2007 ASEA Yearbook PDF

Af r i c a n Se c u r i t i e sEx c h a n g e sAs s oc i a t i on
Y e a r b o o k
2007
A S E A
ASEA Executive Committee

Office Bearers
President Mr. Maged Shawky Sourial Cairo and Alexandria Stock Exchanges (CASE)
First Vice President Mr. Ekow Afedzie Ghana Stock Exchange (GSE)
Second Vice President Mr. Sunil Benimadhu Stock Exchange of Mauritius (SEM)
Member Mr. Geoff Rothschild JSE Limited
Member Mr. Simon Rutega Uganda Securities Exchange Ltd.
Member Dr. Ndi OKereke-Onyiuke The Nigerian Stock Exchange
Member Mr. Chris Mwebesa Nairobi Stock Exchange (NSE)
Chairmans Letter
Maged Shawky President African Securities Exchanges Association

The increasing dynamics across global securities markets and the fast change in the exchange industry, driving globalization, market consolidations, demutualization and self listing, have acted as a spur for exchanges to continually improve the quality of their trading platforms and rule books. African securities markets, as service providers positioning themselves to serve the needs of their clients, are pressured to upgrade their technology infrastructure, increase efficiency in providing trading/ post trading services, enhance their markets liquidity, harmonize their rules, increase their products and services range as well as lower costs, while assuring scalability, to be able to support their organizations growth and compete in the domestic and international markets. During the year 2007, ASEA member exchanges have continued their journey of developing their markets regulations, expanding their services and products as well as enhancing their operational infrastructure. Despite recent credit market turmoil and fluctuations in the global market, ASEA member markets have provided impressive returns for investors in 2007 with the majority posting annualized gains on their indices, ranging from 110 % to 12 % and have concluded the year with a robust aggregate market capitalization of US$ 2.1 trillion. Many African equities/ markets also offered very attractive price earnings and dividend yield ratios. The Association has grown and matured over the years and has succeeded in attracting potential African exchanges to join the association. Year 2007 has witnessed, both the Libyan Stock Exchange as well as Khartoum Stock Exchange, joining ASEA as full members, while the Central Depository & Settlement Corporation (Kenya) was granted an associate membership. ASEA has now a total number of 20 member exchanges serving 26 African states. ASEA also plays a vital role in providing a forum for mutual communication, exchange of information, cooperation and technological assistance among member exchanges, to facilitate the process of financial integration within the region and accelerate the economic development of Africa. The Association supports nascent exchanges in the establishment of their markets and the development of financial products. Throughout this year, we have taken a number of initiatives to speed up the development progress in the association, aiming at strengthening ASEA position and creating continuous value added to its members.
The new ASEA website that was launched in 2006, under the URL www.africansea.org, was again upgraded and re-launched in August 2007, with additional features and a more user-friendly interface, providing a single source for updated ASEA members' profiles, annual and monthly trading data and comparative statistics as well as the latest news of both ASEA and its member exchanges. From another perspective, bilateral programs and visits among ASEA members, which help promoting the growth of stock exchanges, have been activated. Close ties and effective participation in conferences and forums organized by regional bodies such as NEPAD, UNECA and Africa Investor (Ai), have been maintained, whereby the latter has offered, during May 2007, to partner with ASEA and promote for its activities and member markets performances in Ai newsletters and newswire. This was followed by another approach, during June of the same year, by the South Asian Federation of Exchanges (SAFE) to propose ASEA a reciprocal affiliate status, whereby both shall promote for one another and exchange experiences and publication resources. In October 2007, ASEA held its 11th conference in Accra, Ghana under the theme African Capital Markets - The next investment frontier. The conference addressed issues related to the performance of the African stock markets, key drivers to development, the role of technology in the capital markets as well as the implementation of integration in the region. Raising the profile of ASEA and the member exchanges, enhancement of corporate governance practices, ongoing harmonization of market principles as well as cross listing and trading as a step towards regional integration, are now being placed on top of the working agenda. Three task forces have been created in that respect to achieve the objectives of the Association and to attain a greater role in the competitive global market environment. Finally, having been privileged to work closely with the Executive Committee members, the Secretariat as well as all ASEA members, has raised my confidence in the capital market of our continent and deepened my trust that mutual cooperation backed by such effective contribution and commitment, will enable us, as African countries and capital markets, to step up global challenges.
Maged Shawky President African Securities Exchanges Association
ASEA Member Countries

Morocco Libya
Egypt
Mali Senegal Guinea Burkina Faso Cote Dvoire Ghana Togo
Niger Sudan Nigeria
Benin
Uganda
Kenya
Tanzania Malawi Zambia Namibia Zimbabwe Botswana Mauritius
Mozambique
South Africa
Swaziland
ASEA Member Exchanges
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
Bond Exchange of South Africa Botswana Stock Exchange BRVM Cairo & Alexandria Stock Exchanges Casablanca Stock Exchange Dar-Es-Salam Stock Exchange Ghana Stock Exchange JSE Limited Khartoum Market Libyan Stock Market Lusaka Stock Exchange Malawi Stock Exchange Mozambique Stock Exchange Nairobi Stock Exchange Namibian Stock Exchange Stock Exchange of Mauritius Stock Exchange of Swaziland The Nigerian Stock Exchange Uganda Securities Exchange Zimbabwe Stock Exchange
Table of Contents
11 12 13 14 16 ASEA at a Glimpse ASEA Background ASEA Primary Objects & Powers ASEA Membership ASEA Executive Committee Meetings & Annual General Meeting during 2007 19 20 21 22 23 ASEA Conferences during 2007 ASEA Information & Promotional Avenues ASEA Participation and Strategic Partnership ASEA Bilateral Programs & Cooperation ASEA Looking Ahead
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Main Economic Indicators (ASEA Member Countries)
33
Market Highlights (ASEA Member Stock Exchanges)
51 52
Member Exchanges Profiles Bond Exchange of South Africa
61 68 82 94 102 115 123 136 143 153 159 165 179 187
Botswana Stock Exchange Casablanca Stock Exchange Cairo & Alexandria Stock Exchanges Ghana Stock Exchange JSE Limited Khartoum Stock Exchange Libyan Stock Exchange Malawi Stock Exchange Nairobi Stock Exchange Namibian Stock Exchange The Nigerian Stock Exchange The Stock Exchange of Mauritius Uganda Securities Exchange Zimbabwe Stock Exchange
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ASEA Audited Financial Statements - June 2006
ASEA
ASEA At A Glimpse
African Securities Exchanges Association

ASEA Background
he African Stock Exchanges Association (ASEA) was registered in Nairobi on 13th November 1993 with the object of, inter alia, establishing an association for systematic mutual cooperation, exchange of information, materials and persons, mutual assistance and joint programs between the members. In September 2006, in recognition of the fact that Stock Exchanges trade a variety of products other than equity securities, the Association changed its name to the African Securities Exchanges Association and also amended its articles and memorandum of association to allow for the creation of an Executive Committee; elected at the annual general meeting, whose members are responsible for the business and affairs of the Association. The Executive Committee, which consists of seven members, acts as the Board of Directors
of ASEA, where the Chairman and the Vice Chairman are elected at the General Assembly for a term of two years. The Chairmanship and Vice Chairmanship are currently held by Cairo & Alexandria Stock Exchanges and Ghana Stock Exchange, respectively, while the Secretariat is headed by Kenya Stock Exchange and is based in Nairobi, Kenya.
African Securities Exchanges Association
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ASEA At A Glimpse
ASEA Primary Objects & Powers

mutual cooperation ... exchange of information ... standards harmonization
1. To establish an association for systematic mutual cooperation, exchange of information, materials and persons, mutual assistance and joint programmes between the members. 2. To promote the establishment of securities exchanges in all African countries. 3. To promote the development of common standards of training and professionalism among members of the Association and other market players. 4. To promote common standards of issuing, listing, trading and settlement of securities. 5. To facilitate the development and promotion of products and services for Africas capital markets. 6. To assist members in the promotion and development of the range of services associated with the capital markets. 7. To develop and promote a data bank and information system for the mutual benefit of members. 8. To study and research on matters of mutual interest to members. 9. To disseminate information; produce materials in all media, hold conferences, seminars and exhibitions and conduct other public education activities relevant to the interests of members. 10. To ensure that the views and interests of the Association are promoted in the appropriate worldwide fora. 11. To do all other things, not inconsistent with the foregoing as shall promote the objects and powers.
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ASEA At A Glimpse
ASEA Membership
The membership of the association is open to any securities exchange or nascent securities exchange located in the African region or any other organization, after filling the admission application, submitting a Letter of Interest and getting the Executive Committee approval. ASEA offers 3 membership categories, namely: Observer Membership Granted to national or international organizations that have an interest in or related to the exchanges industry and will assist the association in a constructive way.
Full Membership Granted to all securities exchanges in Africa that are legally recognized and in operation in their countries.
membership ... is open to any ...
Associate Membership Granted to all nascent securities exchanges in Africa that do not meet the requirements of the full membership criteria.
The eleventh AGM of the Association in 2007 admitted the Libyan Stock Market and the Khartoum Stock Exchange. The membership of the Association now stands at twenty full member exchanges:1. Bolsa de Valores de Mozambique 2. Bond Exchange of South Africa 3. Botswana Stock Exchange 4. Bourse de Casablanca 5. Bourse Rgionale des Valeurs Mobilires de lAfrique de lOuest
ASEA Yearbook 2007 14
ASEA At A Glimpse
6. Cairo and Alexandria Stock Exchanges 7. Dar-es-Salaam Stock Exchange 8. Ghana Stock Exchange 9. JSE Ltd. 10. Khartoum Stock Exchange 11. Libyan Stock Market 12. Lusaka Stock Exchange 13. Namibian Stock Exchange 14. Nairobi Stock Exchange 15. Nigerian Stock Exchange 16. Malawi Stock Exchange 17. Uganda Securities Exchange 18. Stock Exchange of Mauritius 19. Stock Exchange of Swaziland 20. Zimbabwe Stock Exchange The members of the Association serve the following twenty six (26) African States - Benin, Kenya, Libya, Mali, Cte d'Ivoire, Botswana, Burkina Faso, Egypt, Ghana, Guinea Bissau, Malawi, Mauritius, Morocco, Mozambique, Namibia, Niger, Nigeria, Senegal, South Africa, Sudan, Swaziland, Tanzania, Togo, Uganda, Zambia, and Zimbabwe. The Central Depository and Settlement Corporation (Kenya) is the only observer member in ASEA, which was accepted in 2007.
different categories of membership ... full ... associate ... and observer ..
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ASEA At A Glimpse
ASEA Executive Committee Meetings & Annual General Meetings during 2007
Executive Committee Meetings
Three Executive Committee meetings were held during 2007, whereby the 12th ASEA Executive Committee meeting was hosted by Cairo & Alexandria Stock Exchanges on the 30th of April 2007, while Ghana Stock Exchange has hosted the 13th and the 14th meetings on the 28th of October 2007. The 13 th Executive Committee meeting addressed, the affiliate status with the Southern Asian Federation of Exchanges (SAFE) and it was agreed that promoting common links with organizations such as SAFE would benefit ASEA in terms of creating awareness and promoting linkages with capital markets in South Asia; a region that is experiencing rapid and sustained economic growth. Moreover, the committee members reviewed and accepted the full membership of both, Libyan Stock Market and Khartoum Stock Exchange as well as the Central Depository and Settlement Corporation (Kenya) as an observer member. From another perspective, the President recommended that the members of ASEA should work towards becoming affiliate members of the WFE. It was also noted that CASE, JSE Ltd. and SEM are already full members of the WFE and the Namibian Stock Exchange (NSE), the Nigerian Stock Exchange (NSE) and the Bourse de Casablanca are all affiliate members of the WFE. The Secretariat has been asked to distribute to the members,
... discussed future plans of ASEA and how to enhance mutual cooperation between its members
The 12 th Executive Committee meeting followed up on the latest developments of the association and discussed the new membership fees scheme. Moreover, in an attempt to improve information and promotional avenues for ASEA, CASE presented the latest development of the new website as well as the annual yearbook of 2006. The committee members finally discussed the future plans of ASEA and how to enhance mutual cooperation between its members.
ASEA At A Glimpse
the WFE requirements for affiliate membership and how members might attend WFE Conferences as observers. Finally, the committee agreed to establish three Taskforces, namely; Corporate Governance; Integration in Africa; Promotion and Marketing, whose membership to be composed of the new Executive Committee members who are elected during the 11th Annual General Meeting (AGM). The 14th Executive Committee meeting was held by the new executive members, directly after the 12 th AGM meeting, where they
welcomed both, Mr. Maged Shawky, the Chairman of CASE, and Mr. Ekow Efedzie, General Manager of Ghana Stock Exchange, who were re-elected, for a second consecutive term, as ASEA President and Vice President, respectively. During the meeting, the chairs of the three main task forces of ASEA: Corporate Governance task force, Integration in Africa task force as well as Promotion and Marketing task force, were appointed and each was mandated to prepare a work plan for the association to achieve the mission, create value to its members and to guide the association on the way forward.
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ASEA At A Glimpse
Annual General Meetings

The 11th Annual General Meeting (AGM) was held on the 28th of October 2007 in Accra, Ghana and was hosted by Ghana Stock Exchange. During this meeting, ASEA members reviewed and approved the Audited Financial Statements for the year ended 30th June 2007 and it was agreed that KPMG Kenya should be re-elected as ASEAs Auditors for the ensuing year. The meeting addressed a number of important issues related to the development of the African markets according to the international standards, to further enhance members' competitiveness and enable them to step up global challenges. In addition, the new seven executive members were elected among the exchanges who nominated themselves, which comprise of Cairo and Alexandria Stock Exchanges, Ghana Stock Exchange, JSE Limited, Nairobi Stock Exchange, Nigerian Stock Exchange, Uganda Stock Exchange and the Stock Exchange of Mauritius. Out of the new committee members, the new President and Vice President nominations went to Mr. Maged Shawky, the Chairman of CASE, and Mr. Ekow Efedzie, General Manager of Ghana Stock Exchange, respectively, for a second consecutive term. Finally, the meeting discussed the coming ASEA conferences, whereby Uganda proposed to host the 2008 AGM and Conference in
... addressed development ... ... competitiveness ... to step up global challenges
Kampala, Uganda during November 2008, while Nigerian Stock Exchange and Lusaka Stock Exchange proposed to host the 2009 and the 2010 AGM and Conference, respectively.
ASEA At A Glimpse
ASEA Conferences during 2007

The 11th ASEA conference African Capital Markets: The Next Investment Frontier was held in Accra, Ghana over the period from 28th till 31st of October 2007 and was hosted by Ghana Stock Exchange. The conference addressed issues related to the performance of the African stock markets, key drivers to development, the role of technology in the capital markets as well as the implementation of integration in the region.
African Capital Markets: The Next Investment Frontier ... focused on ... securitization, regional integration, cross border investments and corporate governance practices ...
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ASEA At A Glimpse
ASEA Information & Promotional Avenues
To enhance the ability of the association to fulfill its mandate to its members, the first ASEA Yearbook was issued in 2006, followed by the second issue in 2007, providing a credible and central source of information on the association and its members.
The new ASEA website which was launched on the 31 August 2006, under the URL: www.africansea.org, was again upgraded and re-launched in August 2007, with additional features and a more user-friendly interface.
st
ASEA At A Glimpse
ASEA Participation and Strategic Partnerships

Close ties and effective participation in conferences and forums organized by regional bodies such as NEPAD, UNECA and Africa Investor (Ai), have been maintained, whereby the latter has offered to partner with ASEA and promote for its activities as well as member markets' performance in its magazine, newsletters and newswire. On the other hand, ASEA shall provide Ai with invitations to its conferences, recognition on ASEA website and an opportunity to partner with Ai on future events. ASEA representatives were also invited in a forum organized by UNECA, namely; Capital Flows and Development of African Economies Towards an Action Plan for Financing Investment in Africa" that was held in Zanzibar, Tanzania during the period 24th to 25th of April 2007. The forum brought together policy makers, researchers and practitioners to discuss problems of capital markets development on the continent at both national and regional levels. From another perspective, ASEA President was chosen to join the judging panel of the Ai Index Series awards (benchmark indices of Africa's biggest and most traded companies) and was invited to give the key note of its ceremony that was held in London on the 8th of June 2007, which was recognized by African stock markets, listed companies, fund managers, stock brokers and analysts. The association was also approached, in June 2007, by the South Asian Federation of Exchanges (SAFE), proposing ASEA a reciprocal affiliate status, whereby both shall provide links to the other association on each website, together with advertisements for the events or publications of each other. The offer was approved by ASEA Executive Committee members and will be voted for in this General Assembly meeting. Moreover, ASEA Vice President was invited, as a representative of the association, to attend the WFE 47th General Assembly & Annual Meeting during the period 14th to 26th October 2007 in Shanghai, China, as an observer. The Conference provided an opportunity to learn about the changing landscape in which securities exchanges operate and how securities exchanges are repositioning themselves to best face emerging opportunities and challenges.
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ASEA At A Glimpse
ASEA Bilateral Programs & Cooperations

Bilateral programs and visits among ASEA members, which help promoting the growth of stock exchanges, were maintained. CASE has hosted visits from Nairobi and Ghana Stock Exchanges, respectively. Conversely, it has sent a delegation to JSE Ltd. This year has also witnessed some regional initiatives, whereby three of ASEA members; Nairobi Stock Exchange, Dar-Es-Salam Stock Exchange and Uganda Stock Exchange have
visits among ASEA members Nairobi ... CASE ... Ghana
discussed and approved an outline towards the integration of their markets, under the umbrella of the Eastern African Securities Exchanges Association.
ASEA At A Glimpse
ASEA Looking Ahead

