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Transcript of 2009 ASEA Yearbook
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ASEAYearbook
2009
African Securities Exchange Association
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ASEA Member Countries
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ASEA Member
Exchanges
1. JSE Limited
2. Bolsa de Valores de Cabo Verde
3. Botswana Stock Exchange
4. Casablanca Stock Exchange
5. Bourse de Tunis
6. Dar-es-Salaam Stock Exchange
7. Douala Stock Exchange
8. Egyptian Exchange
9. Ghana Stock Exchange
10. Libyan Stock Exchange
11. Lusaka Stock Exchange
12. Mozambique Stock Exchange
13. Nairobi Stock Exchange
14. Stock Exchange of Mauritius
15. Uganda Securities Exchange
16. Bourse Rgionale des Valeurs Mobilires
17. The Namibian Stock Exchange
18. Khartoum Stock Exchange
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Table of Contents5
PROFILES OF ASEA EXECUTIVE
COMMITTEE MEMBERS
12 PRESIDENTS LETTER
18 BRIEF ON ASEA
19 - Summary of Highlights
19- The name of the Association is African
Securities Exchanges Association (ASEA)
19 - When was the association created?
20 - Where is the secretariat located?
20 - What is the main role of the association?
20 - Members of the Association
22 - Conferences
22 - Upcoming Conferences
23
- Which are the governmental bodies at
the national or international level that the
association interacts with, if any?
25 MAIN ECONOMIC INDICATORS
35 MEMBER EXCHANGE PROFILES
36 JSE Limited
51 Bolsa de Valores de Cabo Verde
65 Botswana Stock Exchange
78 Bourse de Casablanca92 Bourse de Tunis
105 Dar-es-Salaam Stock Exchange
116 Douala Stock Exchange
129 Egyptian Exchange
144 Ghana Stock Exchange
155 Libyan Stock Exchange
164 Lusaka Stock Exchange
176 Mozambique Stock Exchange
184 Nairobi Stock Exchange
199 Stock Exchange of Mauritius
211 Uganda Securities Exchange
221 Bourse Rgionale des Valeurs Mobilires
230 The Namibian Stock Exchange
241 Khartoum Stock Exchange
253REPORT AND FINANCIAL
STATEMENTS
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Proles of ASEA
ExecutiveCommittee
Members
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Joseph S. Kitamirike
Mr. Kitamirike is the Chief Executive of Uganda Securities Exchange, having been appointed
in August 2010.
In his previous assignments he worked as CEO of National Housing & Construction Company
between 2005 and 2010, as Commissioner for Industry & Technology between 2003 and 2005
and as a Research Analyst at General Electric Capital Corp., Stamford, Connecticut. He also
worked with Uganda Development Bank and Uganda Investment Authority in the 1990s.
Mr. Kitamirike holds a B.Sc. (Eng.) (Hons.) in Mechanical Engineering and an MBA (Finance)
from the University of Connecticut, USA.
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8ASEA Yearbook 2009
Geoff Rothschild CA (SA), Chartered Marketer (SA)
Director: Government & International Affairs
Geoff Rothschild is an immediate past Chairman of the JSE and was a member of the board
from 1991 - 2008. Geoff currently holds the position of Director: Government and International
Affairs promoting the JSE. After qualifying as a Chartered Accountant he spent 30 years in
the stockbroking industry with Sasn Frankel Pollak Securities. Initially he was in charge of
administration, followed by the positions of Financial Director, Joint Managing Director and
nally Marketing Director.
Geoff focuses on African Stock Exchanges, has chaired the Committee of SADC SouthernAfrican Developing Countries) Stock Exchanges (CoSSE) since 2004, is Deputy President of the
African Stock Exchange Association (ASEA). He is a Director of the NEPAD (New Partnership
for Africas Development) Business Foundation and is on their Operating & Audit Committees.
He is a Council Member of the National Advisory council for Innovation (NACI) which advises
the Minister of Science and Technology and an Honorary Fellow of the Da Vinci Institute of
Technology. Besides this he also assists with various charitable organisations for example
NOAH (Nurturing Orphans of Aids for Humanity, CHOC (Childhood Cancer Foundation),
Education Africa, the Nelson Mandela Childrens Hospital, and the Football Foundation ofSA.
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Mr. Ekow Afedzie
MR. EKOW AFEDZIE, is currently the Deputy Managing Director of the Ghana Stock Exchange.
He was educated at the University of Ghana, Legon, Ghana where he obtained a Masters Degreein Business Administration in 1989. He joined the Ghana Stock Exchange in 1990 when it was
established and has risen through the ranks to become the Deputy Managing Director of the
Stock Exchange.
He is the immediate past Vice President of the African Securities Exchanges Association (ASEA)
and currently a member of the Executive Committee of ASEA.
Mr. Afedzie has been one of the strong pillars behind the growing success of the Ghana Stock
Exchange. He is experienced in stock market operations and has participated in many
international conferences on Stock Market issues. He has also made contributions to local and
international research on stock markets, and presented papers on stock market operations at
many local and international fora.
Mr. Afedzie was the Project Manager for the recent automation of the Ghana Stock Exchange
and he is currently coordinating the Integration of West Africa Stock Markets and the
demutualization projects at the Exchange.
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10ASEA Yearbook 2009
Peter K. Mwangi, CFA
Peter Mwangi is the Chief Executive of the Nairobi Stock Exchange. He is also a Director of
the Central Depository and Settlement Corporation in Kenya, and a Member of the ExecutiveCommittees of both the African Securities Exchanges Association (ASEA) and the East African
Securities Exchanges Association (EASEA).
Before joining the Exchange, Peter was the Managing Director of Centum Investment. Centum
is the largest publicly quoted investment company in the East African region.
Peter holds a Bachelor of Science degree in Electrical Engineering from the University of
Nairobi. He is a Certied Public Accountant of Kenya and a CFA charterholder.
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Sunil Benimadhu
Sunil Benimadhu is the Chief Executive of the Stock Exchange of Mauritius (SEM). He has
also spearheaded the project to enable the SEM join the World Federation of Exchanges, a key
standard-setter in the stock exchange industry. Sunil has been elected President of the African
Securities Exchanges Association (ASEA) on the 30th
August 2010. He was a member of the
Executive Committee of the South Asian Federation of Exchanges (SAFE), and the Chairman of
the SADC Committee of Stock Exchanges (COSSE). Sunil is also a regular speaker on emerging
markets and on African markets in international stock exchange conferences.
Before joining the SEM, Sunil worked in the Treasury Department of the African DevelopmentBank (ADB). He was the General Manager of the National Mutual Fund Limited in Mauritius
and played an instrumental role in the structuring, marketing and setting up of the National
Investment Trust Limited, one of the largest investment trusts listed on the Exchange.
Sunil Benimadhu holds a MBA in Finance and Investment from the University of Illinois,
United States. He also holds a D.E.A in Development Economics and a Matrise in Macro-
Economics from the University of Aix-Marseille, France.
THE STOCK EXCHANGEOF MAURITIUS LTD
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12ASEA Yearbook 2009
Africa is increasingly being viewed by investors worldwide as a very promising investment
destination with strong present and future growth potential. The continents rise to
prominence as an attractive investment destination stems from the conjunction of a
number of key positive factors.
Africa is home to 25% of the worlds resources and is well-positioned to gain from the
gradual shift of the balance of economic power from the West to the East, pointing to
an increased demand for Africas resources from the highly populated and fast growing
economies of the East.
Many African countries have achieved growth rates exceeding 5% in recent years and
have embraced fundamental structural reforms programmes that have set them rmly on
the path of strong and sustainable future growth. African stock markets have been among
the best performers between 2000 and 2010, offering local and international investors
annualized double-digit returns in US dollar terms. Growth prospects in the developed
world look anaemic at best and international investors are growingly looking for superior
returns outside of their traditional markets. African countries and African stock markets
are considered as the last growth frontier in the world.
