint initiatives with other institutions; zz To work and provide facilities for educational/skills development, human resources training and the spread of capital market/financial knowledge in the Region; zz To provide advisory, consulting and facilitatory services to SAFE Members and other entities/institutions; zz To establish and maintain contact, collaborate and obtain affiliation with other organisations, institutions, bodies and societies in the Region and globally, including relevant international agencies, interested in similar objectives and to cooperate with such institutions, bodies and organisations for furthering the objects of the Federation.

Services Offered By SAFE


zz SAFE acts as a forum for promoting mutual cooperation, regulatory alignment, exchange of information and technological linkage to facilitate the process of integration and harmonization of the regions capital market and to accelerate the common economic growth of South Asia. In this perspective, the Federation acts as an industry platform to advocate, suggest and prepare regulatory changes needed for the harmonization of market practices and policies. zz SAFE stands to promote the investment potential of the region by attracting foreign institutional and portfolio investments into our regional markets. Towards this end, the Federation regularly holds seminars, events, conferences and roundtables discussions to highlight the investment potential of our individual as well as regional markets. zz The Federation engages in the capacity building programs to develop the skills and expertise of the human capital for the effective management of our markets. This is done through various activities and initiatives both independently as well as in association with other domestic, regional and international entities. zz SAFE works for the adoption of the best consumer/investor protection standards in the region and towards this end, the Federation undertakes regular efforts for the spread of financial knowledge/ awareness in the region.

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zz SAFE also provides advisory & consulting services regarding financial and capital market issues, matters and projects both within and outside the region. This is done through channelizing the involvement and participation of the regional consultants.

AFRICAN SECURITIES EXCHANGES ASSOCIATION ASEA SECRETARIAT NATION CENTRE 1ST FLOOR, KIMATHI ST P.O. BOX 43633-00100 NAIROBI KENYA TEL:+ 254 (20) 2831000 EMAIL: secretariat@africansea.org www.africansea.org