ASEA focus for the coming years will be on promoting the African region as an attractive investment destination, enhancing corporate governance practices as well as achieving harmonization of market principles within member exchanges to facilitate cross border investments and regional integration.
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ASEA
ASEA Member Countries
Main Economic Indicators
Botswana
Indicators
Population (million) Real GDP (USD billion) Real Per Capita GDP Inflation Rate (%) FDI Unemployment Rate (%) Interest Rate (T-Bills 91 days) Exchange Rate (Local Currency versus USD)
2005
1.78 22.98 2,542.72 11.40 NA 17.60 12.35 5.06
2006
1.80 22.78 2,182.29 8.50 NA 17.60 12.72 5.81
2007
1.82 24.40 NA 8.10 NA 17.60 12.00 6.01
Egypt
Indicators
Population (million) Real GDP (USD billion) Real Per Capita GDP Inflation Rate (%) FDI (USD billion) Unemployment Rate (%) Interest Rate (T-Bills 91 days) Exchange Rate (Local Currency versus USD)
2004/2005
71.90 68.70 981.00 4.70 3.90 10.30 9.06 5.80
2005/2006
73.60 74.00 1,038.00 7.20 6.11 9.50 8.84 5.75
2006/2007
75.00 132.95 1,772.61 8.60 11.05 9.10 6.78 5.70
Ghana
Indicators
Population (million) Real GDP (USD billion) Real Per Capita GDP Inflation Rate (%) FDI (USD million) Unemployment Rate (%) Interest Rate (T-Bills 91 days) Exchange Rate (Local Currency versus USD)
2005
20.00 10.68 450.00 14.90 145.00 NA NA 0.90
2006
20.47 10.68 600.00 10.50 243.00 NA 10.35 0.92
2007
21.00 13.40 666.00 12.70 NA NA 10.62 0.97
Economic Indicators
Kenya
Indicators
Population (million) Real GDP (USD billion) Real Per Capita GDP (at PPP) Inflation Rate (%) FDI (USD million) Unemployment Rate (%) Interest Rate (T-Bills 91 days) Exchange Rate (Local Currency versus USD)
2005
33.40 15.51 1,371.00 10.31 1,000.00 40.00 8.07 75.55
2006
33.90 22.78 1,461.00 14.45 NA 40.00 5.73 72.10
2007
34.50 NA 1,551.00 9.75 NA 40.00 6.87 62.54
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Libya
Indicators
Population (million)
Economic Indicators
2005
5.61 60.27 10,737.00 2.00 1.04 NA 1.75 -2.50 1.31
2006
5.67 66.94 11,800.00 3.40 1.73 NA 1.75-2.50 1.31
2007
6.04 74.25 12,300.00 6.70 6.80 NA 1.75-2.50 1.26
Real GDP (USD billion) Real Per Capita GDP Inflation Rate (%) FDI (USD billion) Unemployment Rate (%) Interest Rate (T-Bills 91 days) Exchange Rate (Local Currency versus USD)
Malawi
Indicators
Population (million) Real GDP (USD billion) Real Per Capita GDP Inflation Rate (%) FDI Unemployment Rate (%) Interest Rate (T-Bills 91 days) Exchange Rate (Local Currency versus USD)
2005
12.30 NA NA 15.40 NA NA 24.44 116.36
2006
12.80 NA NA 13.90 NA NA 17.14 136.02
2007
13.20 NA NA 8.00 NA NA 10.16 140.70
Mauritius
Indicators
2005
1.21 6.13 5,058.36 4.90 92.79 9.60 5.50 30.25
2006
1.22 6.23 5,112.63 8.90 194.01 9.10 6.30 33.04
2007
1.23 8.10 6,601.90 8.80 313.81 7.60 6.80 28.68
Economic Indicators
Namibia
Indicators
Population (million) Real GDP (USD million) Real Per Capita GDP Inflation Rate (%) FDI (USD million) Unemployment Rate (%) Interest Rate (T-Bills 91 days) Exchange Rate (Local Currency versus USD)
2005
2.03 5,882.00 2,895.00 3.40 36.24 40.00 NA 6.35
2006
2.04 6,071.00 2,976.00 6.10 3.12 44.00 NA 7.06
2007
2.07 6,265.27 3,022.85 6.60 885.02 48.00 9.80 6.84
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Nigeria
Indicators
Economic Indicators
2005
131.00 98.60 1,154.00 11.60 NA 2.90 NA 127.00
2006
135.00 116.50 1,227.00 8.50 NA 5.80 NA 125.84
2007
149.00 126.70 1,281.00 5.70 NA 5.20 NA 124.00
Real GDP (USD billion) Real Per Capita GDP Inflation Rate (%) FDI Unemployment Rate (%) Interest Rate (T-Bills 91 days) Exchange Rate (Local Currency versus USD)
South Africa
Indicators
Population (million) * Real GDP (USD billion) Real Per Capita GDP Inflation Rate (%) FDI (USD million) Unemployment Rate (%) Interest Rate (T-Bills 91 days) Exchange Rate (Local Currency versus USD)
* Mid-year population estimates. ** As of March 2007
2005
46.89 175.34 3,701.00 3.40 5,712 26.70 7.00 6.40
2006
47.39 172.83 3,620.00 4.70 -7,250 25.50 7.50 6.80
2007
47.85 175.27 3,607.00 7.10 2,569 25.5** 9.30 7.10
Sudan
Indicators
Population (million) Real GDP (USD billion) Real Per Capita GDP Inflation Rate (%) FDI (USD million) Unemployment Rate (%) Exchange Rate (Local Currency versus USD)
2005
36.99 27.40 776.00 8.50 2,305.00 17.10 2.43
2006
41.24 36.40 1,005.00 7.20 3,541.00 17.30 2.17
2007
42.22 46.20 1,242.00 8.10 4,241.00 17.20 2.01
Economic Indicators
Uganda
Indicators
2005
26.66 8.96 338.12 3.50 257.10 NA 7.61 1,816.00
2006
27.46 10.69 390.60 11.30 286.90 NA 9.46 1,741.44
2007
28.20 11.75 413.26 4.90 NA NA 7.76 1,697.00
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Zimbabwe
Indicators
Economic Indicators
2005
13.00 78.86 1,508.76 585.80 NA 80.00 3.40 5,730.00
2006
14.00 858.57 1,523.87 1,281.00 NA 82.00 2.50 250 (revalued)
2007
12.30 6,186.00 500.00 66,212.30 NA 84.00 1.50 30,000.00
Real GDP (USD million) Real per capita GDP Inflation rate (%) FDI Unmeployment rate (%) Interest Rate (T-Bills 91 days) Exchange rate (local currency versus USD)
ZWD currency was revalued in August 2006.
ASEA
Member Stock Exchanges
Market Highlights
2007 Market Highlights

Exchange Botswana SE Casablanca SE CASE* Ghana SE JSE Ltd Khartoum SE Libya SE Malawi SE Nairobi SE Namibian SE
Market Highlights
Value Traded Volume Traded (USD million) (million) 137.53 40,766.70 66,008.47 144.90 1,144,964.99 899.80 231.60 37.00 1,417.02 1,536.66 17,000.00 445.96 50.21 8,494.33 124.89 262.10 15,091.29 287.22 71,199.78 9,411.56 7.40 359.52 1,938.20 242.60 138,000.00 300.80 484.13 8,631.70
Market Cap. (USD billion) 5.44 76.02 139.69 12.74 802.37 5.18 0.39 1.29 13.61 173.52 105.65 7.77 3.53 821.81
Market Cap. Turnover as % of GDP Ratio (%) 39.93 96.75 105.07 96.00 NA NA 57.48 NA NA 27.70 84.00 96.50 30.00 NA 2.88 61.36 38.73 1.14 142.70 12.30 59.00 0.29 10.41 0.89 28.21 5.74 1.42 1.03
# of Listed Companies 30 73 435 32 422 53 6 13 54 27 212 91 12 85
P/E 15.60 NA 19.09 20.50 16.48 NA 15.34 20.00 9.00 23.91 13.26 16.11 NA
DY (%) 3.10 NA 5.10 3.08 2.70 NA 2.64 2.62 4.95 NA 2.80 NA NA
6.00 20.00
Nigerian SE SE of Mauritius Uganda SE Zimbabwe SE
* P/E and DY ratios are based on the most active companies only (Liquid Market)
Comparative Market Statistics (2007 vs. 2006)

ASEA Members Trading Aggregates *
Indicators
Value Traded (USD million) Volume Traded (million) Market Capitalization (USD billion) Number of Listed Companies
2006
446,344.79 138,333.30 1,149.40 1649
2007
1,282,135.17 246,341.18 2,169.01 1,545
% Change
187.25% 78.08% 88.71% -6.31%
* Excluding Bond Exchange of South Africa (BESA), Dar-es-Salam, Lusaka, Mozambique, Swaziland Stock Exchanges and BRVM
Return on ASEA Member Exchanges Indices (Local Currency)

Exchange Zimbabwe SE* Malawi SE Nigerian SE SE of Maritius CASE Botswana SE Casabanca SE Ghana SE Uganda SE JSE Limited Namibian SE Khartoum SE Nairobi SE Index Name Industrial Index Malawi All Share Index NSE 30 Index SEMDEX CASE 30 DCI MASI GSE All Share Index USE All Share Index FTSE/JSE All Share Index NSX Overall Index Khartoum Index NSE 20 Share Index Index Closing (end of year) 2006 2007 569,864.08 2,310.67 33,189.30 1,204.46 6,973.41 6,195.45 9,479.45 5,006.02 849.75 24,915.20 828.44 2,972.76 5,645.65 1,911,538,281.84 4,849.79 57,990.22 1,852.21 10,549.74 8,421.63 12,694.97 6,599.77 991.12 28,957.97 929.41 2,962.10 5,444.83 % Change 335337.58% 109.89% 74.73% 53.78% 51.29% 35.93% 33.92% 31.84% 16.64% 16.23% 12.19% -0.36% -3.56%
Market Highlights
* ZWD currency was revalued in August 2006.
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Market Capitalization
Exchange Zimbabwe SE* Nigerian SE Libya SE Malawi SE SE of Mauritius Casablanca SE CASE Uganda SE Botswana SE Nairobi SE
Market Highlights
Market Cap (USD billion) 2006 2007 26.88 40.32 0.16 0.68 4.88 49.32 93.35 2.39 4.09 11.41 4.66 157.67 741.40 12.18 821.81 105.65 0.39 1.29 7.77 76.02 139.69 3.53 5.44 13.61 5.18 173.52 802.37 12.74
% Change 2,956.97% 162.03% 146.35% 89.86% 59.31% 54.12% 49.64% 47.58% 32.99% 19.28% 11.32% 10.05% 8.22% 4.60%
Khartoum SE Namibian SE JSE Ltd Ghana SE

Value Traded
Exchange Libya SE Zimbabwe SE* Uganda SE Nigerian SE JSE Ltd Ghana SE Malawi SE SE of Mauritius Casablanca SE Botswana SE Namibian SE CASE Nairobi SE Khartoum SE
Value Traded (USD million) 2006 2007 0.26 767.25 5.87 3,700.00 368,931.40 51.56 14.30 202.11 19,088.84 71.58 977.63 50,183.04 1,316.96 1,034.00 231.60 8,494.33 50.21 17,000.00 1,144,964.99 144.90 37.00 445.96 40,766.70 137.53 1,536.66 66,008.47 1,417.02 899.80
% Change 88,447.90% 1,007.12% 755.53% 359.46% 210.35% 181.03% 158.68% 120.66% 113.56% 92.14% 57.18% 31.54% 7.60% -12.98%
Market Highlights
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Volume Traded
Exchange Libya SE Uganda SE Nigerian SE Ghana SE Malawi SE CASE Casablanca SE Botswana SE Nairobi SE Khartoum SE
Market Highlights
Volume Traded (million) 2006 2007 0.01 15.49 36,700.00 98.29 160.57 9,081.77 178.78 87.25 1,454.67 7,567.78 250.79 7,937.91 234.59 74,565.40 7.40 484.13 138,000.00 287.22 359.52 15,091.29 262.10 124.89 1,938.20 9,411.56 300.80 8,631.70 242.60 71,199.78
% Change 52,309.08% 3,024.69% 276.02% 192.22% 123.91% 66.17% 46.60% 43.15% 33.24% 24.36% 19.94% 8.74% 3.41% -4.51%
SE of Mauritius Zimbabwe SE Namibian SE JSE Ltd
2007 Gains in ASEA Member Exchanges Indices (local currency)

Zimbabwe SE* Malawi SE Nigerian SE SE of Maritius CASE Botswana SE Casabanca SE Ghana SE Uganda SE JSE Limited Namibian SE Khartoum SE Nairobi SE 0%
335,337.6% 109.9% 74.7% 53.8% 51.3% 35.9% 33.9%

Market Highlights
31.8% 16.6% 16.2% 12.2% -0.4% -3.6%

20% 40% 60% 80% 100% 120% 140%
* ZWD currency was revalued in August 2006
39
Top 5 Member Exchanges by Value Traded in 2007 (USD million)
JSE Ltd
1,144,965
CASE
66,008
Casablanca SE
Market Highlights
40,767
Nigerian SE
17,000
Zimbabwe SE*
8,494
20,000
40,000
60,000
80,000
100,000
120,000
* ZWD currency was revalued in August 2006
Gains in Value Traded (2007 vs. 2006)

Libya SE Zimbabwe SE Uganda SE Nigerian SE JSE Ltd Ghana SE Malawi SE SE of Mauritius Casablanca SE Botswana SE Namibian SE CASE Nairobi SE Khartoum SE
88,448% 1,007% 756% 359% 210% 181% 159% 121%

Market Highlights
114% 92% 57% 32% 8% -13%

0% 200% 400% 600% 800% 1000% 1200%
41
Top 5 Member Exchanges by Volume Traded in 2007 (million)
Nigerian SE
138,000
JSE Ltd
71,200
CASE
Market Highlights
15,091
Khartoum SE
9,412
Zimbabwe SE
8,632
20,000
40,000
60,000
80,000
100,000
Gains in Volume Traded (2007 vs. 2006)

Libya SE Uganda SE Nigerian SE Ghana SE Malawi SE CASE Casablanca SE Botswana SE Nairobi SE Khartoum SE SE of Mauritius Zimbabwe SE Namibian SE JSE Ltd
52,309% 3,025% 276% 192% 124% 66% 47% 43% 33% 24% 20% 9% 3% -5%
0% 50% 100% 150% 200% 250% 300% 350% 400%
Market Highlights
43
Top 5 Member Exchanges by Market Cap. End of December 2007(USD billion)

822
Zimbabwe SE*
JSE Ltd
802
Namibian SE
Market Highlights
174
CASE
140
Nigerian SE
106
50
100
150
200
250
300
Gains in Market Capitalization (2007 vs. 2006)

Zimbabwe SE Nigerian SE Libya SE Malawi SE SE of Mauritius Casablanca SE CASE Uganda SE Botswana SE Nairobi SE Khartoum SE Namibian SE JSE Ltd Ghana SE 0%
2,957% 162% 146% 90% 59% 54% 50% 48% 33% 19% 11% 10% 8% 5%
50% 100% 150% 200% 250%
Market Highlights
45
Market Cap as % of GDP (End of December 2007)

CASE Casablanca SE SE of Mauritius Ghana SE Nigerian SE Libya SE
Market Highlights
105% 97% 97% 96% 84% 57% 40% 30% 28%

0% 20% 40% 60% 80% 100% 120%
Botswana SE Uganda SE Namibian SE
Number of Listed Companies (End of December 2007)

CASE JSE Ltd Nigerian SE SE of Mauritius Zimbabwe SE Casablanca SE Nairobi SE Khartoum SE Ghana SE Botswana SE Namibian SE Malawi SE Uganda SE Libya SE 0
435 422 212 91 85 73 54 53 32 30 27 13 12 6

50 100 150 200 250 300 350 400 450 500
Market Highlights
47
Turnover Ratio (End of December 2007)

JSE Ltd Casablanca SE Libya SE CASE Nigerian SE Khartoum SE Nairobi SE SE of Mauritius
Market Highlights
142.7% 61.4% 59.0% 38.7% 28.2% 12.3% 10.4% 5.7% 2.9% 1.4% 1.1% 1.0% 0.9% 0.3%
0% 20% 40% 60% 80% 100%
Botswana SE Uganda SE Ghana SE Zimbabwe SE Namibian SE Malawi SE
Comparative Valuations for ASEA Member Exchanges P/E Ratio vs. Dividend Yield (End of December 2007)
25
Nairobi SE Ghana SE
20
CASE
JSE Ltd.
15
Botswana SE
Malawi SE SE of Mauritius
Market Highlights
P/E
10
Namibian SE
5
0 0 1 2 3 4 5 6
DY (%)
Khartoum Stock Exchange has a P/E of 6 and a DY of 20%.
49
ASEA
Member Exchanges Profiles
Bond Exchange of South Africa (BSEA)

Background
Bond Exchange of South Africa Limited (BESA) is an independent, licensed exchange, constituted as a public company, and responsible for operating and regulating the debt securities and interest-rate derivatives markets in South Africa. BESA was granted its exchange licence in 1996 and over the past ten years has been at the forefront of market developments in South Africa. As an exchange, BESA is in the business of Building Better Markets by providing a range of platforms and services to address the needs of capital market participants, be it issuers, market makers, traders or investors. In December 2007 BESA entered a new era, successfully converting from a mutual association to a public company. As a demutualised exchange, BESA will now be able to raise capital to grow the business, diversify revenues and accelerate the development of financial market infrastructure in South Africa. In addition, BESA strives to serve as an effective and proactive regulator of local bond and derivatives markets, operating within the framework of the Securities Services Act 2004 and a set of rules and directives approved by the Financial Services Board. The Exchange aims to ensure that the debt securities it lists and the market participants who trade these securities, adhere to its compliance and regulatory standards. The South African bond market is a leader among emerging-market economies. At December 2007 BESA had listed some 967 debt securities, issued by 104 sovereign and corporate borrowers, with a total market capitalisation of R862 billion.
Bond Exchange of S. Africa
Profile
Website Address Time Zone Trading Days Trading Hour : www.bondexchange.co.za : Mezzanine Level, 30 Melrose Boulevard, Melrose Arch, Johannesburg South Africa : GMT + 2.00 : Monday - Friday : 24 hour trading (trade reports from 07:00 to 18:00) Telephone/Fax : +2711 215 4000 / +2711 215 4100
Chairman Contact Person Year of Establishing the Exchange Year Joining ASEA Market Regulator
Mr. Nonkululeko (Nku) Nyembezi-Heita (non-executive) Mr. Stephen Mulema Granted exchange licence in 1996 2003 BESA obtained its exchange licence from the Financial Services Board(FSB), which is an independent body that exists because of statute to oversee the banking and financial services industry in South Africa. This exchange licence serves to recognise BESA as a self regulatory organisation.
Types of Markets Available Trading System Name
Cash Market, Bond Market, Derivative Market Bonds Traded Better (BTB) System for Bonds (Trade Matching and Reporting System) and Intersec System for Derivatives (Reporting System)
Settlement Company Settlement Cycle
Strate Limited T+3
53
Trading Mechanism Tax Rates (dividends, interest, capital gain) Foreign Participation Commodities Exchange Name of Local Currency
Short Selling & Borrowing Non-res members are exempt from being taxed. No Restrictions Unavailable Rand
Trading Statistics
Indicators
Total Value Traded (USD billion) Total Volume Traded (billion) Total Number of Transactions Number of Listed Companies Number of Traded Companies Market Capitalization End of Year (USD billion) Market Capitalization as % of GDP Turnover Ratio (%) * P/E ratio DY (%)
2005
1,542.82 1,542.82 298,211 77 77 118.31 67.4 13.04 N/A N/A
2006
2,010.74 1,690.25 311,948 91 91 122.80 70.64 16.37 N/A N/A
2007
2,296.33 1,962.92 327,319 104 104 122.34 69.80 18.77 N/A N/A
Investors Type
Local Investor Vs. Foreign Investors
37% Foreign Investors
Local Investors 63%
55
Bonds Statistics
Indicators
Total Value Traded (USD billion) Value Traded on Government Bonds Value Traded on Corporate Bonds Others
2005
1,542.82 1,435.35 68.30 39.17
2006
2,010.56 1,886.92 89.76 33.88
2007
2,296.33 2,146.90 107.60 41.83
Products
Product
Bonds ETF Derivatives
Description of the Product

Government and corporate issued bonds. 1 Exchange traded fund that tracks the performance of certain listed bonds Swaps, FRAs, On demand, Index linked
Indices
Index Name
ALBI COBI GOVI OTHI
Index Type (Price Index, Return Index,..etc)

The ALBI consists of 20 bonds ranking according to capitalisation and liquidity The COBI consists of corporate bonds The GOVI consists of 7 government issued bonds The OTHI consists of all the other bonds outside of the GOVI constituents
Main Index Performance

Index
ALBI
Closing 2006
247.753
Closing 2007
258.178
% Change
4.21%
ALBI Performance during 2007