The key to maintaining sustained interest in the continents investment opportunities,
in my view, lies in the commitment to an African vision that involves the pursuit ofexcellence at all levels, the embracement of democratic principles and good governance at
Presidents Letter
Sunil Benimadhu
President,African Securities
ExchangesAssociation
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the highest decision-making levels, the implementation of inclusive growth that improves theliving standards of all social classes and the continued improvement of the business climate
in Africa.
The prominent role of African Stock Exchanges in harnessing Africasgrowth opportunities
African Stock Exchanges will be called upon to play an increasingly important role in the
coming years to accompany and reinforce the transformational process in Africa. Stock
Exchanges can become powerful platforms for capital raising by both African companies aswell as international companies operating out of Africa and contribute in a meaningful way
to the democratization process of African countries by enabling a larger pool of Africans to
obtain a stake in the listed companies, benet from their growth potential and become actors
of Africas transformation.
During the 2005-2010 period, stock markets in Africa have played an increasingly important
role in providing capital to the private sector, particularly in the nancial services and
telecommunications sector. Between 2007 and 2009, over USD 10 billion of share capital
was raised across 18 Stock Exchanges, mostly through the listing of 170 new companies. The
ten largest markets is Africa have seen their market capitalization grow from USD 222 billion
to over USD 700 billion from 2002 to 2008, achieving an annualized growth rate of 18%
during this time frame. Stock Exchanges have also played an important role in providing local
savers, alternative investment vehicles to the traditional bank deposits that were hitherto the
only form of organized investment instrument available.
As the interest on Africa as an attractive investment destination gathers further momentum,
it would be interesting for ASEA, as the apex body of Stock Exchanges in Africa, to reecton a value-enhancing action plan that can strengthen the role of African Stock Exchanges in
harnessing Africas growth opportunities.
The ten largestmarkets is
Africa have seen
their market
capitalization grow
from USD 222 billion
to over USD 700
billion from 2002 to
2008, achieving an
annualized growth
rate of 18% during
this time frame.
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14ASEA Yearbook 2009
ASEA: Shaping up the future of African Exchanges
ASEA has steadily raised its prole over the years, growing in number and succeeding
in attracting new Exchanges to join the Association. Moreover, ASEA has successfully
implemented a number of key initiatives to raise the visibility of African Exchanges at the
international level and has actively participated with other institutions to sponsor events
linked to the promotion of African Stock markets. Going forward, ASEA can further crystallise
the growing interest on Africa by pursuing the following initiatives:
1. ASEA should position itself as the organization of reference and of choice for any
investor who is willing to obtain rst hand information on African markets. To achieve
this objective, it is fundamental that ASEAs website becomes a key source of dynamic
and updated information for the international investment community.
2. The experience of other similar regional international associations such as the World
Federation of Exchanges (WFE) clearly underscores the importance of having a
permanent secretariat which is entirely devoted to the activities of the Association andis responsible for implementing the plan/vision set by the Executive Committee of
ASEA. The need of setting up a Permanent Secretariat to drive ASEAs agenda and
scale up ASEAs activities in a meaningful way needs to be discussed.
3. ASEAs Secretariat needs to undertake a thorough assessment of the activities and
organisational aspects of other Exchange associations in other parts of the world and
come up with a proposal of activities that ASEA may need to pursue to scale up its
activities.
4. ASEA needs to endorse the important role of increasing the visibility of African markets
at the international level. The different ways and means of achieving this objective
need to be discussed and a concrete action plan for the next two years be determined.
ASEA should
position itself as
the organization
of reference
and of choice
for any investor
who is willing to
obtain rst handinformation on
African markets.
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5. ASEA needs to nalise discussions with a major index provider to come up with credibleAfrican Index that will be jointly owned with the Index provider. This African Index needs
to emerge as an attractive benchmark for investors investing on African Stock markets.
This index could be used as the reference index for the setting up of an attractive African
ETF that can be listed on different African Exchanges.
6. There is a need to attract more members to the Association, while ensuring a greater
commitment of existing members to the objectives of the Association.
7. ASEA needs to give its support to initiatives that aim at achieving greater integration among
African markets.
Changes in the Executive Committee
ASEA has witnessed some important changes at the level of the Executive Committee in the course
of 2010. The immediate former Vice President, Mr. Simon Rutega resigned from his position as
the Chief Executive Ofcer of the Uganda Securities Exchange on July 1 2010. On July 14 2010,
Mr. Maged Shawky Sourial who served as the President of the Association from 2005 to 2009,
resigned from his position as Executive Chairman of the Egyptian Exchange. On August 5 2010,the immediate former President, Professor Ndi Okereke - Onyiuke vacated her position as the
Director General of the Nigerian Stock Exchange. I had the privilege of serving on the Executive
Committee with all of them and I would like to take this opportunity, on behalf of the Association,
to applaud them for their service and contribution towards the development of Africas capital
markets. I also want to wish them the best in their future endeavours. During the 20th Executive
Committee meeting on August 30 2010, in Mbabane, Swaziland, your Executive Committee
appointed me as President and Mr. Geoff Rothschild as the Deputy President. We also welcome
on the Executive Committee, the following new members, Dr. Khaled Seery Siam, Mr. JosephS. Kitamirike, and Mr. Emmanuel Ikazoboh, representing the Egyptian Exchange, the Uganda
Securities Exchange and the Nigerian Stock Exchange, respectively. We look forward to working
with the new members of the Executive Committee to take the Association to the next level.
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16ASEA Yearbook 2009
MembershipsIn the year under review, the Association has admitted the following three securities exchanges:
Bolsa de Valores de Cabo Verde, Bourse de Tunis and Douala Stock Exchange as full members
of ASEA . The number of ASEA members currently stands at twenty one (21) and represents
twenty seven (27) African States - Benin, Botswana, Burkina Faso, Cape Verde, Cte dIvoire,
Egypt, Ghana, Guine Bissau, Kenya, Libya, Mali, Malawi, Mauritius, Morocco, Mozambique,
Namibia, Niger, Nigeria, Sngal, South Africa, Sudan, Tanzania, Togo, Tunisia, Uganda,
Zambia, and Zimbabwe. The Central Securities Clearing System Ltd of Nigeria is an observer
member and the South Asian Federation of Exchanges (SAFE) is an afliate member. In August
2010, The ASEA Executive Committee approved the request of the Swaziland Stock Exchange
for a voluntary suspension of its memebership.
Events
The 14th
ASEA Annual Conference will be held hosted by the Lusaka Stock Exchange (LUSE ) at
Livingston, Zambia, from 11 12 November 2010. The theme of the Conference is Integration
of African markets through technology. On behalf of ASEA, I would like to express my sincere
thanks and appreciation to LUSE for taking the lead in organizing this conference at a very
propitious time for African Stock Exchanges. This year again, ASEA has partnered with Africa
Investor (Ai) for the 2010 Ai Index Series Roundtable and Awards, that were held at the premises
of NYSE Euronext in New York on September 17 2010. The Ghana Stock Exchange scoped the
accolade for the most innovative African stock exchange in 2010. The Mauritius Financial
Services Commission was awarded the best African market regulator in the year.
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AppreciationIn closing, I would like to express my sincere appreciation to your continuing commitment
and support to the Association. We are all well aware that we would not have accomplished
as much, without the dedicated efforts of the Executive Committee members, the Secretariat
as well as all ASEA members.
I would like to end by quoting extracts of the June 2010 McKinsey Global Institute Report:
Lions on the move: The progress and potential of African economies. Africas growth
acceleration resulted from more than a resource boom. Arguably more important were
government actions to end political conicts, improve macroeconomic conditions, and create
better business climates, which enabled growth to accelerate broadly across countries and
sectors. Africas future growth will be supported by external trends such as the global race
for commodities, Africas increased access to international capital, and its ability to forge
new types of economic partnerships with foreign investors. Long term growth also will be
lifted by internal social and demographic trends, particularly Africas growing labor force,
urbanization, and the related rise of middle class consumers.
Africa is a continent that holds strong present and future promise. ASEA and African StockExchanges have a key role as the prominent drivers of change in Africa.
Sunil BenimadhuPresident
African Securities Exchanges Association
25th October 2010
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Brief onASEA
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riefonASEA
President : Mr. Sunil Benimadhu,
Secretariat : Mr. Donald Ouma
Website : www.africansea.org
Contact : [email protected]
1. Summary of Highlights
1. The Association has initiated discussions with FTSE
Group with a view to partnering in order to develop,
launch and manage a FTSE branded ASEA index.
2. The 13th
Annual General Meeting and Conference of
the Association was held from 2nd 4th December
2009, in Abuja, Nigeria and was hosted by the
Nigerian Stock Exchange.
3. Following the AGM, on December 2nd 2009, the
ofcials of the Executive Committee of the AfricanSecurities Exchanges Association are as follows:-
i. President: Mr. Sunil Benimadhu, Chief Executive
Ofcer: Stock Exchange of Mauritius
ii. Vice President: Mr. Geoff Rothschild, Director:
Government & International Affairs of the JSE
Ltd.
iii. Mr. Joseph S. Kitamirike, Chief Executive
Ofcer of the Uganda Securities Exchange Ltd.
iv. Dr. Khaled Seery Siam, Executive Chairman of
the Egyptian Exchange
v. Mr. Peter Mwangi, Chief Executive of the
Nairobi Stock Exchange
vi. Mr. Ekow Afedzie, Deputy Managing Director
of the Ghana Stock Exchange
vii. Ms. Yvonne Emordi, Principal Manager:
Strategy & New Products: Nigerian Stock
Exchange Ltd.
2. The name of the Association is AfricanSecurities Exchanges Association (ASEA).
3. When was the association created?
The 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 jointprograms between the members. The membership of the
association is open to any Stock Exchange or nascent Stock
Exchange located in the African region. The Association
has been holding annual conferences, which are hosted
by different members each year where issues relevant to
the growth of the regional capital markets are addressed.
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BriefonASE
A 4. Where is the secretariat located?
ASEA Secretariat
Nairobi Stock Exchange
Nation Centre, First Floor, Kimathi Street,
PO Box 43633, Nairobi 00100,
Tel: +254 20 2831000
Fax: +254 20 224200
www.africansea.org
5. What is the main role of the association?
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 benet 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; and
11. To do all other things, not inconsistent with the
foregoing as shall promote the objects and powers.
6. Members of the Association
Full Members
1. Bolsa de Valores de Cabo Verde
2. Bolsa de Valores de Moambique
3. Botswana Stock Exchange
4. Bourse de Casablanca
5. Bourse de Tunis
6. Bourse Rgionale des Valeurs Mobilires de lAfrique
de lOuest
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riefonASEA
7. Dar-es-Salaam Stock Exchange
8. Douala Stock Exchange
9. Egyptian Exchange (formerly Cairo and
Alexandria Stock Exchanges)
10. Ghana Stock Exchange
11. JSE Ltd
12. Khartoum Stock Exchange
13. Libyan Stock Market
14. Lusaka Stock Exchange
15. Namibian Stock Exchange
16. Nairobi Stock Exchange
17. Nigerian Stock Exchange
18. Malawi Stock Exchange
19. Uganda Securities Exchange
20. Stock Exchange of Mauritius
21. Stock Exchange of Swaziland (following a voluntary
request, suspended since August 30 2010)
22. Zimbabwe Stock Exchange
Observer Member
1. Central Securities Clearing System Ltd. (Nigeria)
Afliate Member
1. South Asian Federation of Exchanges (SAFE)
The full members represent twenty seven (27) African states
- Benin, Botswana, Burkina Faso, Cape Verde, Cte dIvoire,
Egypt, Ghana, Guine Bissau, Kenya, Libya, Mali, Malawi,
Mauritius, Morocco, Mozambique, Namibia, Niger, Nigeria,
Sngal, South Africa, Sudan, Tanzania, Togo, Tunisia,
Uganda, Zambia, and Zimbabwe.
The African states which the ASEA members represent belong
to the following regional economic groupings within Africa
alone
Economic and Monetary Community of Central Africa
(CEMAC)
Intergovernmental Authority on Development (IGAD)
Southern African Development Community (SADC)/
Southern African Customs Union (SACU)
West African Economic and Monetary Union (UEMOA)
Community of Sahel-Saharan States (CEN-SAD)
East African Community (EAC)
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22ASEA Yearbook 2009
BriefonASEA Economic Community of Central African States
(ECCAS)
Economic Community of West African States
(ECOWAS)
Middle East Free Trade Area (MEFTA);
7. Conferences
The Nigerian Stock Exchange (NSE) hosted the thirteenth
(13th) Annual Conference of the African Securities
Exchanges Association (ASEA) which took place at the
Transcorp, Hilton in Abuja, Nigeria from 2 4 December
2009. The theme of the conference was GLOBAL CRISIS:
Opportunities for African Capital Markets.
Participants were welcomed to the conference by the
Minister of State for Finance, Planning and Economic
Development (General Duties), of the Republic ofUganda, Hon. Fred Jachan Omach. The President of the
Republic of Uganda, His Excellency President Yoweri
Kaguta Museveni ofcially opened the Conference. The
President stressed the need for stock exchanges to be at
the forefront of providing avenues for mobilizing savings
and investments from which African governments can
benet by raising funds through issuance of bonds to
fund infrastructure.
On September 17 2010, ASEA partnered with Africa
Investor (Ai) for the 2010 Ai Index Series Roundtable and
Awards, that were held at the premises of NYSE Euronext
in New York. The Ghana Stock Exchange scoped the
accolade for the most innovative African stock exchange
in 2010. The Mauritius Financial Services Commission
was awarded the best African market regulator in the
year.
8. Upcoming Conferences
The fourteenth (14th) ASEA AGM and Conference will
be hosted by the Lusaka Stock Exchange in Zambia. The
theme of the conference is Integration of African Markets
through technology.
The caption for the photograph should read, Hebatallah El Sera: Head
Research & Markets Development: Egyptian Exchange collects the
award for Juhayna Food Industries Egypt, which won in the category
for Best African IPO.
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riefonASEA
9. Which are the governmental bodies at thenational or international level that theassociation interacts with, if any?
Partnerships and Alliances
1. Cooperate with other regional bodies such as the New
Partnership for Africas Development (NEPAD), and
the United Nations Economic Commission for Africa
(UNECA) to promote the role of the Association in capitalmobilization and economic development strategies by:
a. Issuing joint publications or papers;
b. Organizing joint events discussing issues on the
African investment front;
c. Displaying our publications at their events;
d. Having hyper links on their websites to the ASEA
website
2. Ensure presence in the Regional bodies such as CEMAC,
COMESA, EAC, ECOWAS, MEFTA, SADC and UEMOA.
3. Cooperate with other signicant associations in the
exchange industry, such as World Federation of Exchanges
(WFE), International Organization of Securities
Commissions (IOSCO), the Federation of Euro-Asia
Stock Exchanges (FEAS), the South Asian Federation of
Exchanges (SAFES), exchange associations in the Greater
Arab Free Trade Area (GAFTA) and the Gulf Cooperation
Council (GCC) in the following areas:
a. Attend their conferences and meetings;
b. Apply for afliate membership;
c. Display our publications at their events;
d. Having hyper links on their websites to the ASEA
website.