262 260 258 256 254 252 250 248 246 244 242 240 Jan-07 Feb-07 Mar-07 Apr-07 May-07 Jun-07 Jul-07 Aug-07 Sep-07 Oct-07 Nov-07 Dec-07
Other Indices Performance

Index
COBI GOVI OTHI
Closing 2006
110.052 248.58 244.764
Closing 2007
116.481 259.438 252.676
% Change
5.84% 4.37% 3.23%
57
Achievements
February 2007
Airports Company South Africa Limited (ACSA) listing on BESA to the value of R12 billion, of which R1 billion CPs have been issued under the Programme to date.
May 2007
GOVEX listing of R500 million is the first exchange traded fund on BESA, and the first Exchange Traded Fund (ETF) in the bond market for South Africa providing a benchmark for future ETFs in these markets.
June 2007
Namibian Power Corporation listing of R500 million is the second dual-listing on BESA. The first was Swaziland Posts and Telecommunications Corporation in April 2003. Lion of Africa Insurance Company Ltd listing (Black Economic Empowerment deal) of R50 million.
August 2007
At a town-hall meeting of BESAs user firms, there is strong support in favour of Remote Membership, thereby allowing market participants to become authorised users of BESA without the need to be domiciled in South Africa. This follows rapid changes in the market for Rand-denominated bonds, prompting a review of the regulatory structure of the bond market overall.
November 2007
Greenhouse Funding listing of R1.9 billion.
December 2007
BESA demutualises, converting from a mutual association to a public company, becoming Bond Exchange of South Africa Limited. As a demutualised exchange, BESA will now be able to raise capital to grow the business, diversify revenues and accelerate the development of financial market infrastructure in South Africa.
African Development Bank listing of R1.2 billion is the first supranational listing on BESA. Record annual bond market turnover of R13.8 trillion nominal for 2007.
Operations for 2007

BESA operates three core platforms all of which operated with a total uptime of 99.8% for 2007 with no major downtime experienced during the year. These are: BTB: a trade reporting and matching engine for all listed paper Intersec: a confirmation engine for interest-rate derivatives based on the current ISDA framework ZA Prices: a centralised price discovery tool for all pre-trade bond information As at December 2007, there were six contributors of data to ZA Prices which BESA intends building upon in order to rapidly increase the amount of data collected through the platform for the purposes of disseminating it to a broader audience in 2008, as a means of contributing towards diversifying revenues for the Exchange. During the year BESA, in conjunction with market participants, established a working group to address settlement matters relating to global bond transactions and the impact of these deals on the domestic settlement infrastructure.
59
BSEA Ongoing Plans

Following the demutualisation of the Exchange in December 2007, 2008 will be characterised by BESA focusing on raising funds through its capitalisation programme in order to grow the business, diversify revenues and unlock new opportunities to accelerate financial markets development in South Africa. South Africas cash bond market remains well poised for strong growth in coming years and will require the broadening of the fixed income derivatives space as part of this expansion. With this in mind, BESA is positioning itself to provide the required market infrastructure for this to occur. BESA, in partnership with joint venture company MarketTech, has created a web-based online platform for the trading of binary options. This exciting new product allows trade on individual equities, interest rates and economic data releases. This initiative gives economic and effortless access to financial markets for individuals. Roll out of the project is scheduled during the first half of 2008. BESA has developed an Africa strategy focusing on partnering with other exchanges that would like to benefit from BESAs experience in the fixed income market. African markets are taking advantage of recent levels of macro and socio economic growth to develop their financial markets. BESA believes the development of the financial markets is the next inevitable step in the process towards self sufficiency and private sector led growth of African economies. The Exchanges strategic positioning in a developing world and its developed infrastructure and experience, will help contribute towards the ongoing process of developing financial markets in Africa.
Botswana Stock Exchange

Background
The Botswana Stock Exchange is Botswanas national stock exchange given the responsibility to operate and regulate the equities and fixed interest securities market. Formally established in 1989, 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 preeminent companies doing business in Botswana. These companies represent a spectrum of industries and commerce, from Banking and financial services to Wholesaling and Retailing, Tourism and Information Technology. 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, the exchange and members of the exchange is the Botswana Stock Exchange Act No 11 of 1994. The members have promulgated Rules (Members Rules) which provide for the requirements to be fulfilled for the securities listed and trading 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, and to maintain fair and efficient dealing in securities for the protection of investors and to regulate the affairs of members. In addition, the Exchange has a set of Listing Requirements which provide the 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.
61
Profile
Website Address Time Zone Trading Days Trading Hour : www.bse.co.bw : Private Bag 00417 Gaborone Botswana : GMT + 2.00 : Monday - Friday : 11:00 Telephone/Fax : Tel +267 3190201 Fax +267 3180175
Chairman Contact Person Year of Establishing the Exchange Year Joining ASEA Market Regulator Types of Markets Available Trading System Name Settlement Company Settlement Cycle Trading Mechanism Tax Rates (dividends, interest, capital gain) Foreign Participation Commodities Exchange Name of Local Currency
Mr. R Desai Ms. Bopelokgale Soko June 19, 1989 NA Ministry of Finance and Development Planning Cash Market, Bond Market Open Outcry The Stock Exchange T+4 Day Trading 15% Witholding tax No Restrictions Unavailable Pula
Trading Statistics
Indicators
Total Value Traded (USD million) Total Volume Traded (million) Total Number of Transactions Number of Listed Companies Number of Traded Companies Market Capitalization End of Year (USD billion) Market Capitalization as % of GDP Turnover Ratio (%) P/E ratio DY (%)
2005
47.14 44.16 2,693 28 28 2.65 25.30 1.85 11 5.90
2006
71.58 87.25 4,172 31 31 4.09 28.40 1.76 16.30 3.80
2007
137.53 124.89 6,378 30 29 5.44 39.93 2.88 15.60 3.10
63
Sectors Traded
Sectors Traded on the Stock Exchange
Banking Financial Services and Insurance Retail, Wholesaling and Consumer Staples Property and Property Trust Mining and Material Health Care and Emergency Services Security Services Information Technology Energy Transport & Tourism
Number of Companies Included in Each Sector 2007

4 4 5 3 9 1 1 1 1 1
Most Active Sectors in 2007

Sector Name
1 Banking 2 Financial Services and Insurance
Sector Name
3 Retail, Wholesaling and Consumer Staples 4 Mining and Material
Products
Product
Stocks Bonds

Ordinary, Bonus Issue, Rights Issue Fixed Income
Indices
Index Name
Domestic Company Index (DCI) Foreign Company Index (FCI) All Company Index (ACI)

Price Index Price Index Price Index

Index
Domestic Company Index
Closing 2006
6195.45
Closing 2007
8421.63
% Change
35.93%
Domestic Company Index Performance during 2007

12000 10000 8000 6000 4000 2000 0 Jan-07 Feb-07 Mar-07 Apr-07 May-07 Jun-07 Jul-07 Aug-07 Sep-07 Oct-07 Nov-07 Dec-07
65

Index
Foreign Company Index All Company Index
Closing 2006
1777.30 1914.48
Closing 2007
2200.99 2377.56
% Change
23.84% 24.19%
IPOs
Company
PrimeTime
Date
19-Dec-07
Value (USD million)

35.97
Achievements
The year 2006 turned out to be another spectacular year for the BSE. Market turnover increased from P238.6 Mn in 2005 to P414.7 Mn in 2006, growing by 74%. The average daily turnover was P1.7 Mn in 2006 compared to P1.0 Mn in 2005. Further analysis of market statistics reveals that the daily average turnover for 2006 increased from P0.9 Mn in the first quarter to P3.0 Mn in the fourth quarter. As per the information available at the BSE the turnover for 2006 is the highest recorded since 2003. The number of shares traded in 2006, which was 87.2 Mn, surpassed the 44.2 Mn shares traded in 2005 by 97%. It is also noted that the DCI closed the year at 6 195.4 points appreciating by over 74% in 2006. This again is the highest growth recorded in the DCI for the past 3 years. A further analysis of the quarterly performance of the DCI shows that, subsequent to a 10.9% appreciation of the index in the first quarter of 2006, the DCI grew by 11.8% in the second quarter followed by a further growth of 20.4% and 16.7% in the third and fourth quarters respectively. In contrast the FCI recorded a growth of 57.3% in the year under review in comparison to 78% in 2005. One of the most significant gains made during 2006 was in respect of market capitalization. Domestic company market capitalization increased from P13.4 Bn in December 2005 to a record P23.8 Bn as at end of December 2006 while foreign company market capitalization increased from P301.1 Bn in 2005 to P510.4 Bn in December 2006.
67
Casablanca Stock Exchange

Background
The Casablanca Stock Exchange was established as long ago as 1929. At that time, it was known as the Office de Compensation des Valeurs Mobilires. The growing importance of the securities market and the introduction of foreign exchange controls prompted the authorities at that time to improve and regulate the Stock Exchange's organisation and operations. In 1948, the Office de Compensation des Valeurs Mobilires became the Of_ce de Cotation des Valeurs Mobilires. The markets organisational shortcomings hindered its attractiveness, however, at a time when domestic investors showed a growing interest in stock market investment. To overcome such shortcomings, reforms were undertaken in 1967 providing Moroccos financial markets with a well-organised legal and technical framework. Following these reforms, in 1986, Morocco embarked on a Programme of Structural Adjustment which was completed ten years later, enabling the economy to return to a sound footing and successfully bringing under control its high level of debt and inflation. Seven years later, another major set of stock market reforms was undertaken to complement and enhance previous measures with the adoption of three fundamental laws: Dahir providing law No.1-93-211 relating to the Stock Exchange; Dahir providing law No.1-93-212 relating to the Conseil Dontologique des Valeurs Mobilires and information required of corporate entities making a public offer; Dahir providing law No. 1-93-213 relating to Undertakings for Collective Investments in Transferable Securities.
Such reforms were aimed at substantially modernising the market by: Creating the Conseil Dontologique des Valeurs Mobilires to ensure the protection of investors in securities; Authorising Brokerage Firms, specialist intermediaries, which alone are entitled to executes trades in transferable securities; Creating Undertakings for Collective Investments in Transferable Securities, financial intermediaries whose sole responsibility is to manage investment portfolios based on the principle of risk diversification; Creating the Socit de Bourse des Valeurs de Casablanca, a private company responsible for managing the Casablanca Stock Exchange, whose share capital is held equally between authorised brokerage firms. In order to increase market transparency, listed companies were obliged to publish financial statements from 1993. The refusal of ten companies to comply with these new measures resulted in their de-listing. In January 1997, further improvements were made to stock market organisation by the enactment of law N34-96, revising and complementing the dahir providing law N1-93-211 relating to the Casablanca Stock Exchange and Maroclear, the central securities depositary, was established in October 1998, by the enactment of law No. 35-96. Since then, the Casablanca Stock Exchange has found a new lease of life. In 2000, the Socit de la Bourse des Valeurs de Casablanca or SBVC changed its name and became the Casablanca Stock Exchange, a socit anonyme with a Board of Directors and a Supervisory Board.
69
In terms of market organisation, several new measures have been adopted, including: The launch of a new electronic-based trading system in March 1997; The Official Market and Direct Transfers Market were replaced by the Central Market and Block-trade Market in November 1998; Electronic-based trading was decentralised to the dealing rooms of brokerage firms in January 2001; The trade settlement period was shortened from T+5 to T+3 in May 2001;
Profile
Website Address Time Zone Trading Days Trading Hour : www.casablanca-bourse.com : Angle Avenue des Forces Armes Royales et Rue Arrachid Mohamed - Casablanca- Morocco Fax: + 212 22 45 26 25 : GMT : Monday - Friday : 9:30 - 15:30 Telephone/Fax : + 212 22 45 26 26 / 27
Mr. Fath-Allah BERRADA contact@casablanca-bourse.com 1929 NA Conseil Dontologique des Valeurs Mobilires Cash Market, Bond Market NSC V900 MAROCLEAR-THE CENTRAL SECURITIES DEPOSITARY T+3 Online Trading No Tax Rates No Restrictions Unavailable Dirham (MAD)
71
Trading Statistics
Indicators
Total Value Traded (USD billion) Total Volume Traded (million) Total Number of Transactions Number of Listed Companies Number of Traded Companies Market Capitalization End of Year (USD billion) Market Capitalization as % of GDP Turnover Ratio (%) P/E Ratio DY (%)
2005
16.97 441.97 160,984 54 55 27.28 55.09 59.70 NA NA
2006
19.09 178.78 238,797 63 64 49.32 71.91 39.90 NA NA
2007
40.77 262.10 470,136 73 73 76.02 96.75 61.36 NA NA
Sectors Traded
Food Producers & Processors Insurance Banks Construction & Building Materials Beverages Chemicals Distributors Electrical & Electronic Equipment Wrapping Real Estate Leisures and Hotels Software & Computer Services Mining Oil & Gas Pharmaceutical Industry Utilities Investment Companies & Other Finance Forestry & Paper Holding Companies Telecommunications Transport

7 4 6 6 3 4 7 1 1 3 2 1 7 3 2 1 8 1 3 1 2

Sector Name
1 Banks 2 Real Estate 3 Telecommunications
Sector Name
4 Construction & Building Materials 5 Investment Companies & Other Finance
73
2006
Bonds Statistics
Bonds
Total Value traded (USD million) Value Traded on Government Bonds Value Traded on Corporate Bonds Others
2005
8.69 NA 8.69 0
2006
321.97 NA 321.97 0
2007
373.22 NA 373.22 0
Products
Product
Shares Bonds

Equities, Rights Issue Corporate bonds
Indices
Index Name MASI MADEX Description of the Index
A broad-base index comprising all shares. A compact index comprising the most liquid shares.

Index
MASI
Closing 2006
9,479.45
Closing 2007
12,694.97
% Change
33.92%
MASI Performance during 2007

18,000.00
12,000.00
6,000.00
Jan-07 Feb-07
Mar-07 Apr-07 May-07 Jun-07
Jul-07
Aug-07 Sep-07
Oct-07 Nov-07
Dec-07
75

Index
MADEX
Closing 2006
7,743.81
Closing 2007
10,464.34
% Change
35.13%
Sector Indices
Sector Indices Index Name
AGRO ASSUR BANK B&MC BOISS CHIM DISTR EEE EMBAL IMMOB L&H L&SI MINES P&G PHARM SAC SF&AF S&P SP&H TCOM TRANS Insurance Banks Construction & Building Materials Beverages Chemicals Distributors Electrical & Electronic Equipment Wrapping Real Estate Leisures and Hotels Software & Computer Services Mining Oil & Gas Pharmaceutical Industry Utilities Investment Companies & Other Finance Forestry & Paper Holding Companies Telecommunications Transport
Sector Name
Food Producers & Processors
Closing 2006
7877.36 2202.37 7764.52 14624.22 9028.85 6381.53 16861.57 6571.43 3532.85 42092.63 1791.67 933.97 7349.85 12725.88 1227.89 1625.00 9063.68 219.40 6778.73 1898.23 1075.14
Closing 2007
8426.75 4286.68 11889.65 20970.55 10010.87 5978.84 26956.42 11714.29 3972.33 60943.61 1812.50 1228.07 8005.85 13163.63 1471.44 1291.67 11831.12 242.44 7323.49 2147.74 1435.24
% Change
6.97% 94.64% 53.13% 43.40% 10.88% -6.31% 59.87% 78.26% 12.44% 44.78% 1.16% 31.49% 8.93% 3.44% 19.83% -20.51% 30.53% 10.50% 8.04% 13.14% 33.49%
IPOs
Company
ATLANTA CGI M2M Group MATEL PC MARKET MICRODATA PROMOPHARM S.A. SALAFIN SNEP STOKVIS NORD-AFRIQUE TIMAR
Date
16/10/2007 10/08/2007 04/07/2007 28/02/2007 31/12/2007 15/06/2007 17/12/2007 07/11/2007 03/12/2007 17/07/2007
Value (USD million)

151.66 427.47 17.24 16.44 15.68 28.39 38.14 135.92 14.01 1.93
77
Achievements
January Launch of UNIMERs share buyback programme from 1 January 2007 to 1 April 2008 in order to stabilise the company's share price by acquiring 5% of its share capital or 27,500 shares.
February ATTIJARIWAFA BANKs MAD1bn bond issue. Flotation of MATEL PC MARKET by sale of 239,459 shares and by issuing 135,135 new shares.
March Launch of AUTO HALLs share buyback programme from 9 March 2007 to 8 September 2008 in order to stabilise the companys share price by acquiring 5% of its share capital or 118,000 shares.
April Launch of ITISSALAT AL MAGHRIBs share buyback programme from 16 April 2007 to 16 October 2008 in order to stabilise the companys share price by acquiring 3% of its share capital or 26,372,860 shares. Launch of SOTHEMAs share buyback programme from 2 April 2007 to 30 September 2008 in order to stabilise the companys share price by acquiring 2% of its share capital or 24,000 shares. Increase in OULMES' share capital by issuing 1,100,000 shares for cash on the basis of one new share for five existing shares at MAD 606 per share.
May Launch of BMCIs share buyback programme from 7 May 2007 to 6 May 2008 in order to stabilise the companys share price by acquiring up to 5% of its share capital or 500,136 shares. Launch of CREDIT DU MAROCs share buyback programme from 11 May 2007 to 10 May 2008 in order to stabilise the companys share price by acquiring 5% of its share capital or 416,908 shares. Launch of BMCE Banks share buyback programme from 28 May 2007 to 28 November 2008 in order to stabilise the companys share price by acquiring up to 9.45% of its share capital or 1,500,000 shares. Increase in BMCIs share capital by conversion of debt into equity. Increase in BMCIs share capital by optional conversion of dividends.
June Initial public offering of 27% of PROMOPHARMs share capital or 270,045 shares at MAD 880 per share.
July SNIs MAD600m bond issue. Launch of DOUJA PROMOTION GROUPE ADDOHAs buyback programme from 2 July 2007 to 31 December 2008 in order to stabilise the companys share price by acquiring 2.8% of its share capital or 400,000 shares.
79
Initial public offering of 20% of M2M's share capital or 129,555 shares at MAD 1095 per share. SNIs issue and listing of a MAD 600m bond. Flotation of TIMAR by issuing 45,000 new shares at MAD 350 per share.
August Flotation of COMPANIE GENERALE IMMOBILIERE (CGI) by sale of 1,473,600 shares and increasing share capital by 2,208,000 new shares.
September Increase in CARTIER SAADAs share capital by issuing bonus shares on the basis of one new share for five existing shares at MAD 100 per share.
October Initial public offering of 17% of ATLANTAs share capital or 1,005,720 shares at MAD 1,200 per share.
November Initial public offering of 35% of the share capital of SOCIETE NATIONALE DELECTROLYSE ET DE PETROCHIMIE (SNEP) or 840,000 shares at MAD 2,350 per share. Launch of ATTIJARIWAFA BANKs public offering of 1.5% of its share capital or 289,494 shares reserved for its employees.
ATTIJARIWAFA BANKs MAD800m bond issue. Launch of COMPANIE GENERALE IMMOBILIEREs share buyback programme from 26 November 2007 to 25 May 2009 in order to stabilise the companys share price by acquiring 3% of its share capital or 552,240 shares. Increase in LAFARGE CIMENTS share capital by issuing bonus shares on the basis of 8 new shares for 3 existing shares at MAD 100 per share.
December Flotation of STOKVIS by issuing 183,903 new shares at MAD 590 per share. SOMACOVAMs primary issue of a MAD275m index-linked bond. Flotation of SALAFIN by sale of 231,224 shares and by issuing 216,537 new shares at MAD 670 per share. Initial public offering of 30% of MICRODATAs share capital or 126,000 shares at MAD 960 per share.
81
Cairo & Alexandria Stock Exchanges