Branding and Promotional Events
1. Create a distinct corporate brand and identity for the
ASEA to be available on relevant publications and for
sponsorships of relevant events;
2. Record a professionally, done promotional video
providing a brief about ASEA and its member exchanges
which serves as a promotional tool for ASEA to be played
at all our conferences and road shows;
3. Conduct an annual road show to promote ASEA as
well as the individual members capital markets mainly
covering;
4. Intensify the cooperation with African Investor and other
similar organizations through the following:
a. Preparation of periodical articles to be published in
their magazine and newswire;
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24ASEA Yearbook 2009
BriefonASEA b. Aligning their events to promote the Association
either through an attached or separate event or a road
show to leverage on the attendees at their events at
more affordable costs to the Association;
c. Displaying our publications at their events.
Information Services
1. Continue to upgrade and update the ASEA website;
2. Provision of ASEA statistics to reputable global data
vendors such as Bloomberg, Reuters, and Thompson
Watch, amongst others.
Publications
1. Print a brochure about ASEA (other than the annual
yearbook) that can be distributed in events or sent to key
people in the eld to increase awareness of ASEA;
2. Continue to issue the ASEA yearbook with more
informative data, which conforms to global international
standards and facilitates the investment decision making
process of the regional and global investor.
Membership Drives
1. Approach nascent and existing African Exchanges to offer
them our technical assistance and membership.
2. To encourage co-operation among the members in order
to promote the development.
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ASEA Member Countries
Main EconomicIndicators
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26ASEA Yearbook 2009
South Africa
Indicators 2007 2008 2009
Population (million) 49.3
Real GDP (USD) (millions) at market exchange rates 211,240.00
Ination rate (%) 7.1
Net Foreign Direct Investment (USD) (Millions) 4130.00
Unemployment rate (%) 24.3
Interest Rate (T-Bills) 8.0
Exchange rate (local currency versus US$) 8.4
Cape Verde
Indicators 2007 2008 2009
Population (million) 0.49 0.50 0.51
Real GDP (USD) (millions) at market exchange rates 1,513.00 1,747.00 1,768.00
Ination rate (%) 8.60 6.10 4.00
Net Foreign Direct Investment (USD) (Millions) 15,309.78 15,934.07 9,492.38
Unemployment rate (%) 21.00 17.80 13.10
Interest Rate (T-Bills) 3.63 3.63 3.63
Exchange rate (local currency versus US$) 75.32 74.84 76.01
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MainEconomic
Indicators
Botswana
Indicators 2007 2008 2009
Population (million) 1.74 1.76 1.78
Real GDP (USD) (millions) at market exchange rates 4,120.59 3,394.27 3,596.07
Ination rate (%) 7.80 12.10 6.40
Net Foreign Direct Investment (USD) (Millions) -76.39 -137.36 Not Available
Unemployment rate (%)
Interest Rate (T-Bills)
Exchange rate (local currency versus US$) 0.1665 0.133 0.1499
Morocco
Indicators 2007 2008 2009
Population (million)
Real GDP (USD) (millions) at market exchange rates
Ination rate (%)
Net Foreign Direct Investment (USD) (Millions)
Unemployment rate (%)
Interest Rate (T-Bills)Exchange rate (local currency versus US$) 7.7132 8.0983 7.8602
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MainEconomic
Indicators
TunisiaIndicators 2007 2008 2009
Population (million) 10.255 10.329
Real GDP (USD) (millions) at market exchange rates 40,856.89 42,214.67 44,612.46
Ination rate (%) 3.20 5.00 3.70
Net Foreign Direct Investment (USD) (Millions) 2070.80 3398.70 2278.70
Unemployment rate (%) 12.4 12.4 13.3
Interest Rate (T-Bills) 5.26 5.19 4.18
Exchange rate (local currency versus US$) 1.2207 1.3099 1.3173
Tanzania
Indicators 2007 2008 2009Population (million) 40,683
Real GDP (USD) (millions) at market exchange rates 16,989.46 18,302.81 21,373.48
Ination rate (%) 6.90 12.50 12.50
Net Foreign Direct Investment (USD) (Millions)
Unemployment rate (%)
Interest Rate (T-Bills) 11.4 10.99 6.14%Exchange rate (local currency versus US$) 1,233.00 1,354.00 1,320.00
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MainEconomic
Indicators
Cameroun
Indicators 2007 2008 2009
Population (million) 16 18.5 19.1
Real GDP (USD) (millions) at market exchange rates 4.00 3.70 2.00
Ination rate (%) 1.10 5.30 3.00
Net Foreign Direct Investment (USD) (Millions) N/A N/A N/A
Unemployment rate (%) N/A N/A N/A
Interest Rate (T-Bills) N/A N/A N/A
Exchange rate (local currency versus US$) 500
Egypt
Indicators 2006/2007 2007/2008 2008/2009
Population (million) 75 79.1 76.1
Real GDP (USD) (billion) at market exchange rates 135.06 162.41 189.34
Ination rate (Urban) (%) 8.60 20.20 9.90
Net Foreign Direct Investment (USD) (Millions) 11053.00 13237.00 8113.00
Unemployment rate (%) 8.9 8.7 11.3
Interest Rate (91 Days T-Bills) % 6.781 9.675 10.156
Exchange rate (local currency versus US$) 5.6967 5.3331 5.5964
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MainEconomic
Indicators
Ghana
Indicators 2007 2008 2009
Population (million) 22 22.5 23.7
Real GDP (USD) (millions) at market exchange rates 13.4b 14.00bn 15.13bn
Ination rate (%) 10.20 18.10 16.00
Net Foreign Direct Investment (USD) (Millions) N/A N/A N/A
Unemployment rate (%) 20 11 11
Interest Rate (T-Bills) 10 17.4 22.53
Exchange rate (local currency versus US$) 0.97 1.27 1.43
Libya
Indicators 2007 2008 2009
Population (million) 6.08 6.21 6.33
Real GDP (USD) (millions) at market exchange rates 86,288.90
Ination rate (%) 2.40
Net Foreign Direct Investment (USD) (Millions) 58406.00 37123.00 59794.00
Unemployment rate (%) 25 25 30
Interest Rate (T-Bills) 5.5 5.5 4.5
Exchange rate (local currency versus US$)
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MainEconomic
Indicators
Zambia
Indicators 2007 2008 2009
Population (million) 11.48 11.67 11.86
Real GDP (USD) (millions) at market exchange rates 8,349.62 10,850.75 13,599.58
Ination rate (%) 8.90 16.60 9.90
Net Foreign Direct Investment (USD) (Millions) 1,323.90 938.60 699.15
Unemployment rate (%) 50 50 50
Interest Rate (T-Bills) 13.22 16.9 10.72
Exchange rate (local currency versus US$) 3910 4985 4730
Mozambique
Indicators 2007 2008 2009
Population (million) 16,10 21,67 21,80
Real GDP (USD) (millions) at market exchange rates 17.790 18.900 9.899
Ination rate (%) 12,10 11,82 2,25
Net Foreign Direct Investment (USD) (Millions) 427,50 587,10 889,90
Unemployment rate (%) NA NA NA
Interest Rate (T-Bills) 0,16 0,14 11,79
Exchange rate (local currency versus US$) 25,56 24,17 26,71
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Indicators
Kenya
Indicators 2007 2008 2009
Population (million) 37.50 38.60 39.4
Real GDP (USD) (millions) at market exchange rates 27,584 34,514 29,988
Ination rate (%) 9.70 26.00 9.24
Net Foreign Direct Investment (USD) (Millions) 691.70 610.00 609.00
Unemployment rate (%) 40 40 40
Interest Rate (T-Bills) 6.89 8.54 6.82
Exchange rate (local currency versus US$) 62.68 68.00 75.82
Mauritius
Indicators 2007 2008 2009
Population (million) 1.23 1.27 1.28
Real GDP (USD) (millions) at market exchange rates 8,101 8,072 8,761
Ination rate (%) 8.80 9.70 2.50
Net Foreign Direct Investment (USD) (Millions) 340.76 377.72 280.0
Unemployment rate (%) 8.5 7.2 8.1
Interest Rate (T-Bills) 10.03 8.96 4.4
Exchange rate (local currency versus US$) 28.68 32.69 31.4
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MainEconomic
Indicators
Uganda
Indicators 2007 2008 2009
Population (million) 30,637,544 31,656,865 32,669,885
Real GDP (USD) (millions) at market exchange rates 13,757.10 14,523.71 17,963.20
Ination rate (%) 6.10 12.00 13.00
Net Foreign Direct Investment (USD) (Millions) 792.31 728.86 603.75
Unemployment rate (%) 50 40 60
Interest Rate (T-Bills) 11.62 15.6 7.5
Exchange rate (local currency versus US$) 1698 1940 1907
Bourse Rgionale des Valeurs Mobilires
Indicators 2007 2008 2009
Population (million) NA NA 80.34
Real GDP (USD) (millions) at market exchange rates NA NA 41,020
Ination rate (%) NA NA 1.30
Net Foreign Direct Investment (USD) (Millions) NA NA
Unemployment rate (%) NA NA NA
Interest Rate (T-Bills) NA NA