Background
Egypts Stock Exchange has two locations: Cairo & Alexandria, that are managed by the same Chairman and members of Board of Directors. The Chairman is appointed by the Prime Minister, whereas the Board of Directors are elected from market participants, representatives of the Capital Market Authority (CMA), the Central Bank of Egypt (CBE) and the banking sector. There are also some appointed non-voting members. Cairo and Alexandria Stock Exchanges (CASE) dates back to more than 100 years. Alexandria Stock Exchange was officially established in 1883, followed by Cairo in 1903. The two exchanges were very active in the 1940s and the Egyptian Stock Exchange ranked fifth in the world. Nevertheless, the socialist policies adopted in the mid 1950s led to a drastic reduction in activity on the stock exchange, which remained 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. In 1997, CASE started its modernization program in terms of legislation and infrastructure to keep abreast with globalization and internationalization.
Profile
Cairo & Alexandria SE
Website Address Time Zone Trading Days Trading Hour
: www.egyptse.com : 4A Sherifein St, Down Town, Cairo, Egypt. : GMT + 2.00 : Sunday - Thursday : 10:30 - 15:15
Telephone/Fax : 202 23933984 / 202 23970430
Mr. Maged Shawky Ms. Nevine Mansour Alexandria (1883), Cairo (1903) NA Capital Market Authority Cash Market, Bond Market EFA Misr For Clearing, Depository and Central Registry T+2 Intra-day Trading, Online Trading No Tax Rates No Restrictions Unavailable Egyptian Pound (L.E)
83
Trading Statistics
Indicators
Total Value Traded (USD billion) Total Volume Traded (billion) Total Number of Transactions Number of Listed Companies Number of Traded Companies Market Capitalization End of Year (USD billion) Market Capitalization as % of GDP Turnover Ratio (%) P/E Ratio * DY (%)
2005
27.94 5.31 4,210,092 744 441 79.35 73.87 31.10 21.99 3.82
2006
50.18 9.08 6,824,893 595 407 93.35 73.03 48.70 21.03 4.16
2007
66.01 15.09 9,016,116 435 337 139.69 105.07 38.73 19.09 5.10
* P/E and DY ratios are based on the most active commpanies only (liquid market).
Investors Types
Local Investors Vs. Foreign Investors * Institutions Vs. Individuals
Local Investors 69%
Foreign Investors 31%
Institutions 39%
Individuals 61%
* After excluding large deals.
Sectors Traded

Banks Basic Resources Chemicals Construction and Materials Financial Services excluding Banks Food and Beverage Healthcare and Pharmaceuticals Industrial Goods and Services and Automobiles Oil and Gas Personal and Household Products Real Estate Retail Media Technology Telecommunications Travel & Leisure Utilities

23 18 20 55 37 54 28 53 5 32 45 14 1 7 3 36 4

Sector Name
1 Personal & Household Products 2 Travel & Leisure 3 Financial Services Excluding Banks
Sector Name
4 Real Estate 5 Industrial Goods, Services & Automobiles
85
Bonds Statistics
Bonds
Total Value Traded (USD billion) Value Traded on Government Bonds Value Traded on Corporate Bonds
2005
1.54 1.51 0.03
2006
1.94 1.88 0.07
2007
4.36 4.33 0.03
Products
Product
Stocks Bonds Mutual Fund Exchange Traded Funds

All common stocks as well as 2 companies with preferred stocks Government and corporate bonds with the bulk owed to Treasury bonds issued through the Primary Dealers System. 3 closed ended funds Rules and regulations are issued and CASE is currently studying proposals received from funds willing to launch ETFs on CASE 30 index
Indices
Index Name CASE 30 Index

and activity.
Description of the Index

CASE 30 Price Index includes the top 30 companies in terms of liquidity
CASE 30 is a price index i.e. it measures the return on investment from the change in market value of the stock (capital appreciation/depreciation) only.
Main Index Performance during 2007

Index
CASE 30
Closing 2006
6973.41
Closing 2007
10,549.74
% Change
51.29%
CASE 30 Performance during 2007

12000 10000 8000 6000 4000 2000 0 Jan-07 Feb-07 Mar-07 Apr-07 May-07 Jun-07 Jul-07 Aug-07 Sep-07 Oct-07 Nov-07 Dec-07
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Other Indices
Index Name CASE Sector Indices
Description of the Index

CASE has launched for the first time its sector indices, which comprises twelve indices tracking the different sectors of the Egyptian market and helping investors make better-informed investment decisions.
CASE Sector Indices Performance

Index Name
Banks Index Basic Resources Index Chemicals Index Construction and Material Index Financial Services excluding Banks Index Food & Beverages Index Healthcare & Pharmaceuticals Index Industrial Goods & Services & Automobiles Index Personal & Households Products Index Real Estate Index Telecommuncation Index Travel & Leisure Index * All sector indices were lanuched on 3 Jan 2007
Sector Indices Jan 2007

999.44 1,028.88 1,022.75 1,021.13 1,005.44 1,010.20 1,010.80 976.99 1,010.00 1,025.92 1,028.60 1,008.79
Closing End of Dec. 2007

1,590.96 1,209.11 1,138.08 1,902.58 1,450.46 1,101.30 1,203.75 2,825.34 1,088.34 2,190.33 1,218.52 1,917.30
% Change
59.19 17.52 11.28 86.32 44.26 9.02 19.09 189.19 7.76 113.50 18.46 90.06
IPOs
Company
G B Auto Talaat Mustafa Group Holding *
Date
07/2007 11/2007
Value (USD million)

60 862
* A private placement of 215 million shares, worth USD 453 million, was executed in the primary market.
Achievements
Regulatory Framework
29 April
A Manual for the executive regulations of the corporate governance was issued for non listed brokerage firms to ensure the understanding of the company's executives of their role in implementing corporate governance principles.
9 May
The Capital Market Law No. 95 of the year 1992 was amended to add consultancy services to licensed brokerage firms.
12 September
A new Article in the Listing Rules allowing an acquirer which performs its activities through one or more of its acquired companies to list its shares on the Stock Exchange after directly holding more than 50 percent of the outstanding shares of at least one acquired company. The addition of another new article in the Listing Rules concerning stock splits. The amendment of the Listing Rules regarding the terms of forced de-listings.
27 September
The modification of the criteria of Capital Adequacy for securities intermediation companies with the purpose of enhancing their efficiency in managing the risks related to their activities including settlement, liquidity, operation and credit risks.
1 November
The amendment of the Executive Regulations of the Capital Market Law to include a new section for the ETFs activity and also to add the activity of the Market Maker to the activities of securities companies.
26 December
The Listing Rules have been amended concerning the purchase of treasury stocks as well as imposing more corporate governance practices on the listed companies such as informing the Exchange of the internal procedures undertaken by the company to prevent insider trading.
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Technological Development
January
The contract signed with OMX Technology company to upgrade CASE current trading system to OMX proven and high performance X-stream solution. X-stream came into effect.
March
The completion of CASE networks back-bone upgrades to be ready to host the new trading system as well as effectively dealing with the increasing trading volumes and the introduction of new investment tools.
August
The finalization and activation of the electronic coding system that contributed in reducing the coding procedures from 24 hours to only one hour.
December
The establishment of a high-speed link between CASE and the main city switch to increase the band width to ensure a more effective trading platform.
New Products and Market Development

18 April
The reduction of settlement period to become T+2 for all listed securities (instead of T+3), except for bonds that are traded by Primary Dealers System, settlement is at T+1.
29 April
The removal of the price limits on the most active companies in the market to enhance market liquidity and depth as well as reduce price manipulation on those companies.
4 September
The re-classification of all listed companies into 17 new sectors, based on the companies' economic activities and main business revenues, instead of the previous 22 sectors. In parallel, CASE has launched its twelve sector indices, which help investors make better-informed investment decisions, by tracking the different sectors of the Egyptian market.
25 October
The launch of CASE new market for medium and small enterprises (NILEX), which is the first mid and small cap market in the MENA region. The new market provides medium and small companies with long term access to capital, which helps them grow their businesses and increase their competitiveness as well as raise their contribution to the economic growth.
12 November
The launching the first Postal Saving Account the Egyptian National Postal Organization (ENPO), in coordination with CASE, which is based on investment in the stock market to be run by expert fund managers limiting clients' risk.
International Relations
30 April
CASE hosted the12th Executive Committee meeting of the African Securities Exchanges Association (ASEA).
3 June
CASE signed an MOU with Korea Stock Exchange.
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7 June
CASE signed an MOU with Shanghai Stock Exchange.
16 -17 July
CASE hosted the first Roundtable Meeting of the Chief Executives of Stock Exchanges in the COMESA region. Capital Market experts and representatives from Egypt, South Africa, Kenya, Uganda, Sudan, Libya, Zimbabwe, Malawi, Zambia, Mauritius, Burundi and Congo gathered to discuss prospects for stock markets' integration in the COMESA region.
28 October
CASE Chairman, was re-elected for a second consecutive term, as the President of the African Securities Exchanges Association (ASEA) during the Associations 11th General Assembly meeting, that was held in Accra, Ghana.
Public Awareness
Throughout 2007, Borsa Step x Step visited a number of universities to give lectures and educational sessions about basics of investment, namely; Menoufia University, Alexandria University, Mansoura University and Arab Academy for Science & Technology in Alexandria as well as Beni Sweif Convention Center.
CASE Ongoing Plans

Continuous development of the regulatory infrastructure to increase the quality of services and to ensure investor protection. Implementing the Next Generation Trading System. Increasing the product mix available to investors by listing and trading ETFs, Sukuks..etc. Encouraging dual listing of blue chip companies. Listing selected prominent and fast growing mid and small cap companies on Nilex. Continuous enhancement of CASE international relations with stock exchanges around the globe as well as regional and international federations and associations working in the exchange industry.
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Ghana Stock Exchange

Background
The Ghana Stock Exchange was incorporated in July 1989 as a private company limited by guarantee under Ghanas Companies Code, 1963. The Exchange however, changed its status to a public company limited by guarantee in April 1994. Trading on the floor of the Exchange commenced in November 1990.
Profile
Website Address Time Zone Trading Days Trading Hour : www.gse.com.gh : 5th Floor Cedi House, Liberia Road, Accra : GMT : Monday -Friday : 9:30 - 12:00
Telephone/Fax : + 233 21 669908 / 669913
Mr. Frank Adu (Jnr) Mr. Kofi Yamoah (MD); Mr. Ekow Afedzie (GM) 1990 NA Securities & Exchange Commission Cash Market, Bond Market Manual Continuous Auction Trading System The Stock Exchange T+3 Unavailable 8% Withholding tax on dividend, No tax on capital gains till 2010 No Restrictions Unavailable Ghana Cedi (GH)
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Trading Statistics
Indicators
Total Value Traded (USD million) Total Volume Traded (million) Total Number of Transactions Number of Listed Companies Number of Traded Companies Market Capitalization End of Year (USD billion) Market Capitalization as % of GDP Turnover Ratio (%) P/E Ratio DY (%)
2005
51.55 81.40 NA 29 29 10.10 95.00 0.51 NA NA
2006
51.56 98.29 NA 32 32 12.18 97.00 0.42 20.70 4.17
2007
144.90 287.22 NA 32 32 12.74 96.00 1.14 20.50 3.08
Sectors Traded
Manufacturing Financials Food & Beverages Distribution/Oil Publishing & Printing Agriculture ICT Mining

9 9 3 4 2 2 2 1

Sector Name
1 Financials 2 Manufacturing 3 ICT
Sector Name
4 Distribution/Oil 5 Food & Beverages
Bonds Statistics
Bonds
Total Value traded (USD million) Value Traded on Government Bonds Value Traded on Corporate Bonds SCB Meduim Term Notes
2005
8.78 NA 8.78 NA
2006
355.82 353.32 2.50 NA
2007
2,769.56 1,373.16 6.40 1,390.00
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Products
Product

Common Stocks, a company each with preference and depository shares Government Bonds, Dollar denominated Corporate Bonds and Meduim Term Notes.
Stocks Bonds
Indices
Index Name GSE ALL-SHARE INDEX Index Type (Price Index, Return Index,..etc)
Price Index

Index
GSE ALL-SHARE INDEX
Closing 2006
5,006.02
Closing 2007
6,599.77
% Change
31.84%
GSE All Share Index Performance during 2007

7,000.00 6,000.00 5,000.00 4,000.00 3,000.00 2,000.00 1,000.00 0.00 Jan-07 Feb-07 Mar-07 Apr-07 May-07 Jun-07 Jul-07 Aug-07 Sep-07 Oct-07 Nov-07 Dec-07
IPOs
Company
GHANA OIL COMPANY LTD SIC INSURANCE CO. LTD
Date
10/2007 12/2007
Value (USD million)

21.18 36.28
99
Achievements
On the Primary market, in 2007, three companies launched Initial Public Offering (IPOs) through the Exchange out of which two (2) were listed. The three IPOs included Ghana Oil Co. Ltd, SIC Insurance Co. Ltd. and Golden Star Resources Ltd. The two listed were Ghana Oil Co. Ltd and SIC Insurance Co. Ltd. Also additional shares of Ghana Commercial Bank Ltd in the form of Right Issues were listed in 2007. Forty-eight (48) Government of Ghana 2, 3, & 5-year bonds were also listed on the Exchange in 2007. In 2007, the Exchange went through an international competitive bidding process, selected a winning bid and signed a contract with Infotech (Pvt) Ltd of Pakistan. Work is scheduled to be completed in June 2008. The Exchange also hosted the 11th ASEA Conference in Accra in October, 2007. The Ghana Stock Exchange changed the format of its Official List to report share prices to four (4) decimal points, among others with the intention to eventually review the pricing to two (2) decimal places in early 2008.
Ongoing Plans
In 2008, we expect to focus on the following:
1) By June 2008, the Exchange intends to do away with the white boards currently being used on the trading floor and go live with automated trading platform. 2) The Exchange will also in 2008 move all paper share certification of listed companies into a Depository regime and thereby resort to electronic clearing, settlements and shareholding records. 3) The Exchange expects to focus attention on a number f prospective listings and facilitate their primary market offer and subsequent listing on the Exchange. 4) Intensifying public awareness/education and promotion to ensure a smooth take off and wide acceptance of the new innovations on the market.
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JSE Limited
Background
The JSE Limited has operated as a market place for the trading of financial products for 120 years. The exchange was established in a miners tent in November 1887, when Johannesburg was a new gold-rush town. Trading was done by way of open outcry on a trading floor, and the exchange was run as a stockbroking member organisation with a president chairing a committee of members. Operations continued in central Johannesburg until 2000, when the exchange moved to Sandton, the modern business district. That same year, it changed its name from the Johannesburg Stock Exchange to JSE Securities Exchange South Africa. In 2001 a new constitution was adopted and the first board was appointed, replacing the committee. In 1995, at a time when the newly democratic South Africa was rejoining the rest of the world, the Listings Division brought its practices in line with international best practice. It was the end of an era when the trading floor closed in 1996, after 108 years, and trading began on the Johannesburg Equities Trading (JET) system. Another important technological change came in 1999, when the exchange adopted the electronic settlement of trades. STRATE, which stands for Share Transactions Totally Electronic, dispensed with paper certificates and allowed trade to be settled from anywhere in the world, through the international network SWIFT. The next big innovation was the listing of the first exchange traded fund (ETF), in 2000. This was the Satrix 40, which tracks the performance of the JSEs top 40 shares. More ETFs, tracking financial, industrial and resources shares, followed in subsequent years. Perhaps in a sign of the times, Swix, listed in 2006, limits exposure to resources stocks. The JSE acquired the business of the South African Futures Exchange (SAFEX) in 2001. It now has two divisions: SAFEX Equity Derivatives and SAFEX Agricultural Products.
Also in 2001, the JSE concluded two agreements with the London Stock Exchange (LSE), covering data dissemination, dual listings, remote membership and shared technology (the world-class SETS trading system). The FTSE/JSE Africa Index Series was launched in 2002, and in 2006 these indices were reclassified according to the FTSE/Dow Jones Industry Classification Benchmark. 2003 brought the Alternative Exchange, or AltX, Africas first market for small to medium and growing companies. As corporate governance became a greater concern worldwide and black economic empowerment took shape in South Africa, the JSE set up a Social Responsibility Investment Index in 2004, consisting of 51 companies. It measures these companies triple bottom line performance: environmental, economic and social sustainability. Yield-X, the interest rate exchange, was established in 2005. That year too, the exchanges name changed again, to JSE Limited. The listing of the JSE itself on 5 June 2006 placed it in a position to expand its business as opportunities arise. In 2007, the currency futures exchange was added to the JSEs markets. The exchange also moved onto the LSEs much faster spot trading platform, TradElect, and signed an agreement with the LSE covering cross-listing requirements, product development and data sales. The JSE now has a market capitalisation of over R6-trillion and about 400 listed companies, but its emphasis is on quality and sustainability rather than quantity
JSE Limited
103
Profile
Website Address Time Zone
JSE Limited
: www.jse.co.za : One Exchange Square, Gwen Lane, Sandown, Sandton, South Africa : GMT + 2.00 : Monday - Friday : 09:00 - 17:00
Telephone/Fax : 27 11 520 7000 Trading Days Trading Hour
Chairman Contact Person Year of Establishing the Exchange Year Joining ASEA Market Regulator Types of Markets Available Trading System Name Settlement Company Settlement Cycle Trading Mechanism Tax Rates (dividends, interest, capital gain)
Mr. Humphrey Borkum Mr. Geoff Rothschild 1887 1993 Financial Services Board Cash Market, Derivative Market JSE TradElect STRATE T+5 Margin Trading, Intra-day Trading, Online Trading, Short Selling & Borrowing No taxes imposed on dividends. For Non Residents, Dividends = 0%, Interest = 0%, Royalties = 12%, Visiting entertainers and sportspeople = 15%, Sale of immovable property in SA = 10% (trust); 7.5% (company), 5% (natural person)
Foreign Participation Commodities Exchange Name of Local Currency
No Restrictions Unavailable South African Rand (ZAR)
Trading Statistics
Indicators
Total Value Traded (USD billion) Total Volume Traded (billion) Total Number of Transactions Number of Listed Companies Number of Traded Companies Market Capitalization End of Year (USD billion) Market Capitalization as % of GDP Turnover Ratio (%) P/E Ratio DY (%)
2005
457.93 54.56 5,910,460 388 354 560.33 NA 36.28 17.87 2.20
2006
368.93 74.57 8,577,777 401 364 741.40 NA 49.76 19.98 2.50
2007
1,144.96 71.20 12,906,606 422 420 802.37 NA 142.70 16.48 2.70
JSE Limited
105
Sectors Traded
Automobiles & Parts Banks Beverages
JSE Limited

4 8 4 6 39 1 2 16 9 1 3 18 4 30 9 23 3 2 10 10 8 2 7 7 55 4
Chemicals Construction & Materials Corporate Debt Electricity Electronic & Electrical Equipment Equity Investment Instruments Fixed Line Telecommunications Food & Drug Retailers Food Producers Forestry & Paper General Financial General Industrials General Retailers Health Care Equipment & Services Household Goods Industrial Engineering Industrial Metals 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 Software & Computer Services Support Services Technology Hardware & Equipment Travel & Leisure

5 2 1 7 3 10 37 25 25 5 17
JSE Limited

Sector Name
1 Mining 2 Banks 3 Oil & Gas Producers
Sector Name
4 Mobile Telecommunications 5 General Retailers
107
Products
Product
Stocks (Shares) Exchange Traded Funds

Two types of shares those with a fixed dividend and with fluctuary dividend 12 ETF's (Satrix 40, Satrix FINI, Satrix INDI, Satrix RESI, Satrix SWIX, Satrix DIV, NewGold, NewRandm, Itrix DJ Euro Stoxx 50, Itrix FTSE 100, ZSHARES RANDHEDGE, ZSHARES RAND PLAY)
JSE Limited
Futures
J-Rands: Futures on Currency, J-Futures: Futures on bonds, J-Notes: Futures on notional swaps, Index Futures, Single Stock Futures (Cash and Physically settled), Futures on the Kruger Rand and Kruger Rand Tenth, Dividend Futures on Single Stock Futures, J-GoviL Futures and options on the Total Return Government Bond Index, Can-Do Futures
Options
Options on Single Stock Futures, Index Options, Exotic Options, J-GoviL Futures and options on the Total Return Government Bond Index, CanDo Options, J-Options: Options on futures
Swaps Other Products
J-Rods: RODI swaps agaisnt 1;3;6;9; or 12 month traded rate, J-Swaps: Bonds look-alike swaps J-Bonds: Spot and forward bonds, J-Carries: Bys-sell back transactions, JFRA's: Forward Rate Agreements, SAVI (South African Volatility Index)
Indices
Index Name FTSE/JSE All Share Index FTSE/JSE Top 40 Index Index Type (Price Index, Return Index,..etc)
Price Index Price Index

Index
FTSE/JSE All Share Index
JSE Limited
Closing 2006
24915.2
Closing 2007
28957.97
% Change
16.23%
FTSE/JSE All Share Index Performance during 2007

35,000 30,000 25,000 20,000 15,000 10,000 5,000 Jan-07 Feb-07 Mar-07 Apr-07 May-07 Jun-07 Jul-07 Aug-07 Sep-07 Oct-07 Nov-07 Dec-07

Index
FTSE/JSE Top 40 Index
Closing 2006
22,607
Closing 2007
26,250
% Change
16.11%
109
Achievements
Last year, 2007, the JSE turned 120. But that was far from its only achievement. As a listed company, the JSE performed strongly. Revenue grew 37% to R877 million in the 2007 financial year and earnings rose by 94% to R273 million. Costs were contained to R713 million, a 24% increase over 2006.
JSE Limited
In December, the highest number and value of trades was recorded in the JSEs history proof that turbulent markets are not always a bad thing. Liquidity that is, trade volume on the spot equity market expressed as a percentage of the JSEs market capitalisation improved to 44.9%. The JSE has a healthy balance sheet and a good level of cash reserves. A special dividend was paid to shareholders in December 2007.
Offerings to investors: The JSEs growing variety of products has been received enthusiastically by investors. The equity derivatives market grew vigorously in 2007 (242% by volume), and now includes the largest single stock futures market in the world by volume. Trade in Can-Do Options increased sharply too. Trade in currency futures was introduced on Yield-X, the interest rate market, in June. From December 2007 to January 2008 the value traded doubled to R2 billion, as more individual retail clients became active in this market. New listings numbered 62, raising more than R124 billion. With FTSE, the JSE issued licences for new indices, notably the RAFI (weighted according to company fundamentals) and the International Benchmark Index . The first tradable instrument
on the AltX 15 index was launched, allowing trade in futures and options on smaller companies. Investors can also choose exposure to the performance of Shariah-compliant companies, through the All Share Shariah index.
Risk: Investor protection continued to improve as the LSEs TradElect system added functionality to the JSEs surveillance tools. The JSE can keep watch on positions down to individual investor level. It is vital for the exchanges technology to be completely reliable and to cope efficiently with new demands and rising volumes. An upgrade programme is in place to keep the JSEs systems ahead of change. Generators ensure that this technology operates without interruption as South Africas electricity supply has come under pressure. As for the risk represented by the JSEs products, more than half the companies that delisted in 2007 did so as part of the JSEs drive to clear out those that do not meet its quality criteria.
JSE Limited
Accessibility: Fees charged for live data on equities and indices were cut by 70% to encourage retail investors, including novices, to become more involved in the stock market. For similar reasons, the JSE runs an annual investment competition for students. In 2007, the JSE Liberty Life Investment Challenge attracted a record number of participants: 7068 school learners and 1596 university students.
111
Empowerment strategies are critical to any South African business. The JSEs Option Holders Forum began operating in 2007, seeking ways to bring more black retail investors into the market. Also, JSE shares were issued to an empowerment fund created to benefit black students and attract them into the financial services sector.
JSE Limited
Progress was made with Financial Sector Charter targets for black and female staff, who now make up 53% and 55% of the total respectively. The direct black shareholding in JSE Ltd is 9%.
Foreign interest: Foreign interest in the JSE as an investment destination grew in 2007, and sales of market data to offshore investors climbed. This was the year the JSE was honoured with the award of best African stock exchange, in a ceremony at the London Stock Exchange. African exchanges were not among those globally that conducted cross-border mergers and acquisitions in 2007. The JSE focused instead on seeking closer co-operation with certain African exchanges and finding ways to meet the needs of African issuers and investors.
Ongoing Plans
It is expected that 2008 will be a tough year for markets worldwide, including South Africa. However, the start of the year brought high trading volumes and indications of future listings. The JSE plans to offer new trading instruments, including spot bonds, in 2008. Three new exchange traded funds have already been listed (representing 400 Japanese companies, 600 US-based companies and a World Index) and marketing of the popular Can-Do Options will continue. The South African finance ministers recent relaxation of exchange controls gives companies permission to participate in the currency futures market. This will allow importers and exporters to hedge their currency positions at a much lower cost than through banks, and offers the JSE the prospect of lively market activity. The ministers budget also improved the prospects for JSE-listed foreign companies to raise capital, thus adding to the appeal of dual listings on this market. The JSE plans to encourage co-operation among markets on the African continent, and already has a dedicated Africa desk. Other African exchanges have expressed interest in modernising their systems. Increased international interest in Africa as an investment destination the International Monetary Fund predicts 6.2% growth for the continent in 2008 has boosted trading volumes for several of these markets. The JSE is one of them, and has also benefited through higher sales of information to new investors. The JSE is keen to attract dual listings of African companies. The Nigerian company Oando has already joined the boards. Competition from alternative trading venues and sources of funds, such as banks and private equity houses, is growing. The JSE will respond by anticipating the evolving needs of its clients. In 2008, one of the main thrusts will be to improve the ease and flexibility of the JSEs trading
JSE Limited
113
services. Systems must be able to cope with changes in trading styles and access mechanisms. There may, for example, be a revision of the pricing structure for trades, recognising the different needs of liquidity takers and providers, or of high and low volume trades. Efforts will continue to clear the way for a move from T+5 to T+3 (settlement of trades within three days), while ensuring that the process remains flawless. The upgrading of the JSEs platform for spot equity trading continues, and the platforms for fixed interest and equity derivatives trading will be replaced in 2008. The year will also bring a review of the boards composition to ensure that it is appropriately resourced.
JSE Limited
Khartoum Stock Exchange

Background
The idea of establishing a stock exchange in Sudan started in 1962, whereby many formalities such as studies and communications have been started by the Ministry of Finance and Bank of Sudan jointly with IFC one of the arms of the World Bank . The People's Assembly had endorsed the Stock Exchange Act of 1982 to regulate Stock Exchanges establishment in Sudan but no serious action was taken until 1992. In August 1992 a serious step was taken to establish a Stock Exchange in Sudan in line with economic liberalization policy called the Three Years Salvation Program (1990 - 1993). The Stock Exchange Board has been formed in 1992. In November of the same year the Council of Ministers amended the Stock Exchange Act of 1982, but this amended Act did not cover all the required necessary objectives to establish the Stock Exchange. In 1994 the Transitional National Assembly passed the Khartoum Stock Exchange Act, through which KSE acquired its independent legal status. The work of primary market (Issues Market) started on 10/10/1994.
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Profile
Website Address Time Zone Trading Days
: www.kse.com.sd : Albaraka Tower Fifth Floor - Khartoum - Sudan : GMT + 3.00 : Sunday - Thursday : 10:00 - 11:00
Telephone/Fax : 00249 83 782152 - Fax 83 782225
Trading Hour
Dr. Issam Elzein Elmahi Mr. Ahmed Sami Yousif 1994 2007 Ministry of Finance and National Economy Cash Market Manual System The Stock Exchange T+ 0 Intra-day Trading No Tax Rates Permission from the Minister of Finance Unavailable Sudanese Pound
Trading Statistics
Indicators
Total Value Traded (USD million) Total Volume Traded (million) Total Number of Transactions Number of Listed Companies Number of Traded Companies Market Capitalization End of Year (USD billion) Market Capitalization as % of GDP Turnover Ratio (%) P/E ratio DY (%)
2005
608.4 1,732 3,673 49 27 3.74 NA 6.60 5 20
2006
1,034 7,568 5,842 51 28 4.66 NA 9.90 5 20
2007
899.80 9,412 7,195 53 36 5.18 NA 12.30 6 20
Investors Type
Local Investors Vs. Foreign Investors
30% Foreign Investors Institutions 61% Local Investors 70% Individuals 39%
Institutions Vs. Individuals
117
Sectors Traded
Bank Insurance Commercial Industrial

19 8 7 2 3 5 5 4 19 21
Agricultural Communications Services Others Investment Funds Certificates

Sector Name
1 Bank 2 Communications 3 Commercial
Sector Name
4 Insurance 5 Investment Funds
Bonds Statistics
Indicators
Total Value Traded (USD million) Value Traded on Government Bonds Value Traded on Corporate Bonds Others
2005
97.2 97.2 NA NA
2006
399.9 399.9 NA NA
2007
534.3 534.3 NA NA
Products
Product
Stocks Funds Bonds - (Certificates)

Shares of the listed public companies Mostly in KSE different securities Governmental and private basic in Islamic method of finance
119
Indices
Index Name
Khartoum Index

Khartoum price index composed from 48 company selected from all sectors to cover all activity in the market

Index
Khartoum Index
Closing 2006
2972.76
Closing 2007
2962.10
% Change
-0.36%
Khartoum Index Performance during 2007

3000 2900 2800 2700 2600 2500 2400 2300 2200 Jan-07 Feb-07 Mar-07 Apr-07 May-07 Jun-07 Jul-07 Aug-07 Sep-07 Oct-07 Nov-07 Dec-07
IPOs
Company
Hat Company Exchange
Date
07/2007
Value (USD)
300,000
Achievements
In 2nd January of 1995 the Secondary Market has started (Shares trading Market). In 1996 the number of cross listed companies has increased from 34 to 40 companies. In 1997 a valuable increase in the capital of KSE took place from 31 million U.S Dollars to 139 million U.S Dollars, as well as the establishment of The Financial Investment Bank to activate the KSE dealings. In 1999 the Parallel Market started its operation, as well as the classification of listed companies according to their adherence to conditions regulating the companies listing either in regular market or the parallel one. In 2001 many of Investment Funds (Sukuks) and Governmental Musharaka Certificates (Shehama) were issued and listed in KSE. In 2002 a great expansion of KSE relations with regional and international finance companies took place. In 2003 the Khartoum Index was declared, listing the KSE in the Arab Monetary Fund data base and cross listing Sudatel in Abu Dhabi Securities Market were carried out. In 2004 the trading volume reached the highest level since the establishment of KSE. In the same year a joint cooperation protocol was signed between KSE and Cairo & Alexandria Stock Exchanges. In 2005 standard increasing in the trading volume to 1.21 Billion Sudanese pounds (Ginaih) and increasing in Khartoum Index with growth ratio of 97.3%, the market value rise to 7.47 Billion Sudanese pounds (Ginaih). According to AMF Database KSE comes the first market due to the growth of market value compared with other Arabic Markets with ratio of 50.8%.
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KSE Ongoing Plans

1) Starting a new project of Khartoum stock exchange. 2) Completion of the automation of all the stock transactions up to wep - electronic trading. 3) Establishing agreements to be signed with other stock exchanges in the area for cross listing and exchange of different experiences.
4) Improving the standards of corporate governance within the listed public companies.
Libyan Stock Market

Background
The Libyan stock market was established according to decision No. (134) made by the General People's Committee Prime Minister for the year 2006. The stock market premises are in both; Benghazi and Tripoli, with Mr. Suliman S. Alshahomy as the General Director and Chairman of Board of Directors. The market since its establishment sought to contact and benefit from the Arab and international experts in capital markets, which resulted in joining the following organizations: 1. 2. 3. 4. Union of Arab capital markets AMEDA ANNA African Securities Exchange Association
The electronic trading started on the 3rd of April 2008 in the trading hall of Benghazi and Tripoli through the approved brokers in the market. The market aims to participate in the development of the Libyan companies through establishing and activating the concepts of disclosure and transparency, corporate governance, the international accounting rate governance, the international accounting and auditing standards as well as providing both national and foreign investors with suitable, less risk investment opportunities.
123
Profile
Website Address Time Zone Trading Days Trading Hour : www.lsm.gov.ly : Benghazi-El Shata St (Juliana) : GMT + 2.00 : Sunday - Thursday : 10:00 - 12:00 Telephone/Fax : +218619093067 Fax:+210619091097
Libyan Stock Market
Mr.Suliman S . Alshahomy Ms. Najwa Eltaira 2006 2007 Libyan Stock Market Cash Market NA The Stock Exchange T+3 NA No tax rates on dividends or capital gain No Restrictions Unavailable Libyan Dinar
Trading Statistics
Indicators
Total Value Traded (USD million) Total Volume Traded (million) Total Number of Transactions Number of Listed Companies Number of Traded Companies Market Capitalization End of Year (USD million) Market Capitalization as % of GDP Turnover Ratio (%) P/E ratio DY (%)
2005
NA NA NA NA NA NA NA NA NA NA
2006
0.26 0.01 27 5 3 158.67 30.50 0.16 NA NA
2007
231.60 7.40 38 6 3 390.89 57.48 59.00 NA
Libyan Stock Market
NA
Investors Type
Local Investors 10% Individuals Institutions 90%

10%
90%
Foreign Investors
125
Sectors Traded
Financial Services

6
Products
Libyan Stock Market
Product
Stock

All common stock
Achievements
In the short time from its establishment, LSM has undergone many important steps, especially on the following fronts:
1. Training
Training Course
Local
Place
Research & Consultations Centre (Benghazi) Almorched Center for Computer, Financial & Administration (Benghazi) Research & Consultations Centre (Benghazi) Islamic Call Building (Benghazi) Tripoli International Fair Islamic Call Building (Benghazi) Second Training program for Stock broker of Arab Stock exchange
Title
Second training course about stock market Training course about typing art
Date
10 - 15 / 02 / 2007 01 / 04 / 2007 to 30 / 05 / 2007
No. of Participants
56
Libyan Stock Market
Training course about international 14 -23 / 05 / 2007 accounting and auditing standards First qualifying course for brokerage firms Second qualifying course for brokerage firms Brokerage and managing portfolio and funds course Syria 26 / 08 /2007 to 08 / 09 / 2007 24 / 11/ 2007 to 6 / 12 /2007 9 23 / 02 / 2007 09 - 21 / 6 / 2007
20 65 98 52 5
Training on the electronic trading Egypt system which LSM have a contract with Nile for Information Technology Company and MISR for Clearing, Depository and Registry
22 28 / 09 / 2007
127
Training Course
Training Abroad
Place
Training on monitory system and technical support at Nile for Information Technology Company and MISR for Clearing, Depository and Registry. Training at Egyptian Capital Market about monitory missions, prospectus and follow-up the disclosure of companies Training course about electronic clearing system in
Place
Egypt
Date
3 10 / 11 / 2007
No. of Participants
5
Egypt
10 17 /11 /2007
Egypt
3 17 / 11 / 2007
Libyan Stock Market
Nile for Information Technology Company and MISR for Clearing, Depository and Registry Training course about electronic clearing system in Nile for Information Technology Company and MISR for Clearing , Depository and Registry Training course about electronic clearing system , control and technical support in Nile for Information Technology Company and MISR for Clearing , Depository and Registry Training course about electronic system and technical support in Nile for Information Technology Company and MISR for Clearing , Depository and Registry Training course about training program in training department of Talal Abu Ghazalla College Training course about information and membership system in Nile for Information Technology Company and MISR for Clearing , Depository and Registry Training course about subscription operations and managing all the related things to Egyptian Capital Market Egypt 8 15 / 12 / 2007 3 Egypt 01 08 / 12 / 2007 1 Jordan 25 30/ 11 / 2007 2 Egypt 24 / 11 / 2007 to 8 / 12 / 2007 8 Egypt 17 24 / 11 / 2007 8 Egypt 17 / 11 / 2007 to 2 / 12 / 2007 3
2. Participating in Summits
Summit
Nationally Internationally
Title
Stock market and its institutions Capital markets rules in Middle East and north Africa
Place
Tibisti (Benghazi) Bahrain (Manama)
Date
3 05/ 04 / 2007 02 0 7 / 06 / 2007
Libyan Stock Market
3. Participating in Conferences, Forum and Fairs

Conference, Forum& Fair Nationally Title 10th International Conference and Fair for African Chemists Internationally First International Conference and Fair for Banks, Financial Institutions and Investment Second Domestic Conference for National Experts Integrated Stock Markets Conference (Challenges and Prospects) Arab Gathering of Arabic Stock Markets 5th Conference about Accounting and Finance in Developing Countries Egypt Greenwich University 28 30 / 04 / 2007 08 -18 / 07 / 2007 Place Garyounis University (Benghazi) Tripoli International Fair (Tripoli) Islamic Call Building Oman 25 26 /12 / 2007 17 19 /02 /2007 26 29 / 12 / 2007 Date 18 21 / 11 / 2007
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Conference, Forum& Fair
Title
Place Egypt Ghana South Africa Egypt
Date 8 11 / 09 / 2007 27 31 / 10 / 2007 31 / 10 / 2007 to 03 / 11 / 2007 7 /14 / 11 / 2007
Internatinally First IYAK Forum for Stock Market Investment Meeting of Association of African Capital Markets Meeting of (ANNA) Association of Numbering Agencies Annual Conference for International Union of Technical Analyzer
Libyan Stock Market
4. Visits of L.S.M Employees