Exchange rate (local currency versus US$) NA NA 450
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Indicators
Namibia
Indicators 2007 2008 2009
Population (million) 2.03 2.07 2.10
Real GDP (USD) (millions) at market exchange rates 8,013 6,166 7,973
Per Capita 3,871 2,993 3,797
Ination rate (%) 6.60 10.30 6.70
Net Foreign Direct Investment (USD) (Millions) 761 639 594
Unemployment rate (%) 48 31.1 50%
Interest Rate (T-Bills) 9.8 10.72 7.42
Exchange rate (local currency versus US$) 6.8371 9.3903 7.4034
Sudan
Indicators 2007 2008 2009
Population (million) 37,200,000 39,200,000 39,200,000
Real GDP (USD) (millions) at market exchange rates 56,166,256,157.63 58,599,495,412.80 66,132,633,928.60
Ination rate (%) 8.10 14..3 11.20
Net Foreign Direct Investment (USD) (Millions) 3,034.12 2,600.50 2,436.34
Unemployment rate (%) 28 28 28
Interest Rate (T-Bills) 15.9 15.8 15.8
Exchange rate (local currency versus US$) 2.03 2.18 2.24
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Member
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Prole
Website www.jse.co.za
Market Regulator Financial Services Board
Address JSE Ltd, One Exchange Square, Gwen Lane, Sandown, South Africa
Trading Session hours (local time) 09:00 - 17:00
Time Zone GMT + 2.00
Contact Person for ASEA Geoff Rothschild
Telephone 27115207114
Fax 27115208998
E-mail [email protected]
Name of Local Currency South African Rand ( ZAR )
Tax Rates (dividends, interest, capital gain)No tax imposed on dividends for Non Residents, Interest= 12%. Roy-
alties , Visiting Entertainers =15%
Commodities Exchange Commodities Derivatives Exchange
JSE Limited
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dd
Section One : Trading Statistics
Currency: USD
Table 2: Trading equity Statistics
Indicators 2007 2008 2009
Total value traded 377,868,627,473.65
Total volume traded 82,588,166,139.00
Total number of transactions 20,950,750.00
Number of listed companies 410
Number of traded companies 390
Market Capitalization (billions) end of year 801.27
Market Capitalization as % of GDP 29.30%
Turnover Ratio (%) * 47.9
* Turnover Ratio (%)= value traded of listed securities/market capitalization
Table 3: Investors Type
Foreigners vs. Local InvestorsNote:- Figures based on foreign trading statistics.
Type of Investors % of the Total Value Traded
2007 2008 2009
Foreign Investors 17.4
Local Investors 82.6
Total % 100%
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JJ
Insitutions vs.Individuals
Institutions N/A
Individuals N/A
Total % N/A
Table 4: Sectors Traded
Sectors traded on the Stock Exchange Number of companies included in each sector
2007 2008 2009
Airlines 2
Aluminium 1
Apparel Retailers 5
Asset Managers 4
Auto Parts 2
Banks 8
Brewers 2
Broadcasting & Entertainment 3
Broadline Retailers 5
Building Materials & Fixtures 19
Business Support Services 12
Business Training & Employment Agencies 4
Clothing & Accessories 3
Coal 4
Commercial Vehicles & Trucks 2
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Sectors traded on the Stock Exchange Number of companies included in each sector
2007 2008 2009
Computer Hardware 2
Computer Services 17
Consumer Electronics 2
Consumer Finance 3
Containers & Packaging 4
Conventional Electricity 2
Corporate Debt 1
Diamonds & Gemstones 8
Distillers & Vintners 2
Diversied Industrials 5
Diversied REITs 1
Drug Retailers 1
Electrical Components & Equipment 8Electronic Equipment 6
Equity Investment Instruments 12
Farming & Fishing 9
Financial Administration 1
Fixed Line Telecommunications 2
Food Products 9
Food Retailers & Wholesalers 4Forestry 1
Furnishings 1
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Sectors traded on the Stock Exchange Number of companies included in each sector
2007 2008 2009
Gambling 3
General Mining 21
Gold Mining 15
Health Care Providers 2
Heavy Construction 15
Home Construction 1
Home Improvement Retailers 6
Hotels 6
Industrial & Ofce REITs 1
Industrial Machinery 6
Industrial Suppliers 7
Insurance Brokers 1
Integrated Oil & Gas 3Internet 1
Investment Services 15
Iron & Steel 6
Life Insurance 6
Marine Transportation 2
Medical Supplies 1
Mobile Telecommunications 5Mortgage Finance 1
Nonferrous Metals 5
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Sectors traded on the Stock Exchange Number of companies included in each sector
2007 2008 2009
Other Securities 1
Paper 3
Personal Products 2
Pharmaceuticals 4
Platinum & Precious Metals 10
Preference Shares 8
Property & Casualty Insurance 4
Publishing 5
Real Estate Holding & Development 24
Restaurants & Bars 3
Retail REITs 5
Software 5
Specialised Consumer Services 2Specialty Chemicals 7
Specialty Finance 7
Specialty Retailers 1
Telecommunications Equipment 4
Tobacco 1
Transportation Services 5
Travel & Tourism 1
Trucking 1
Waste & Disposal Services 1
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Table 5: 5 Most Active Sectors in 2009
# Sectors Value Traded
1 Mining 964,455,564,197
2 Banks 289,538,970,141
3 Mobile Telecommunications 233,369,433,615
4 Oil & Gas Producers 150,787,449,352
5 General Retailers 106,980,286,969
Section Two: Bonds Statistics
Table 6: Bonds Statistics
Bonds 2007 2008 2009
Total Value traded 1,813,781,495,431
Value traded on governmental bonds 1,655,390,886,101
Value traded on corporate bonds 158,390,609,330
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Section Three : Trading System
Please specify the Name of the Trading System
used by the Stock Exchange - JSE TradElect & Nutron
Is this system locally developed - No
Or bought? - Yes
If bought, who is the Vendor? - LSE for TradElect,
STT for Nutron
Year of implementing the system - 2007 Equities,- 2009 Derivatives
Section Four : Clearing and Settlement
Where do Clearing & Settlement take place? - JSE - For cash equities
and bonds
- SAFCOM (a wholly owned subsidiary of
the JSE)
- For Derivatives
If Separate Company please mention its name -
Is this system locally developed - For cash markets locally developed
or bought? - For Derivatives - bought
If bought, who is the Vendor? - STT
Year of implementing the system: - Equities- 1988,
- Derivatives,2009 and 2010
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Clearing and Settlement is conducted in:
T+ 2 - T + 3 for cash bonds
T+ 3 - T+ 5 for cash equities
Others - N/A
Section Five : Products traded on the Stock Exchange
Types of markets in your Stock Exchange
Equity Market YES
Derivative Market YES
Bond Market YES
Table 7: Products
Description of the Product
Equity Index Future Futures and Options on listed FTSE/JSE Indices
Single Stock futures and Options Futures and Options on listed FTSE/JSE Shares
IDX Single Stock Futures Futures on Interantionally Listed Shares
IDX Dividend Futures Dividend Futureas on listed IDX Single Stock Futures
Krugerrand Futures and Options Futures and Options on the JSE Listed Krugerrand
Spot Bonds Spot and Forward Bonds
Bond Index Futures and Options Futures and Options on Bond Indices
Repos Repo on Bonds
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Carries Carries on Bonds
Currency Futures and Options Futures and Options on currencies
Dividend Futures on Single Stock Futures Dividend Futures on listed Single Stock Futures
Can do Futures and Options Customised Futures and Options on any JSE listed Product
Notes Futures on Notional Swaps
Swaps Bond lookalike swaps
FRAs Futures on FRAs
IDX Single Stock Futures
Rods Overnight Interest Rate Swaps
ETFs Exchange Traded Funds
Agricultural Commodities White And Yellow Maize,wheat, sunower seeds and soyabeans
Foreign Referenced Commodidites Chigaco corn contract
Section Six : Trading Mechanism
Margin Trading N/A
Intraday Trading Yes
Online Trading Electronic order book
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Section Seven : Indices
Table 8: Indices
Index Name Index Type (Price Index, Sector Index,..etc)
FTSE/JSE All Share Price
FTSE/JSE Top 40 Price
Closing 2008 Closing 2009 % change
FTSE/JSE All Share 21,509.20 27,666.45 28.63%
FTSE/JSE Top 40 19,444.40 24,996.97 28.56%
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Section Eight : IPOs
2008
Company Date of IPO Value of IPO ($ million)
None N/A N/A
Note:- Based on newly issued & resale shares for Private & Preferrential placements.