Organization
Moscow Stock Exchange * Company Specialized to Prepare Trading System in Iraq Stock Exchange and Depository Center in Jordan * MISR For Clearing, Depository And Registry And Union of Arab Markets * MISR For Clearing, Depository And Registry * Cairo And Alexandria Stock Exchange * Tunisian Stock Exchange * Muscat Securities Market - Oman * Muscat Securities Market - Oman * Cairo And Alexandria Stock Exchanges * Capital Market Authority And Egyptian Capital Market Institutions * Dubai Financial Market to make aware of electronic exchange and clearing system * 11 15 / 03 / 2007 10 15 / 03 / 2007 12 17 / 04 / 2007 19 26 / 04 / 2007 12 23 / 05 / 2007 15 25 / 05 / 2007 27 30 /05 / 2007 8 15 / 07 / 2007 15 19 / 07 / 2007 3 1 1 3 17 1 1 1 3
Date
11- 15 /01 / 2007 25 30 / 02 / 2007
Delegated
2 4
Organization
Egyptian Capital Market * MISR For Clearing, Depository And Registry * Cairo & Alexandria Stock Exchanges * Hermes Company for Brokerage * Securities Authority * Amman Stock Exchange * Depository Center * MISR For Clearing, Depository And Registry * Tunisia * United Kingdom * Jordan * Egypt * Hermes Company in Egypt *
Date
16 18 / 07 / 2007
Delegated
6
22 -26 / 07 / 2007
5 12 / 08 / 20070 25 28 /08 / 2007 14 20 / 10 /2007 23 27 /10 / 2007 12 19 /01 / 2007 8 15 / 12 / 20070
2 1 2 1 1 3
Libyan Stock Market
* Holding a group of workshops with the General Board of Ownership Transfer of Public Companies and Economical Units Tripoli. In addition to workshops with listed companies in the market and workshops with a group of banks such as: (Al sahari Al sarai Al Ejmaa Al Arabi Mediterranean Bank).
131
5. National & International Cooperation

An understanding note with research and consultations centre at Garyounis University in Benghazi (09/01/ 2007) Signing a contract about income and install trading, clearing and control systems dated (19/08/2007). Signing an understanding note with (NCDX) exchange in India dated (4/9/2007). Signing an understanding note with (MCX) in India dated (06/09/2007).
Libyan Stock Market
Cooperation agreement with London Stock Market dated (15/ 10/ 2007). Conducting an agreement with (Crafton College) in United Kingdom dated (16/ 10/2007). Conducting an agreement with Reading University in United Kingdom dated (18/10/2007). An agreement with Arab Society of Certified Accountants (ASCA) in Jordan dated ( 01 /11/ 2007). Joining the membership of the following: Arab Securities Exchange Association AMEDA (African and Middle East Depository Agency) ANNA (Association of Numbering Agencies African Securities Exchange Association (ASEA)
6. Technical Development
LSM is preparing the new IT systems to work with the standards of international stock markets. In this respect, the achievement of IT are illustrated in the following points: Providing the admission service to Internet by excessive speed in order to facilitate the work of market employees, to learn the experience of other markets, and to have a connection with International stock markets. Installing systems related to salaries, personnel department and General Accounting. Forming internal computer net with the market standards and protected programs.
Libyan Stock Market
Installing the Servers to operate the main systems of the market and connected them by visual Fibers. Installing the electronic system related to trading, depository, clearing and monitory Preparing system related to training courses of the market. Forming shareholders records systems in listing companies and code system. Preparing data bank related to technical department in the market. Connecting the database of Benghazi and Tripoli with external net (WAN) by General Post Company.
133
Ongoing Plans
Operate the electronic system with arrangement MISR for Clearing, Depository and Registry and Nile for Information Technology. Install and operate the electronic archives. Sit up the rules governing FGS (Fund Guarantee Settlement). Operate the subscription system and training the trading department about it. Operate the electronic trading system and train the brokers and trading department about it. Connect the premises of the brokerage firms with trading screen in the market. Moving the hosting of the market's Website to the market's premises, and preparing all the necessary servers. Complete the electronic services such as indicator and charts. Follow-up the listed companies for executing the rules and regulations governing the market especially disclosure and Cooperate governance. Develop the electronic trading system by using the Internet. Continue to qualify brokerage firms and prepare its employees according to international specifications. Establish training center to qualify and develop the work force inside and out side the market.
Libyan Stock Market
Prepare a pubic awareness campaign to increase the awareness of stock market and the importance of listing companies in the market. Holding workshops aim to raise the awareness of Libyan institutions to list in LSM, the workshops contains of the following titles: Advantages and conditions of list the companies. Securities deposit. Shareholders records. The role of brokerage companies in the market. Electronic trading and related systems. The supervisory role of the market and Cooperate governance rules.
Libyan Stock Market
Holding awareness lectures to universities and colleges about the importance of LSM to develop the national economy performance.
135
Malawi Stock Exchange (MSE)

Background
The Malawi Stock Exchange (MSE) has been in existence since 1994 but started its stock market operation in November 1996 when it first listed National Insurance Company Limited (NICO). Prior to the listing of the first Company, the major activities that were being undertaken were the provision of a facility for secondary market trading in Government of Malawi bonds namely, Treasury Bills and Local Registered Stocks. The MSE operates under the Capital Market Development Act 1990 and the Companies Act, 1984. The regulatory legislation of the Stock Exchange will be the Securities Act, which is in its draft form awaiting passing into Law by Parliament.
Profile
Website Address Time Zone Trading Days Trading Hour : www.mse.co.mw : Private Bag 270, Blantyre, Malawi. : GMT + 2.00 : Monday - Friday : 11.00 - 11.30 Telephone/Fax :
Chairman Contact Person Year of Establishing the Exchange Year Joining ASEA Market Regulator Types of Markets Available Trading System Name Settlement Company Settlement Cycle Trading Mechanism Tax Rates (dividends, interest, capital gain) Foreign Participation
Mr. Khrishna Savjani, OBE, SC Mr. Symon W Msefula 1996 1998 Reserve Bank of Malawi Cash Market Manual Trading System Trust Finance, National Bank of Malawi & First Merchant Bank T+7 Intra-day Trading 10 % on Dividends and no Tax on Capital Gains after 12months of holding the shares. 10 % of Shares in Issue per an Individual or 49% in aggregate applicable during IPO only. No restrictions on the Secondary Market.
Malawi Stock Exchange
Commodities Exchange Name of Local Currency
Unavailable Malawi Kwacha (K)
137
Trading Statistics
Indicators
2005
7.59 61.56 480 11 11 0.24 NA 0.08 10.63 3.80
2006
14.30 160.57 712 11 11 0.68 NA 0.12 15.41 2.64
2007
37.00 359.52 2,610 13 13 1.29 NA 0.29 15.34 2.64
Sectors Traded
Hotel and Tourism Manufacturing Financial Institutions Real Property Development Multisectoral

2 2 6 1 2

Sector Name
1 Real Property Development 2 Financial Institutions 3 Multisectoral
Sector Name
4 Manufacturing 5 Hotel and Tourism
Products
Product
Stocks

Common stocks
139
Indices
Index Name
Malawi All Share Index (MASI) Domestic Share Index (DSI) Foreign Share Index (FSI)

Price Index Price Index Price Index

Index
MASI
Closing 2006
2310.67
Closing 2007
4849.79
% Change
109.89%
MASI Performance during 2007

6000
4000
2000
0 Jan-07 Feb-07 Mar-07 Apr-07 May-07 Jun-07 Jul-07 Aug-07 Sep-07 Oct-07 Nov-07 Dec-07
IPOs
Company
NBS Bank Malawi Property Investment Company
Date
25/06/2007 12/11/ 2007
Value (USD million)

2.60 6.16
Achievements
Market Development
(I) On 25 June 2007, the Malawi Stock Exchange listed the twelfth counter; NBS Bank Limited (NBS). The Bank offered 141,333,000 shares to public at an offer price of K2.60 per share. The offer was oversubscribed 9 times with 11,304 applications. The share price increased from an opening of K2.60 to K5.20 per share at the close of the first week of trading. (II) Malawi Property Investment Company Limited, the 13 counter on the bourse was admitted th on the MSE main board on 12 November 2007. The offer was over subscribed 5.3 times. The share price increased from an opening of K2.25 to close at K5.75 per share at end of the first week of trading.
th
th
(III) In the last quarter of 2007, the Malawi Stock Exchange launched the second tier market known as The Alternative Capital Market to accommodate medium and venture capital companies.
New Members
A new stockbroking company was admitted to the stock exchange bringing the number of members to three.
Public Awareness
During the year under review, the Exchange made a number of public awareness presentations to universities and general public workshops.
141
Ongoing Plans
Continue lobbying with government and the legislators to enact the Securities Bill into an Act so as to repeal the current Capital Market Development Act, 1990. Encouraging more listings on both the Main Board and the Alternative Capital Market Board. Re-design and development of the MSE website.
Nairobi Stock Exchange

Background
With a market capitalization of $ 13.1 billion at the end of December 2007, the Nairobi Stock Exchange is the largest securities exchange in East and Central Africa. It is also the oldest securities exchange in the region, having commenced operations in 1954. The company is limited by guarantee and is incorporated in Kenya under the Companies Act. The company is the sole securities exchange in Kenya, licensed by the Capital Markets Authority (Kenya) to provide a facility for the issue, purchase and sale of securities in Kenya. As a self regulatory organization, the NSE is involved in the development and operation of an efficient securities market. The NSE currently has eighteen (18) active members.
143
Profile
Website Address Time Zone Trading Days Trading Hour : www.nse.co.ke : P.O. Box 43633-00100, Nairobi, Kenya : GMT + 3 : Monday - Friday : 09:00 - 15:00 Telephone/Fax : +254 20 283100
Chairman Contact Person Year of Establishing the Exchange Year Joining ASEA
Mr. Jimnah Mbaru Mr. Donald A. Ouma 1954 1993 Capital Markets Authority of Kenya Cash Market, Bond Market Automated Trading System (ATS) Central Depository & Settlement Corporation (CDSC) T+5 Intra-day Trading No capital gain taxes, withholding tax on dividends is 5% and 10% for residents and foreign investors respectively; withholding taxes on interest income is 15%
Market Regulator Types of Markets Available Trading System Name Settlement Company Settlement Cycle Trading Mechanism Tax Rates (dividends, interest, capital gain)
Foreign investors are restricted to a maximum of 75 per cent ownership in a listed company Unavailable Kenya Shilling (KES)
Trading Statistics
Indicators
Total Value Traded (USD billion) Total Volume Traded (billion) Total Number of Transactions Number of Listed Companies Number of Traded Companies Market Capitalization End of Year (USD billion) Market Capitalization As % of GDP Turnover Ratio (%) P/E Ratio DY (%)
2005
0.48 0.87 176,483 48 47 6.14 31.63 7.90 17.00 2.56
2006
1.32 1.45 598,301 52 48 11.41 69.39 11.54 22.00 1.74
2007
1.42 1.94 973,548 54 50 13.61 NA 10.41 20.00 2.62
Investors Type
9% Foreign Investors Institutions 53% Local Investors 91% Individuals 47%
145
Sectors Traded
Main Investment Market Segment (MIMS) Alternative Investment Market Segment (AIMS)

42 8

Sector Name
1 Finance and Investment 2 Industrial and Allied 3 Commercial and Services
Sector Name
4 Agricultural 5 Alternative Investment Market Segment (AIMS)
Bonds Statistics
Indicators
2005
179.89 179.89 NA NA
2006
673.72 673.72 NA NA
2007
1,357.23 1,357.23 NA NA
Products
Product
Shares Bonds

Common and Preference Shares Government and Corporate Bonds
Indices
Index Name
NSE 20 Share Index
Price index with a base year of 1966. The index returns are based on capital gains/losses of the the constituents shares NSE ALL Share Index (NASI) The NASI is a comprehensive and complementary index designed to represent investors expectations of the future performance of all listed companies. NASIs calculation is based on market capitalization, implying that the index level will reflect the total market value of the constituent stocks.

Index
NSE 20 Share Index
Closing 2006
5645.65
Closing 2007
5444.83
% Change
-3.56%
NSE 20 Share Index Performance during 2007

6,000 5,800 5,600 5,400 5,200 5,000 4,800 4,600 4,400
Jan-07
Feb-07
Mar-07
Apr-07
May-07
Jun-07
Jul-07
Aug-07
Sep-07
Oct-07
Nov-07
Dec-07
IPOs
Company
AccessKenya Group Kenya Reinsurance Company
Date
04/06/2007 27/08/2007
Value (USD million)

12.79 36.46
147
Achievements
July 2007 Redefinition of the term local investor to include all citizens of the East African Community The Nairobi Stock Exchange took a more regional aspect when the Minister of Finance proposed in his budget speech that, for purposes of investing on the capital markets members of the East African Community (Burundi, Kenya, Tanzania, and Uganda) shall be accorded the same treatment as local investors. The measure has since been passed. Members of the East African Community can now buy into the forty (40) per cent portion of an IPO that is reserved for local investors. Further East Africans pay withholding tax of five (5) per cent on dividend income; whilst foreign investors pay ten (10) per cent withholding taxes. All investors pay fifteen (15) per cent withholding taxes on interest income. August 2007 The Introduction of Data Vending In 2007, the Exchange entered the data vending market. The Exchange leveraged on its ATS to introduce the sale of real time data during the trading session; revenues from this product were Kshs. 4.9 million, or 1.7 per cent of operating income. The Exchange is targeting a 10 per cent contribution to revenues from data vending by 2010. November 2007 Migration to a Clean Pricing Methodology for Bonds Trading The Nairobi Stock Exchange adopted trading of bonds using the clean pricing methodology as opposed to dirty pricing methodology (accrued interest in the bond price). In this respect and working with the Market Leaders Forum (MLF) hosted by the Central Bank of Kenya, the Exchange introduced a separate price list for bonds carrying the yields and clean prices of listed bonds. These initiatives are expected to increase secondary market liquidity by enhancing the visibility of the bond market and increasing the ease with which prices of bonds can be obtained.
December 2007 Migration to a Wide Area Network (WAN) The NSE trading system migrated from floor-based centralized trading, to a Wide Area Network (WAN) on December 17 2007. With the implementation of the WAN, clients of NSE-member firms are able to input orders via a Virtual Private Network interface into the ATS system through a stockbrokers terminal. Further, in line with international best practice, the Exchange installed an electronic trading display board on the trading floor in mid December. The Exchanges sees the WAN as a precursor to online trading. February 2008 Extension of the Daily Trading Session Effective February 4 2008, the daily trading session was extended to six (6) hours, from 09:00 am to 3:00 pm from Monday to Friday, from the previous three (3) hours, 10:00 am to 1:00 pm from Monday to Friday.
Introduction of the NSE All-Share Index (NASI) On February 25 2008, introduced the NSE All-Share Index (NASI). The NASI, which was backdated to January 1 2008, is complementary to the current NSE 20-Share Index. All securities listed in the Main Investment Market Segment (MIMS) and the Alternative Investment Market Segment (AIMS) of the NSE will be eligible for inclusion in the NASI. Newly listed shares will also be included in NASI. The NASIs calculation is based on market capitalization, implying that the index level will reflect the total market value of the constituent stocks. The index will also be reviewed during the last week of every quarter to track changes in the number of shares of the constituent stocks. It also creates an opportunity for the development of Exchange Traded Funds and derivative instruments.
149
Corporate Actions
Initial Public Offers AccessKenya Group and Kenya Reinsurance Corporation became the first locally owned technology and reinsurance companies respectively, to list on the Exchange. AccessKenya Group listed on the NSE in June 2007, after raising a gross amount of $ 12.79 million through an IPO. Kenya Reinsurance Corporation, which listed on the NSE in August 2007, raised a gross amount of $ 32.55 million. During the Kenya Reinsurance Corporation IPO, qualified institutional investors were for the first time allowed to give a guarantee and pay upon allocation. Both issues were subscribed by 363 and 505 per cent respectively. In the latter part of the year, AccessKenya Group used part of the proceeds of the listing to acquire 70 per cent of Openview Business Systems and 100 per cent of Todays Online. Mergers and Acquisitions In the financial services sector, there was the commencement of procedures for merger of CFC Bank a listed entity with Stanbic Bank Kenya Limited, through the acquisition of a 60 per cent stake in CFC Bank by Stanbic Africa Holdings for a consideration of $ 215.86 million. The merged entity will remain listed and has since received approval from the Reserve Bank of South Africa. In other developments Helios EB Investors acquired a 25 per cent stake in Equity Bank a listed entity for a consideration of $ 175.88 million. Whilst Equity Bank and British American Investments took up 20 per cent ($6.796 million) and 5 per cent ($ 1.69 million) respectively, in Housing Finance another listed entity. In order to comply with capital adequacy requirements and to fund expansion, NIC Bank) and Diamond Trust Bank) both had successful rights issues, raising $2.24 million and $ 1.59 million respectively. In the industrial and allied sectors, Olympia Capital Holdings acquired 49.5 per cent ($1.31 million) of Olympia Capital Corporation following a very successful rights issue. In other
developments Kenya Oil Company merged with Kobil Petroleum Company a non-listed entity for a consideration of $ 12.79 million. Scangroup, an advertising and public relations company that listed in 2006, issued and listed one million additional shares to facilitate the acquisition of a 15 per cent shareholding in Redsky Limited. The Kenya corporate bond market received some stimulus with the listing of the following corporate bonds Eastern and Southern African Trade and Development Bank (PTA Bank) $ 15.99 million; Shelter Afrique - $ 4.8 million; Barclays Bank - $ 15.99 million and Sasini Ltd. - $ 9.59 million, medium term notes. In a move to lengthen the maturity of domestic debt, the Government of Kenya issued and subsequently listed three fifteen-year treasury bonds. The amounts raised were $ 57.56 million, $ 11.99 million, and $ 11.83 million respectively.
151
Ongoing Plans
Demutualization and Regionalization
The demutualization of the Exchange, which involves transformation from a members' association into a for-profit corporation and the segregation of ownership and trading rights of the members of the exchange will result in the NSE becoming more inclusive and improve corporate governance. It will also be possible for the Exchange to raise capital by issuance or shares or rights, for acquisitions or other such strategic initiatives that may make sense in the future. The Exchange is already in advanced discussions with the USE to merge after the demutualization of both exchanges, and has also been holding discussions with the Dares-Salaam Stock Exchange. In 2008, we intend to submit recommendations to the Capital Markets Authority (CMA) and the Ministry of Finance on how we see the process proceeding. Our proposals shall also include a draft Demutualization Act. As part of our move to create a single securities exchange for Eastern Africa with trading floors in Kenya, Uganda, Rwanda and Tanzania, we have now initiated discussions with the newly established, Rwanda Stock Exchange.
Public Education and Investor Awareness

We are aware that more Kenyans and particularly our youth will turn to the capital markets in order to enhance retirement returns. In 2008, the Exchange shall sponsor the NSE Smart/Youth Investment Challenge targeting university students in all private and public Kenyan universities. The Challenge is an online investment game based on a direct simulation of the activities that happen around investing in securities listed on the NSE. The objective of the challenge is (i) Edutainment education and entertainment, to occupy the minds of the youth positively; (ii) encourage the culture of thrift and saving funds amongst our youth; and (iii) encourage the youth to invest their savings in the capital markets.
Namibian Stock Exchange

Background
A stock exchange does have a central role in Namibia's economy. It is part of the marketplace for capital, or long-term investment money. Markets exist to help ensure that exchanges are transacted as efficiently as possible. In the capital market, the main aim is to link those people who have savings to the entrepreneurs and businesses who want to use these savings to create wealth, jobs, profits and growth for the economy. The main role of a stock exchange, such as the NSX, is to bring together buyers and sellers of shares. It ensures that there is enough information about the companies for buyers and sellers to make decisions, and in the modern age, it organizes the sell and buy orders on a computer system and it has rules and other procedures to protect investors and ensure they get ownership of the shares they bought and money when they sell, with tens of millions of dollars changing hands daily. The NSX, as a licensed self regulating association or another stock exchange trades shares and other financial securities such as bonds, which are issued when the Government or a big business raises debt finance from a number of local and international investors. Namfisa is the overall regulator with a delegation of powers to the NSX.
153
Profile
Website Address Time Zone Trading Days Trading Hour : www.nsx.com.na : Kaiser Krone Centre, Post Street Mall, Windhoek, Namibia : GMT + 2.00 : Monday - Friday : 09:00 - 17:00 Telephone/Fax : +264 61 227647
Chairman Contact Person Year of Establishing the Exchange Year Joining ASEA Market Regulator Types of Markets Available
John Day Mandy - CEO John Day Mandy - CEO 1992 NA NA Cash Market, Bond Market London SE - TALX via the JSE SETS FTSE on dual listed companies T+5 Intra-day Trading, Margin Trading NA No Restrictions NA Namibian Dollars
Trading System Name Settlement Company Settlement Cycle Trading Mechanism Tax Rates (dividends, interest, capital gain) Foreign Participation Commodities Exchange Name of Local Currency
Trading Statistics
Indicators
2005
527.59 120.83 2,372 28 24 121.27 20.62 0.44 NA NA
2006
977.63 234.59 2,549 28 27 157.67 25.97 0.62 NA NA
2007
1,536.66 242.60 2,340 27 27 173.52 27.70 0.89 9.00 4.95
155
Sectors Traded
Mining Chemicals Diversified Industrials Beverages Food Producers + Processors General RetaIlers Food + Drug Retailers Banks Insurance Life Assurance Real Estate DevX Speciality + Other Finances

2 1 1 1 3 4 2 4 3 3 2 2 4

Sector Name
1 Mining 2 Banks 3 General Retailers
Sector Name
4 Diversified Industrials 5 Life Assurance
Bonds Statistics
Indicators
Total Value traded (USD million) Value Traded on Government Bonds Value Traded on Corporate Bonds Others
2005
285.29 233.70 51.59 NA
2006
185.95 126.04 59.91 NA
2007
1,073.88 824.69 249.19 NA
Products
Product
Equities

An instrument that signifies an ownership position, or equity, in a corporation, and represents a claim on its proportionate share in the corporation's assets and profits. Ordinary and preference shares
Bonds
Secondary trades in Government, State Owned Enterprise bonds and Corporate bonds
157
Indices
Index Name
NSX Overall Index

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.
NSX Local 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.