2009
Company Date of IPO Value of IPO ($ million)
New Europe Property Investments Plc 4/17/2009 41
Efcient Financial Holdings Ltd 4/20/2009 5
Vodacom Group Ltd 5/18/2009 9,211
MAS Plc 8/31/2009 13
Paladin Capital Ltd 9/1/2009 83
Fotress Income Fund Ltd A 10/22/2009 189
Fotress Income Fund Ltd B 10/22/2009 21
2008
Company Date of issue Face Value of issue ($ million)
2009Company Date of issue Face Value of issue ($ million)
Refer to the sheet named Newly Issued Bonds
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Section Nine : 2008 Rankings of Top 5 Trading Participants
Ranking Stockbrokerage Units Purchases Sales Total
$ $ $
1 Deutsche Securities (Pty) Ltd 35,808,165,645 36,286,870,233 72,095,035,878
2 Credit Suisse Standard Securities (Pty) Ltd 34,194,946,793 32,298,153,825 66,493,100,618
3 JP Morgan Equities Ltd 26,197,505,519 26,538,579,844 52,736,085,363
4 Citigroup Global Markets (Pty) Ltd 25,607,269,774 24,841,853,468 50,449,123,243
5 UBS South Africa (Pty) Ltd 23,763,015,047 23,690,820,408 47,453,835,456
2009 Rankings of Top 5 Trading Participants
Note:-Based on the top 5 broking companies
Ranking Stock brokerage Units Purchases Sales Total
$ $ $
1 Merrill Lynch South Africa (Pty) Ltd 8,494,976,750 5,865,473,431 14,360,450,180.90
2 Deutsche Securities (Pty) Ltd 8,403,702,882 6,328,463,731 14,732,166,613.12
3 Credit Suisse Standard Securities (Pty) Ltd 7,727,572,793 5,938,820,797 13,666,393,589.56
4 Citigroup Global Markets (Pty) Ltd 6,161,358,112 5,645,962,250 11,807,320,361.92
5 Investec Securities Ltd 5,081,589,171 3,480,001,865 8,561,591,035.61
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Johannesburg Stock Exchange
some of the achievements in 2009
January 2009 Launch of cash-settled CME Group-referenced corn contract
February 2009 Launch of Africa Board and listing of Trustco Holdings (Namibian Company) on the board
July 2009 Acquisition of the Bond Exchange of South Africa and successful integration
August 2009 Launch of FTSE/JSE Capped Ra All Share index
October 2009 Launch of cash-settled CME Group-referenced platinum, gold and oil contractsNovember 2009 Launch of Jibar futures contract (a product similar to the Libor )
December 2009 Zero failed trades in the equities market during the course of 2009. 9
Ongoing plans of the Johannesburg Stock Exchange
The JSE continues to focus on building client relationships by enhancing the value of the various service offerings while keeping
costs under control, ensuring continuous improvement and building a sustainable business model with both depth and breadth.
Through all of this strength of regulation and quality of service are non-negotiable.
Specic initiatives for 2010 include the following:
Continued focus on educating retail investors about stock market investment in order to increase the pool of retail
investors;
Investigation of new products and services such as Remote Membership, FIX Enablement and FIX Gateways;
Further upgrades to technology and systems;
Continuation of the T+3 initiative (with the aim of moving the SA equities market to a T+3 settlement cycle);
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Introduction of futures contracts on African equity underlyings;
Continue bringing new products to the market (i.e. international-referenced commodity offerings - corn, platinum, gold
and corn contracts - launched in January and October 2009);
Continued focus on bringing new companies to market as well as enhancing the perceived value received by currently
listed companies;
Examine new ways of delivering data to international/remote clients to increase ease of data access
Engage with market participants to encourage clearing of OTC positions through the JSEs central counterparty
clearinghouse, SAFCOM.
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Bolsa de Valores de Cabo Verde
Website www.bvc.cv
Market Regulator General Auditor of Securities Market - AGMVM (Cape Verde)
Address 16th
Floor, Lg Europe, Achada Santo Antnio, P O Box 115/A Praia CAPE
VERDE
Trading Session hours (local time) 8:30 am - 3:00 pm
Time Zone Greenwich Mean Time - 1 hours
Contact Person for ASEA Manuel Lima
Telephone +238 2603030
Fax +238 2603038
E-mail [email protected]
Name of Local Currency ECV - Capeverdian Escudos
Tax Rates (dividends, interest, capital gain) dividends 0% (domestic investors and foreign investors); interest-Corpo-
rate Bonds 5%; interest-Treasury Bonds 5% capital gains 15%
Commodities Exchange N/A
eValores
oVerde
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deCabo
Bolsade
deCabo
Section One : Trading Statistics
Table 2: Trading Equity Statistics
Currency: USD
Indicators 2007 2008 2009
Total value traded (USD) 19,787,709.70 23,083,805.82 4,520,999.01
Total volume traded 269,040.00 259,948.00 53,382.00
Total number of transactions 224.00 309.00 310
Number of listed companies 4 4 4
Number of traded companies 4 4 4
Market Capitalization (billions) end of year 0.12 0.13 0.13
Market Capitalization as % of GDP 8.15% 7.63% 7.54%
Turnover Ratio (%) * 0.161 0.173 0.034
* Turnover Ratio (%)= value traded of listed securities/market capitalization
Table 3: Investors Type
Foreigners vs. Local Investors
Type of Investors % of the Total Value Traded
2007 2008 2009
Foreign Investors N/A N/A N/A
Local Investors N/A N/A N/A
Total % N/A N/A N/A
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Valores
oVerde
Valores
oVerde
Insitutions vs.Individuals
Type of Investor of the Total Value Traded
2007 2008 2009
Institutions N/A N/A N/A
Individuals N/A N/A N/A
Total % N/A N/A N/A
Table 4: Sectors Traded
Sectors traded on the Stock Exchange Number of companies included in each sector
2007 2008 2009
Main Investment Market Segment (MIMS)
Fuel and Oil 1 1 1
Comercial Banks 2 2 2
Industrial and Allied 1 1 1
Agricultural
Alternative Investment Market Segment
Fixed Income Market Segment
Preference shares
Government of Cape Verde Treasury Bonds 27 20 12
Corporate Bonds 7 8 13
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Table 5: 5 Most Active Sectors in 2009
# Sectors
1 Comercial Banks
2 Fuel and Oil
3 Corporate Bonds
4 Industrial and Allied
5
Section Two: Bonds Statistics
Table 6: Bonds Statistics
Bonds 2007 2008 2009
Total Value traded
Value traded on governmental bonds
Value traded on corporate bonds 4,703,071.37 851,564.11 16,477,848.44
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deCa
Bolsa
deCa
Section Five : Products traded on the Stock Exchange
Equity Market Yes
Cash Market
Derivative Market
Bond Market Yes
Table 7: Products
Product (Stocks, Bonds, Funds, ETFs, Derivatives ..etc) Description of the Product
Shares Common shares
Bonds Government and Corporate bonds
Section Six : Trading Mechanism
Margin Trading
Intraday Trading Yes
Online Trading
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alores
erde
alores
erde
Section Seven : Indices
Table 8: Indeces
Index Name Index Type (Price Index, Sector Index,..etc)
N/A N/A
N/A N/A
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deC
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deC
Section Eight : IPOs and Debt Securities
2008
Company Date of IPO Value of IPO ($ million)
None 0.00
2009
Company Date of IPO Value of IPO ($ million)
Banco Comercial do Atlantico-Bank (capital Rise) March 2009 4.27
Caixa Economica de Cabo verde-Bank (capital Rise) December 2009 13.73
18.01
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Bolsde
Bolsde
Ranking Bond Transactions Purchases Sales Total
$ $ $
1 Banco Interatlantico, SA 2,016,689 2,019,320 4,036,009
2 Banco Africano de Investimentos CV, SA 1,595,294 1,929,685 3,524,979
3 Banco Comercial do Atlantico, SA 474,517 137,498 612,015
4 Caixa Econmica de Cabo verde, SA 0 0 0
5 Banco Cabo Verdiano de Negocios, SA 0 0 0
Members Contacts are available on the BVC website
www.bvc.cv
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res
de res
de
Bolsa de Valores de Cabo Verde
Cape Verde Stock Exchange Background
Introduction
The Cape Verde Stock Exchange (BVC) is a relatively young institution. Created in 1998, it became fully functional in October
of 2005 with the goal to transform Cape Verde into an attractive and competitive nancial platform. The BVC is a public capital
institution, with private rights established under Law n 51/V/98. Its Administrative Board is composed of a President and two
additional non-executive Administrators. The technical body is composed of a General Coordinator and a six member staff.
Presently, the Cape Verde capital market is seeking to transform itself to include the most modern nancial legislation in its
operation thus becoming more competitive at the international level. This transformation calls for a modern, dynamic and
efcient nancial sector to the extent that the development of effective and efcient nancial services should constitute, in
the long term, one of the foundations of the nations economy. Therefore, the Government will continue to attribute strategic
priority to the strengthening of its nancial sector. A nancial sector that is able to induce the growth of the economy. A nancial
sector that is, in itself, an engine of growth.
Financial Benets
Given the strategic importance of the capital market to the Capeverdean economy, a seductive nancial sector was created for
companies and investors interested in investing in the Stock Exchange. As investors, they are exempted from income tax, treasury
securities interest, capital gains and the redemption and sale of units and cash-ow of all of the investment funds, and the capital
gains received over one year of any security. Mortgage registration and operations of the exchange are exempt from stamp tax
and real estate transaction funds are exempt from single tax income on patrimony.
In addition, the interest on listed corporate bonds in the Stock Exchange is taxed 5%; the Capital gains received in less than a
year and deducted capital losses are taxed at 15%, if more than a year, tax is exempt; the listed companies at the stock exchange
have reduced single tax income (IUR) of 20% over 3 years; there are no restrictions to free capital circulation at the Exchange.There also exists an agreement of double taxation between Portugal and Cape Verde. In the near future, we will have additional
agreements with Angola, Brazil, Italy, Macau and Spain.
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Bod
In a little less than four years of being fully operational, almost 22 operations have been completed resulting in more than
$295,697,822.25 (USD). In 2009, nearly 94% of the total credit granted to the national economy came from the BVC as a resultof various emissions. The BVC has been a valuable and necessary partner to the growth of the Capeverdean economy as well as
the countrys overall development.
Treasury Securities Reform
Treasury securities reform was carried out with the objective to guarantee adequate Government nancing over the long run,
increasing the number of participants in the primary market as well as increasing the potential of saving mechanisms, including:
respective settlement in the secondary market, improving management emissions and creating mechanisms that would permit
the control and effective follow-up of the treasury securities before and after emission. This reform permits all investor directaccess to the primary treasury bond market, having positive implications on Market Capitalization and on the nancial cost to
the State.
Quoted Companies and Market Capitalization
Currently, market capitalization is about $273,277,594.92 (USD) divided amongst four listed securities in the shares section,
thirteen in the corporate bonds segment and eight in the treasury bond segment. Market capitalization, rounds off to 20% of the
Gross Domestic Product (GDP), in accordance with the data from the Bank of Cape Verde.
The listed companies in the shares sector are: Sociedade Cabo-verdiana de Tabacos, a Caixa Econmica de Cabo-Verde, o Banco
Comercial do Atlntico e a Enacol. Up until now, bonds have already been issued by the Government of Cape Verde, Electra,
Tecnicil Real Estate, ASA, Interatlantico Bank, IFH Real Estate, Sogei, and Cape Verde Fast Ferry.
Municipal Bonds
In 2010, municipal bonds were issued, constituting an important chapter to the success of the Capeverdean capital market.
Henceforth, Municipalities will be able to nance themselves through the capital market by issuing municipal bonds. In the
month of June of this year, bonds for the Municipality of Sal were issued in the amount of $2,531,719.04 (USD) with the
Municipality of Praia in the amount of 5,696,367.83 (USD).
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e es
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Negotiation and Settlement System
One of the BVCs major factors in its notable evolution has to do with the technological platforms it uses. How does the Cape
Verde Stock Exchange work? Its functional structure is based on the Quote Driven and Order Driven Systems in concert with
what is occurring in the principle nancial markets such as, Nasdaq in the USA and the Stock Automated Quotations System of
the London Stock Exchange. The BVCs trading system utilizes modern platforms, such as, POS-Light, Sifox Deal and Sifox Back
Ofce, which are also used in the leading Stock.
Partners
Through the years, the BVC has strengthened its principle partners, such as, Euronext Lisbon with central settlement and
custodianship and; Interbolsa, which is an agency of Euronext Lisbon, with the Caixa de Crdito Agrcola and the Instituto
Superior de Economia e Gesto (ISEG) of the Univerdsidade Tcnica de Lisboa. Is it important to note that Euronext Libon
is part of the leading management group for world Stock Exchanges that includes the stock exchanges in New York, Paris,
Amsterdam, Brussels, and the London derivative market-Liffe.
Conclusion
There are still many challenges to be addressed in order for the BVC to reach its potential. This includes the following:
Financial Education: Financial education is perhaps one of the greatest challenges to the capital market in Cape Verde,
as it is a challenge to most markets. It aims to promote a strong nancial culture in Cape Verde by bridging the large decit of
information and knowledge regarding Cape Verdes new economic reality.