Index
NSX Overall Index
Closing 2006
828.44
Closing 2007
929.41
% Change
12%
NSX Overall Index during 2007

1200
800
400
0 Jan-07 Feb-07 Mar-07 Apr-07 May-07 Jun-07 Jul-07 Aug-07 Sep-07 Oct-07 Nov-07 Dec-07
The Nigerian Stock Exchange

Background
The Nigerian Stock Exchange was established in 1960 as the Lagos Stock Exchange. In December 1977 it became known as The Nigerian Stock Exchange, with branches established in some of the major commercial cities of the country. There are now nine branches of The Nigerian Stock Exchange. Each branch has trading floors, some of them electronic. The head office in Lagos was opened in 1961; Kaduna Branch, in 1978; Port Harcourt, 1980; Kano, 1989; Onitsha, February 1990; Ibadan, August 1990; Abuja Area Office, 1999; Yola, 2002; Benin, 2005 and Uyo, 2007. The Nigerian Stock Exchange has been operating an Automated Trading system (ATS) since April 27, 1999, with dealers trading through a network of computers connected to server. The ATS has facility for remote trading and surveillance. Consequently, many of our dealing members trade online from their offices in Lagos and from our Abuja Area Office, Kano, Port Harcourt, Yola, Ibadan and Benin branches of The Exchange. The Exchange is in the process of connecting more branches for online real time trading. Trading on The Exchange starts at 10a.m. every business day and closes at 12 noon. The Nigerian Capital Market was deregulated in 1993. Consequently, prices of new issues are determined by issuing houses and stockbrokers, while on the secondary market prices are made by stockbrokers only. The Exchange maintains an All-Share Index formulated in January 1984 (January 3, 1984 = 100). Only common stocks (Ordinary shares) are included in the computation of the Index. The index is value-weighted and is computed daily.
159
Profile
Website Address Time Zone Trading Days Trading Hour : www.nigerianstockexchange.com : 2/4 customs street, lagos, Nigeria. : GMT + 1.00 : Monday - Friday : 9.30 - 12.30 Telephone/Fax : 234126600287 / 23412668724
Chairman Contact Person Year of Establishing the Exchange Year Joining ASEA Market Regulator Types of Markets Available Trading System Name Settlement Company Settlement Cycle
The Nigerian SE
Mr. O.B.A Otudeko Mr. Farooq Oreagba NSE (1961) ASCE (2001) 1993 Securities and Exchange Commission Cash Market, Bond Market Horizon N/A T+3 Intra-day Trading, Online Trading 10% on dividend, no capital gains tax No Restrictions Abuja Securities &Commodity Exchange Naira (N)
Trading Mechanism Tax Rates (dividends, interest, capital gain) Foreign Participation Commodities Exchange Name of Local Currency
Trading Statistics
Indicators
Total Value Traded (USD billion) Total Volume Traded (billion) Total Number of Transactions (million) Number of Listed Companies Number of Traded Companies Market Capitalization End of Year (USD billion) Market Capitalization as % of GDP Turnover Ratio (%) P/E ratio DY (%)
2005
2.03 26.70 1.02 214.00 191.00 22.48 23.00 12.42 22.29 NA
2006
3.70 36.70 1.36 202.00 188.00 40.32 35.00 14.70 17.92 NA
2007
17.00 138.00 2.57 212.00 195.00 105.65 84.00 28.21 23.91 NA
Investors Type
Local Investor Vs. Foreign Investors
The Nigerian SE
Local Investors 53%
161
Sectors Traded
Agriculture/Agro-allied Airline services Automobile & Tyre Aviation Banking Breweries Building Materials Chemical & Paints Commercial/Services Computer & Office Equipment Conglomerates Construction Engineering Technology Food/Beverages & Tobacco Footwear Healthcare Hotel & Tourism Industrial/Domstic Products Insurance Leasing Machinery (Marketing) Maritime Mortgage Companies Other Financial Institutions Packaging Petroleum (Marketing) Printing & Publishing Real Estate Real Estate Investment Trust Road Transportation Textiles Foreign Listings

7 2 5 2 22 7 8 7 3 6 8 6 3 16 2 11 2 12 30 1 2 1 1 4 8 8 4 1 0 1 5 1
The Nigerian SE

Sector Name
1 Banking 2 Food, Beverages & Tobacco 3 Insurance
Sector Name
4 Petroleum Marketing 5 Breweries
Bonds Statistics
Indicators
Total Value Traded (USD billion) Value Traded on Government Bonds Value Traded on Corporate Bonds Others
2005
NA NA NA NA
2006
5.00 5.00 NA NA
2007
33.09 33.07 0.02 NA
Products
Product
Stocks Bonds Derivatives

All Common Stocks, Reits Corporate Bonds and Federal Government Bonds Rights
The Nigerian SE
163
Indices
Index Name
NSE ALL SHARE INDEX NSE 30 INDEX
Index Type (Price Index, Sector Index,..etc)

This index is a mean of measuring the direction of the general price movement on the Nigerian Stock Exchange. It is the main index of the NSE. This index includes the top 30 companies on the Nigerian Stock Exchange in terms of Market cap. and liqudity. This index is rebalanced quarterly.

Index
NSE 30 INDEX
Closing 2006
33,189.30
Closing 2007
57,990.22
% Change
74.73%
IPOs
Company
United Bank for Africa Plc Ecobank Transnational Inc Nigeria Bag Manufacturing Company Plc Plantinumhabib bank Plc Total
The Nigerian SE
Date
03/2007 07/2007 11/2007 11/2007
Value (USD million)

337.83 324.15 62.27 727.74 1,452.00
The Stock Exchange of Mauritius Ltd (SEM)

Background
The Stock Exchange of Mauritius Ltd (SEM) was established in 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 its inception in 1989, the SEM has witnessed a significant overhaul of its operational, regulatory and technical framework to reflect the ever-changing standards of the stock market environment worldwide. Through the years, the SEM has developed into a regional reference and emerged as one of the leading small Exchanges in Africa. The SEM has a management team headed by a Chief Executive who reports to a Board of Directors. which consists of 12 directors, of whom: two are representatives of stockbroking companies; seven are representatives of shareholders; three directors are nominated by the Minister of Finance. Over the years, SEMs efforts have been geared towards ensuring that it remains at the forefront of institutional reform and development while offering quality services to its stakeholders and contributing to the deepening and broadening of the financial sector in Mauritius. There is a growing interest from international investors in the SEM, as they look beyond existing developed and emerging markets in their search for new investment opportunities. The SEM has made some important strides in its development process since 1989, and these achievements can only stimulate us to mobilize our resources to focus on other groundbreaking initiatives that will fuel further growth of capital markets in Mauritius, and enable us to better serve the local and foreign investment community.
165
Profile
Website Address Time Zone Trading Days Trading Hour : www.stockexchangeofmauritius.com :4
th
Floor, One Cathedral Square Building, 16, Jules Koenig St., Port Louis, Mauritius
Telephone/Fax : + 230 212 9541 / + 230 208 8409 : GMT + 4.00 : Monday - Friday : 9:00 - 12:30
Chairman Contact Person Year of Establishing the Exchange Year Joining ASEA Market Regulator Types of Markets Available Trading System Name Settlement Company Settlement Cycle Trading Mechanism Tax Rates (dividends, interest, capital gain)
SE of Mauritius
Mr. P. Gopallen Mooroogen Mr. Sunil Benimadhu (Chief Executive) 1989 Founder Member, 1992 Financial Services Commission Cash Market, Bond Market SEMATS The Central Depository & Settlement System (CDS) T+3 Online Trading No Taxes imposed on dividends or capital gains No Restrictions Unavailable Mauritius Rupee
Trading Statistics
Indicators
Total Value Traded (USD million) Total Volume Traded (million) Total Number of Transactions Number of Listed Companies Number of Traded Companies Market Capitalization End of Year (USD billion) Market Capitalization as % of GDP Turnover Ratio (%) P/E ratio DY %
2005
150.35 271.57 39,558 41 42 2.65 43.18 5.68 7.98 4.64
2006
202.11 250.79 59,686 84 84 4.88 78.50 4.14 11.95 3.66
2007
445.96 300.80 74,367 91 91 7.77 96.50 5.74 13.26 2.80
Investors Type
Local Investors 81%

SE of Mauritius
167
Sectors Traded
Banks, Insurance and Other Finance Commerce Industry Investments Leisure & Hotels Sugar Transport Foreign Others

9 11 19 24 9 10 3 1 5

Sector Name
1 Banks, Insurance and Other Finance 2 Leisure & Hotels 3 Investments 4 Commerce 5 Industry
Sector Name
SE of Mauritius
Bonds Statistics
Indicators
Total Value Traded (USD thousand) Value Traded on Government Bonds Value Traded on Corporate Bonds Others
2005
1,740.09 1,740.09 NA NA
2006
410.10 409.95 0.15 NA
2007
3,729.50 3,729.50 NA NA
Products
Product
Stocks Bonds Mutual Fund

Ordinary & Preference Shares Corporate debentures & bonds and government securities 3 closed ended funds
SE of Mauritius
169
Indices
Index Name
SEMDEX

The SEMDEX is an index of prices of all listed shares and each stock is weighted according to its share in the total market capitalisation. Thus, changes, in the SEMDEX are dominated by changes in the prices of shares with relatively higher market capitalisation. In its computation, the current value of SEMDEX, is expressed in relation to a base period, which is chosen as the 5th July 1989, with an index value of 100. The SEM-7 comprises the seven largest eligible shares of the Official List, measured in terms of market capitalisation,liquidity and investibility. The SEM-7 was launched on 30 March 1998.
SEM-7

Index
SEMDEX
Closing 2006
1204.46
Closing 2007
1852.21
% Change
53.78%
SEMDEX Performance during 2007

2000
SE of Mauritius
1500 1000 500 0
Jan-07
Feb-07
Mar-07
Apr-07
May-07
Jun-07
Jul-07
Aug-07
Sep-07
Oct-07
Nov-07
Dec-07
Achievements
Strategic Planning
January December 2007 The Stock Exchange industry during the last few years has witnessed take-over attempts which constitute a forbearer of the consolidation process that will possibly underpin the stock exchange industry in the coming years. The SEM has been studying carefully these impending changes since last year, and has already chartered a strategic orientation which will enable it to fulfil its role locally while extending its reach regionally through strategic partnerships with other exchanges.
International/Regional Involvements and Assignments

January 2007 The Chief Executive of the SEM gave a presentation on SEMs evolution since 1989 and its future plans, to Financial Technologies. June 2007 The SEM was allocated a contract by the regulatory authority of the Conseil Regional De LEpargne Publiques et Des Marchs Financiers (CREPMF), for the Bourse Rgionale des Valeurs Mobilires in Western Africa, to provide training on cash and derivatives products. October 2007 The SEM hosted the 3rd quarterly meeting of the Committee of SADC Stock Exchanges (COSSE) in October 2007. 10 members attended the COSSE meeting. The meeting was focussed on issues of market intelligence sharing, technological integration, and harmonization of operational & regulatory standards.
SE of Mauritius
171
November 2007 The SEM was allocated a contract by the regulatory authority of the Conseil Regional De LEpargne Publiques et Des Marchs Financiers (CREPMF) to provide training on cash and derivatives products in Western Africa, to professionals operating in this market such as insurance companies and pension funds. November 2007 During the year, the SEM stepped up its effort to make our market better known within the international community. Our marketing campaign at the international level in New York and in the UK in association with the Ministry of Finance and the Board of Investment, was conducted through road shows and participation in international seminars and workshops where we strove to highlight the regulatory and operational features of our market and discussed about its performance. The SEM was welcomed by the New York Stock Exchange on that occasion. These road shows aimed at show casing our stock market and explain to potential foreign institutional investors the investment opportunities available on our market.
International Recognition
June 2007 The numerous initiatives implemented over a number of years by various stakeholders within the securities industry have enabled the SEM to secure the No 2 position at the Award Ceremony organized by the leading business magazine Africa Investor at the London Stock Exchange in June 2007, represented by the SEM Chief Executive.
SE of Mauritius
Marketing and Market Development

July to September 2007 The SEM has worked on a full-fledged marketing plan designed to better educate investors about the stock market and its operational features and to increase the number of retail investors on our market. A successful 4-week national educational campaign under the theme Faire de Maurice une nation dactionnaires comprising radio programmes and press interviews and press adverts, was organized in July 2007 in that regard. In the same vein, the SEM has entered into a cooperative venture with the National Stock Exchange of India to organize online courses for market participants, investors and the public in general. Two education modules are being proposed namely Financial Markets for beginners and Derivatives Market. The curriculum, course contents of these programs as well as the registration procedures can be found on SEMs website. Considering the prime need of creating an awareness and understanding amongst the market participants and investors in Mauritius and also with a view to protecting investors interests in financial markets for taking informed decisions, SEM intends to step up its efforts to encourage more people to enrol in such online courses, covering various aspects of financial markets. This initiative has also been proposed to the Committee of SADC Stock Exchanges. November 2007 MSCI Barra, a leading provider of investment decision support tools worldwide, including indices and portfolio analytics, announced in November 2007 the launching of the MSCI Frontier Markets Indices, and Mauritius has been included on the list of 19 markets that the MSCI Frontier Markets Indices are tracking. The SEM is working along with MSCI Barra on the MSCI Frontier Markets Indices.
SE of Mauritius
173
Operational Framework
March 2007 At the launch of the Development & Enterprise Market (DEM) in August 2006 (month of launching), 43 new companies were listed on this new market, and trading on the DEM took place three times a week. The success of the DEM with investors and its strong performance (+52% growth of the markets main index, DEMEX, during the August 2006 30 March 2007 period) prompted the SEM in March 2007 to increase trading to five days a week and to increase trading hours. The whole purpose of this initiative is to enable investors to manage their portfolios more actively and take advantage of a booming stock market environment. We are already planning to extend trading hours on both the Official Market and the DEM into the afternoon in 2008 and eventually move to full day trading. We will, thus, become one of the only small markets with full day trading.
Regulatory Framework
February 2007 to July 2007 Setting up of a Technical Committee with the market regulator to discuss the project for the implementation of new listing requirements for global business/ offshore entities. Proposed amendments to the SEM Listing Rules to be finalised in the light of new regulations on collective investment schemes to be adopted under the Securities Act 2005. October 2007 - November 2007 Proposed amendments to the SEM Trading Rules and Procedures for the implementation of Turn Around Trading and Securities Lending drafted and submitted to the market regulator for approval.
SE of Mauritius
September 2007 - December 2007 Review of all existing rules and regulations of the Stock Exchange to ensure consistency with the Securities Act 2005 and Financial Services Act 2007, which came into force by proclamation on September 28, 2007. September 2007 - December 2007 Finalisation and approval by the SEM Board of the Draft SEM Constitution to be adopted under the Securities Act 2005 and submission of the Draft Constitution to the market regulator for approval. December 2007 Review and finalisation of the Draft SEM Membership Rules to be approved by the SEM Board.
Listing Activities
May and December 2007 The Global Investment Opportunities Fund Ltd (GIOFL), an open-ended global business investment fund company was listed on May 10, 2007 while Dale Capital Partners Limited (DALE) was admitted on December 23, 2007 as the first overseas company on the Exchange. September 2007 Following the coming into force of the Securities Act 2005 on September 28, 2007, the Listing Division has been tasked with reviewing its Listing Rules and DEM Rules to ensure consistency with the new legal and regulatory provisions. The SEM has also set up a working committee, comprised of executives of the Exchange and representatives from listed issuers and the securities industry in general, to conduct a broad
SE of Mauritius
175
review of the existing Listing Rules for the Official Market. The main purpose of such an exercise is to keep in line with international standards of best practice. This project is however still in progress and is expected to be finalised during the current year. January December 2007 The SEM is working in close collaboration with the Financial Services Commission on a project for the development of a listing facility targeting global business funds (or collective investment schemes) and companies, as well as other international products. A comparative study of some jurisdictions with a flourishing funds business has been undertaken to develop a suitable model for Mauritius. As such, renowned jurisdictions have been used as reference to develop the model proposed for Mauritius and in the same breadth to revamp the SEMs listing regulations. June to December 2007 To keep ahead of latest developments in the world of financial reporting, the SEM is taking the initiative to consider the adoption of XBRL (eXtensible Business Reporting Language) for the thorough and timely filing of business and financial results. The project is still in its initial phase of development and though a long-term and nationwide assignment, it seems worth the journey considering the far-reaching benefits it presents in the manipulation and understanding of corporate information.
SE of Mauritius
SEM Ongoing Plans

We have been among the most innovative exchanges in Africa on the operational and regulatory fronts. We now want to extend our innovative initiatives to the product front. We will soon be in a position to offer our investors a wide choice of investment products ranging from cash instruments (stocks, treasury bills, corporate and government bonds) to sophisticated derivatives instruments (futures contracts on indices, single-stock futures, interest-rate futures and currency futures etc). SEM aims at setting up and trading derivative products on specific underlying financial instruments that are currently traded on that Exchange. Consequently, we will during the course of the coming year become the first small exchange in Africa to trade derivative products, such as Futures Contracts on indices and on single stocks. The Mauritius Bourse is planning to introduce the concept of turn-around trading which, by enabling an investor to buy and sell shares during the same trading session to take advantage of intra-day price movements, is expected to enhance liquidity on the market. The effective date for the implementation of turnaround trading and securities lending is 11th April 2008. Following a successful national educational campaign in 2007 under the theme Faire de Maurice une nation dactionnaires the SEM intends to pursue similar educational initiatives in 2008 through different educational modes currently in the pipeline. This is in line with its vision to developing an investment culture in Mauritius, and sensitising people about the functional and operational aspects of capital markets with a view to bringing the stock market within the reach and understanding of the general public.
SE of Mauritius
The SEM is also in the process of redesigning its website in 2008 to provide additional features for investors. Early this year, as from 10th March 2008, our iNet programme has been enhanced to provide the following information in real-time: Volume traded on each security and Details of all trades effected on a security (users just need to double click on
177
the new Volume Traded column to view this information). Through the I-Net service, an investor can now trade on both markets on-line, through his broker, on the Stock Exchange of Mauritius. In 2008, with a redesign in the pipeline, the Exchange will step up its efforts to provide users with a comprehensive online coverage of all market activities, attending to the requirements of different stakeholders and enhancing its visibility on the international front. This is in line with the commitment that the SEM website should remain a useful source of company information and data for local as well as international institutional and retail investors. On the international and regional fronts, the SEM will continue pursuing initiatives to expand the scope of its activities and seize opportunities of enhancing professional and consulting links with other exchanges through the different associations of Stock Exchanges, namely the Committee of SADC Stock Exchanges (COSSE), the African Stock Exchanges Association (ASEA), the Southern Asian Federation of Exchanges (SAFE), and the World Federation Exchanges (WFE).
SE of Mauritius
Uganda Stock Exchange

Background
The Uganda Securities Exchange (USE) was licensed to operate as an approved Stock Exchange in June 1997 by the Capital Markets Authority of Uganda. The USE began formal trading operations in January 1998 following the listing of its maiden instrument, the East African Development Bank (EADB) Bond. Currently the products listed on the Exchange include bonds and 9 equities (3 of the equities are cross listings). Chronological History of The Exchange 1997:- The Licensing of the USE by the Capital Markets Authority of Uganda to operate as a 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 floatation and eventual listing of USEs first equity, the Uganda Clays Ltd (UCL) on 18th January. IPO was oversubscribed by 15%. 2000:- The flotation of the British American Tobacco (Uganda) Ltd BATU on 28th June. BATUs IPO was 5% oversubscribed and represented the second divestiture of government held shares through the Exchange. 2001:- The first ever cross border listing in the East African market 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 Stock Exchange (NSE) in terms of capitalization. 2002:- The cross-listing of the Kenya Airways share on the USE on the 28th of March becoming USEs second cross listed product. 2002:- The first flotation of a commercial banks shares through the floatation of 20% of Bank of Baroda Uganda (BOBU)s stock on the 2nd September, 2002. 80million shares
179
were sold in multiples of 100 at Ushs 600 per share. The IPO was 16.7 % oversubscribed 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 23
rd
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 Uganda's 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. The best to date.
Profile
Website Address Time Zone Trading Days Trading Hour : www.use.or.ug : 2nd Floor, Workers' House, Plot 1, Pilkington Road, Kampala, Uganda. : GMT + 3.00 : Monday, Tuesday, Thursday : 10:00 - 12:00 Telephone/Fax : + 345208.1328
Mr. Samwiri Njuki Ms. Harriet Kiwanuka 1997 NA Capital Markets Authority Cash Market, Bond Market Manual continuous open outcry auction system The Stock Exchange T+5 Unavailable 10% tax on divedend and interest income. No tax on capital gains No Restrictions
Unavailable Uganda Shilling
181
Trading Statistics
Indicators
2005
3.09 13.42 762 9 9 1.85 20.61 0.17 15.40 NA
2006
5.87 15.49 1,170 11 11 2.39 22.38 0.25 15.43 NA
2007
50.21 484.13 14,338 12 12 3.53 30.00 1.42 16.11 NA
Sectors Traded
Construction Financial Sector Industry Agriculture and Processing Aviation Media Telecom

1 6 1 1 1 1 1

Sector Name
1 Financial 2 Construction 3 Media
Sector Name
4 Agriculture and Processing 5 Industry
Bonds Statistics
Indicators
2005
10.54 10.54 NA NA
2006
36.52 36.52 NA NA
2007
467.52 467.48 0.03 NA
Products
Product
Stocks Bonds

Ordinary Shares Government Bonds since 1998, Corporate Bonds since 2004 & Municipals bonds.
183
Indices
Index Name
USE ALSI

All Share Index

Index
USE ALSI
Closing 2006
849.75
Closing 2007
991.12
% Change
16.64%
USE ALSI Performance during 2007

1050 1000 950 900 850 800 750 700 Jan-07 Feb-07 Mar-07 Apr-07 May-07 Jun-07 Jul-07 Aug-07 Sep-07 Oct-07 Nov-07 Dec-07
IPOs
Company
Stanbic Bank (U) Ltd
Date
01/2007
Value (USD million)

41.25
Achievements
The year 2007 was a year of records for USE, the following are some of the highlights Stanbic Uganda IPO The offer of Ushs 70bn was the biggest of its kind in Ugandas history. The issuance attracted willing investors from the region and beyond and was oversubscribed by more than 200%. Secondary market activity At over Ushs 85bn, turnover for the year was over three times the Exchanges activity over its first six years of operation. The USE ALSI has soared to over 1,000 reaching a new high of 1,052. (Base year is 2001 and base value is 100) Launch of the BERI forum The first of its kind in the Market the BERI Forum is the Bonds, Equities and Related Instruments Forum; a forum the brings together industry professionals and stakeholders from government to discuss, evaluate and propose policies aimed at development our economy through enhancing our financial sector. The Forum has since become very popular as it hits topics ranging from pension reform, infrastructure development through bonds, regional integration etc.
185
Ongoing Plans
Regional integration Under the umbrella East African Stock Exchanges Association (EASEA) the exchange will continue to push the agenda for regional integration. The initiative aims at integrating the three East African bourses plus markets from the new members of the East African community (Rwanda and Burundi) to create one deeper East African bourse. CDS implementation The CDS Bill was passed by cabinet it is now before parliament awaiting its debate. Bourse Game launch ASEA Conference USE will be hosting the 12th ASEA Conference from 9th 11th November 2008 Demutualisation Plans are underway to demutualise the USE in the near future.
Zimbabwe Stock Exchange (ZSE)

Background
Zimbabwe's first stock exchange opened in 1896 in Bulawayo. It operated for six years. The present Zimbabwe Stock Exchange was founded in 1946 in Bulawayo. In December 1951, a second floor was opened in Harare. In January 1974, the Zimbabwe Stock Exchange Act was promulgated as Act 27 of 1973 (chapter 198) which formalised the establishment of the present Zimbabwe Stock Exchange (ZSE) with its head office in Harare. A revised ZSE Act was published in 1996 as Chapter 24:18.
187
Profile
Website Address Time Zone Trading Days Trading Hour : www.zse.co.zw :4
th
Floor, 101 Union Avenue, Kwame Nkrumah Avenue, Harare, Zimabwe
Telephone/Fax : +263 - 4- 252779 / 701096 / 736861 : GMT + 2.00 : Monday - Friday : 09:00 - 10:30, 12:00 - 14:00
Zimbabwe Stock Exchange
Mr. B. Mswaka Mr. E. Munyukwi 1946 Since Inception ZSE Cash Market EFA The Stock Exchange T+7 Intra-day Trading, Short Selling & Borrowing 15%, 20% & 5% respectively Aggregate foreign equity ownership in a listed Company is limited to 40% and 10% for individuals Unavailable Dollar (ZW$)
Trading Statistics
Indicators
2005
11,117.74 9,594.13 NA 82 79 34.70 NA 3.22 NA NA
2006
767.25 7,937.91 NA 83 80 26.88 NA 2.85 NA NA
2007
8,494.33 8,631.70 NA 85 82 821.81 NA 1.03 NA NA
Investors Type
Foreign 2% Investors

5% Individuals
Local Investors 98% Institutions 95%
189
Sectors Traded
Financial Agri Processing Industrial Mininng Tourism Property Technology Insurance

10 13 40 5 2 3 2 7

Sector Name
1 Financial 2 Industrial 3 Mining 4 Technology 5 Insurance
Sector Name
Products
Product
Stocks

Equities Warrants Zimbabwe Depository Receipts
Indices
Index Name
Industrial Mining

Price Index Price Index

Index
Industrial
Closing 2006
569,864.08
Closing 2007
1,911,538,281.84
% Change
335,338%
Industrial Index Performance during 2007

2,500,000,000 2,000,000,000 1,500,000,000 1,000,000,000 500,000,000 0 Jan-07
Feb-07
Mar-07
Apr-07
May-07
Jun-07
Jul-07
Aug-07
Sep-07
Oct-07
Nov-07
Dec-07

Index
Mining
Closing 2006
409,303.21
Closing 2007
2,363,257,849.25
% Change
577,286%
191
IPOs
Company
ZPI Pearl
Date
23/07/2007 22/08/2007
Value (USD billion)

554.17 1,000.26
ZSE Ongoing Plans

Implementation of a Securities Commission to oversee the operations of the Zimbabwean Stock Market in terms of the Securities Act of 2001. Establishment of a Central Depository System (CDS) to easy settlement inefficiencies and reduce the Settlement Cycle from the current T+7. Review of ZSE listing requirements in line with regional trends and the JSE Securities Exchange. Review of the Companies Act (Chap 24:03) in conjunction with The Registrar of Companies. Demutualization in terms of the Securities Act.
193
ASEA
ASEA Audited
Financial Statements
June 2007
Income And Expenditure Statement For The Year Ended 30 June 2007
Indicators
Income Subscriptions from members Interest income 9,000 3,065 8.500 1,603
Notes
2007 (US$)
2006 (US$)
12,065 10,103 Administrative Expenses Postage Audit fees 58 2384 884 632 280 4,238 Surplus from operations Taxation Surplus for the year
The notes set out on pages 200 to 203 form an integral part of these financial statements
- current year - prior year under provision
Bank charges Professional fees Foreign exchange loss
1,500 237 576 2,779 171 5,263 4.840
7,827
(920) (1,728) 6,907 3,112
Balance Sheet At 30 June 2007

Notes
ASSETS Current assets Debtors Bank balances Other debtors 4 5,000 85,955 1,891 92,846 TOTAL ASSETS FUND BALANCE AND LIABILITIES Fund balance Current liabilities Prepaid membership fees Accruals Taxation 5,500 6,529 1,261 13,290 TOTAL FUND BALANCE AND LIABILITIES 92,846 4,040 341 4,381 77,030 79,556 72,649 92,846 9,500 66,857 673 77,030 77,030
2007 (US$)
2006 (US$)
The financial statements on pages 196 to 203 were approved by the executive committee on 27 October 2007 and were signed on its behalf by :
President:_______________
Vice President:______________
The notes set out on pages 200 to 203 from an integral part of these financial statements
197
Cash Flow Statement For The Year Ended 30 June 2007

2006 (US$)
Operating surplus before tax Less: Interest income 7,827 (3,065) (4,762) Income taxes paid Operating surplus before working capital changes Decrease in debtors Increase /(decrease) in accrued liabilities Net cash flow from / (used in) operating activities INVESTING ACTIVITIES Interest received Cash flow from investing activities Net movement in cash and cash equivalent Cash and bank balances at beginning of the year Cash and bank balances at end of year
The notes set out on pages 200 to 203 form an integral part of these financial statements
2005 (US$)
4,840 (1,603) (3,237) (1,684) 1,553 327 (6,855) (4,975)
4,762 3,282 7,989 16,033
3,065 3,065 19,098 66,857 85,955
1,603 1,603 (3,372) 70,229 66,857
Statement of Changes in the Fund Balance for the Year Ended 30 June 2007
(US$)
Balance as at 1 July 2005 Surplus for the year Balance as at 30 June 2006 Surplus for the year Balance as at 30 June 2007
The notes set out on pages 200 to 203 form an integral part of these financial statements.
69,537 3,112 72,649 6,907 79,556
199
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2007
1. SIGNIFICANT ACCOUNTING POLICIES The principal accounting policies adopted in the preparation of these financial statements are set out below: a) Basis of preparation The financial statements are prepared in accordance with and comply with International Financial Reporting Standards and under the historical cost convention. All monetary figures appearing in the financial statements, unless otherwise indicated are stated in United States dollars (US$). The preparation of financial statements in conformity with International Financial Reporting Standards requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. The estimates and assumptions are based on the Executive Committees best knowledge of current events, actions, historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about the carrying values of assets and liabilities are not readily apparent from other sources. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period, which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. b) Revenue Revenue is accounted for on accrual basis. Subscriptions represent annual subscriptions receivable from the various stock exchanges that are members of the Association. c) Taxation
For tax purposes the Associations gross income is deemed to be taxable income. However, where more than 75% of the gross income is earned from members subscriptions, then the gross subscription income is not subject to tax. Investment income is however subject
to taxation unless the Association is granted exemption by the Kenyan Minister for Finance. d) Cash and cash equivalents For the purposes of the cash flow statement, cash and cash equivalents comprise bank balances held with the bank. e) Debtors Debtors are stated at their nominal values less write downs for any amounts considered to be unrecoverable. f) Creditors Creditors are recognised when the Association has a present legal or constructive obligation as a result of past events and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate of the amount of the obligation can be made.
2. STAFF COSTS The Association did not incur any staff costs in the year. Average number of people engaged in the year Nil (2006 Nil).
3. TAXATION Taxation on investment income @ 30% Prior years under provision
2007 US$ 920 920
2006 US$ 481 1,247 1,728

In the year subscription income from members formed more than 75% of the gross income and therefore is not subject to taxation under the Income Tax Act.
201
4. DEBTORS Subscriptions outstanding for over 6 year: Subscriptions outstanding for over 5 years but less than 6 years Subscriptions outstanding for over 2 years but less than 3 years Subscriptions outstanding for over 1 years but less than 2 years Current subscriptions due
2007 US$ 500 1,000 1,500 3,500 5,000
2006 US$ 500 500 500 1,500 8,000 9,500
The Executive Committee is of the opinion that the above outstanding contributions are recoverable in full and consequently no provisions have been made in the financial statements.
5. ACCRUALS Website fees Audit fees - current year - Previous year Nairobi Stock Exchange Provision for tax penalties
2007 US$ 87 2,384 2,384 301 1,373 6,529
2006 US$ 87 1,500 1,080 1,373 4,040
6. MEMBERS LIABILITY The members liability is limited by guarantee at KShs 10,000 per member. The number of members as at 30 June 2007 was 18 (2006 18).
7. CONTINGENT LIABILITY An in-depth review of the tax status of the Association in 2006 revealed that the Association had not filed tax returns and paid installment taxes on time. The Association has now paid the principal amount but applied for a waiver of interest and penalties. The waiver had not been granted as at 30 June 2007. 8. INCORPORATION The Association is incorporated in Kenya under the Companies Act as a company limited by guarantee. 9. CURRENCY The financial statements are presented in US Dollars (US$).
203
Disclaimer
All the information stated in the book has been obtained from its original sources. The role of CASE is only confined to displaying such information. CASE bears no responsibility for the information or any errors or omission of the data or misuse of the information by any person or institution.
African Securities Exchanges Assosiation President Cairo & Alexandria Stock Exchanges 4A, El Sherifein St., Postal Code 11513, P.O. Box 358 Mohamed Farid, Down Town, Egypt Tel.: +202 23955266 - 23955477 Fax.: +202 23955799
w w w . e g y p t s e . c o m
African Securities Exchanges Assosiation Secretariat Nairobi Stock Exchange
Nation Centre, First Floor, Kimathi Street, P.O. Box 43633, Nairobi 00100 Tel.: +254 20 2831000 - 20 2422065 Fax.: +254 20 224200
w w w . a f r i c a n s e a . o r g
ASEA Yearbook 2007 - Produced by: Cairo & Alexandria Stock Exchanges

2007 ASEA Yearbook PDF

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Af r i c a n Se c u r i t i e sEx c h a n g e sAs s oc i a t i on

ASEA Executive Committee

Member Mr. Geoff Rothschild JSE Limited

Member Mr. Simon Rutega Uganda Securities Exchange Ltd.

Member Dr. Ndi OKereke-Onyiuke The Nigerian Stock Exchange

Member Mr. Chris Mwebesa Nairobi Stock Exchange (NSE)

Maged Shawky President African Securities Exchanges Association

Maged Shawky President African Securities Exchanges Association

ASEA Member Countries

Mali Senegal Guinea Burkina Faso Cote Dvoire Ghana Togo

Niger Sudan Nigeria

Tanzania Malawi Zambia Namibia Zimbabwe Botswana Mauritius

ASEA Member Exchanges

Main Economic Indicators (ASEA Member Countries)

Market Highlights (ASEA Member Stock Exchanges)

Member Exchanges Profiles Bond Exchange of South Africa

ASEA Audited Financial Statements - June 2006

African Securities Exchanges Association

African Securities Exchanges Association

ASEA Primary Objects & Powers

membership ... is open to any ...

ASEA Yearbook 2007 14

ASEA Yearbook 2007 16

Annual General Meetings

ASEA Yearbook 2007 18

ASEA Conferences during 2007

ASEA Information & Promotional Avenues

ASEA Yearbook 2007 20

ASEA Participation and Strategic Partnerships

ASEA Bilateral Programs & Cooperations

visits among ASEA members Nairobi ... CASE ... Ghana

ASEA Yearbook 2007 22

ASEA Looking Ahead

ASEA Member Countries

Main Economic Indicators

ASEA Yearbook 2007 26

ASEA Yearbook 2007 28

ASEA Yearbook 2007 30

ASEA Yearbook 2007 32

Member Stock Exchanges

2007 Market Highlights

# of Listed Companies 30 73 435 32 422 53 6 13 54 27 212 91 12 85

DY (%) 3.10 NA 5.10 3.08 2.70 NA 2.64 2.62 4.95 NA 2.80 NA NA

Nigerian SE SE of Mauritius Uganda SE Zimbabwe SE

Comparative Market Statistics (2007 vs. 2006)

ASEA Yearbook 2007 34

Return on ASEA Member Exchanges Indices (Local Currency)

* ZWD currency was revalued in August 2006.

Khartoum SE Namibian SE JSE Ltd Ghana SE

ASEA Yearbook 2007 36

SE of Mauritius Zimbabwe SE Namibian SE JSE Ltd

ASEA Yearbook 2007 38

2007 Gains in ASEA Member Exchanges Indices (local currency)

335,337.6% 109.9% 74.7% 53.8% 51.3% 35.9% 33.9%

31.8% 16.6% 16.2% 12.2% -0.4% -3.6%

* ZWD currency was revalued in August 2006

Top 5 Member Exchanges by Value Traded in 2007 (USD million)

* ZWD currency was revalued in August 2006

ASEA Yearbook 2007 40

Gains in Value Traded (2007 vs. 2006)

88,448% 1,007% 756% 359% 210% 181% 159% 121%

114% 92% 57% 32% 8% -13%

Top 5 Member Exchanges by Volume Traded in 2007 (million)