Training: In the case of product markets and those nancial instruments least known by many investors, there is a need to
intensify information and training in order to reach into the most remote places and reach everyone who might be interested
in learning more information about the Cape Verde capital market. The BVC considers nancial education is a prerequisite
condition to attract retail investors as well as, a way to boost the secondary market.
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Financial and technological innovations: New technologies facilitate the development of strategic alliances between markets in
different countries. They allow access to any International capitalization market, from virtually any location, while enabling theemergence of alternative forms of trading, tending to lower information costs and transaction fees.
Investment : Investment in innovative solutions and diversication of nancial instruments is an additional pillar on which
to structure the future of the BVC. This would include creating a Second Market in the Market without quotations and
Preference Shares. Investment Consultants and Market Makers are other important gures. In the upcoming years, the BVC
promise to look at the feasibility of creating a second market and preference shares in Cape Verde.
Integration of the stock exchange in international markets: The challenge to internationalize the market implies
a focus on norms and setting standards that together represent prerequisite conditions that starting with: (1) an access platform
for the foreign investor, including those in the Cape Verdean Diaspora enabling access of BVC products and services through the
ATM, Internet and Homebanking, in any part of the world; (2) the implementation of a quality system (ISO 9001) accredited by
independent and external entities aiming towards international recognition; (3) International publicity for the Cape Verde Stock
Exchange on major channels aiming towards increased notoriety and in doing so, attracting investors from diverse corners of
the world; (4) Staff training in nancial systems to reinforce staff capacity with the purpose of keeping in step with international
dynamics.
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Website www.bse.co.bw
Market Regulator Non-Banking Financial Institutions Regulatory Authority (NBFIRA)
AddressOfce Block 6, Plot 64511, Fairgrounds, Private Bag 00417,
Gaborone, Botswana
Trading Session hours (local time) 0930hrs- 1030hrs
Time Zone GMT +2
Contact Person for ASEA Dudu Garekwe
Telephone (+267) 3180201
Fax (+267) 3180175
E-mail [email protected]
Name of Local Currency Pula(BWP)
Tax Rates (dividends, interest, capital gain) 15% withholding tax on dividend, 10% on Interest,
Commodities Exchange N/A
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Section One : Trading Statistics
Currency: USDTable 2: Trading Equity Statistics
Indicators 2007 2008 2009
Total value traded (1) 137,289,240.00 155,103,661.91 114,500,403.03
Total volume traded 124,600,000 193,308,736 167,586,241
Total number of transactions 6,378.00 5,272.00
Number of listed companies (2) 31 31 31
Number of traded companies
Market Capitalization (billions) end of year 544.5 368.49 427.76
Market Capitalization as % of GDP 37.10% 40.70% 29.80%
Turnover Ratio (%) * 2.9 3.9 2.7
* Turnover Ratio (%)= value traded of listed securities/market capitalization
Table 3: Investors Type
Foreigners vs. Local Investors
Type of Investors % of the Total Value Traded
2007 2008 2009
Foreign Investors Not available Not available Not available
Local Investors Not available Not available Not available
Total %
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SE
Insitutions vs. Individuals
Type of Investor of the Total Value Traded2007 2008 2009
Institutions Not available Not available Not available
Individuals Not available Not available Not available
Total %
Table 4: Sectors Traded
Sectors traded on the Stock Exchange Number of companies included in each sector2007 2008 2009
Domestic Board
Banking 4 4 4
Financial Services 3 3 3
Retail & wholesale 5 5 5
Property 3 3 3
Funeral Services 0 1 1
Security Services 1 1 1
Information Tecchnology 1 1 1
Energy 1 1 1
Tourism 1 1 1
Health 1
Foreign board
Financial Services 2 3 3
Mining & Minerals 8 8 8Retail & wholesale 1
Corporate Bonds 18 24 22
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otswanaSE
Table 5: 5 Most Active Sectors in 2009
# Sectors
1 Banking
2 Financial Services & Insurance
3 Retail & Wholesaling
4 Mining & Materials
5 Property & Property Trust
Section Two: Bonds Statistics
Table 6: Bonds Statistics
Bonds 2007 2008 2009
Total Value traded
Value traded on governmental bonds 15,499,621.20 68,960,500.00 77,056,952.88
Value traded on corporate bonds 17,264,385.00 2,771,188.00 18,854,422.00
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otswanaS
Section Five : Products traded on the Stock Exchange
Equity Market Yes
Cash Market N/A
Derivative Market N/A
Bond Market Yes
Table 7: Products
Product (Stocks,Bonds, Funds,ETFs,Derivatives ..etc) Description of the Product
Stocks Ordinary shares
Bonds Government and corporate bonds
ETF Gold Bullion Exchange Traded Fund
Section Six : Trading Mechanism
Margin Trading
Intraday Trading Yes
Online Trading
B
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otswana
SE
Section Seven : Indices
Table 8: Indices
Index Name Index Type (Price Index, Sector Index)
Domestic company Index Price index. The index returns are based on capital gains/losses all domestic companies listed
on the BSE, valued by full market capitalisation.
Foreign company index Price index. The index returns are based on capital gains/losses all foreign companies listed on
the BSE, valued by full market capitalisation.
Closing 2008 Closing 2009 % change
Domestic company Index 7035.5 7,241.89 2.93
Foreign company index 1191.98 1,418.26 18.98
Section Eight : IPOs and Debt Securities
2008Company Date of IPO Value of IPO ($ million)
Funeral Services Group Limited 1-Sep-08 5.4396
2009
Company Date of IPO Value of IPO ($ million)
None 0
SE
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otswanaS
2008
Company Date of issue Face Value of issue ($ million)Botswana Government BW 004 12-Mar-08 92.7
Botswana Government BW 005 12-Mar-08 100
Diamonex 28-Jan-08 8.04
Stanbic Bank Botswana Limited 046 11-Jun-08 7.565
Stanbic Bank Botswana Limited 047 11-Jun-08 10.591
Stanbic Bank Botswana Limited 048 11-Jun-08 26.4775
Stanbic Bank Botswana Limited 049 13-Aug-08 7.555Stanbic Bank Botswana Limited 052 17-Dec-08 6.41
African Copper 001 2-Apr-08 22.845
Botswana Building Society -14years 3-Dec-08 18.585
Botswana Vaccine Institute 001 7-May-08 10.99
Water Utilities Corporation 001 26-Jun-08 29.6985
Water Utilities Corporation 002 26-Jun-08 31.2215
Total 373.1035
2009
Company Date of issue Face Value of Issue ($ million)
Botswana Government BW 006-3years 9-Sep-09 45
45
Bo
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otswana
SE
Section Nine : 2009 Rankings of Top 5 Trading Participants
Ranking Equity Transactions Purchases Sales Total
Stockbrokerage Units $ $ $
1 Stockbrokers Botswana 43,912,548.72 41,253,549.25 85,166,097.97
2 Capital Securitues 41,555,755.81 41,707,106.18 83,262,862.00
3 Motswedi Securities 28,521,413.45 30,204,965.95 58,726,379.40
4 African Alliance Botswana 510,673.55 1,334,770.14 1,845,443.69
5
Members Contacts are available on the BSE website
www.bse.co.bw
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otswana
Exchange Background
The Botswana Stock Exchange (BSE) is Botswanas national stock exchange given the responsibility to operate and regulate
equity and xed interest security market. Formally established in 1989, the BSE trace its humble beginnings to when it was
known as Botswana Share Market (BSM). At that time there was no formal stock exchange in Botswana and the BSM traded as
an informal market. There were only 5 listed entities with a single broking rm. In 1995 the BSE was established. To date the BSE
boosts 32 listed entities, (comprising 21 domestic and 11 foreign companies), 4 broking rms, and a full-time headcount of 21.
The main Law that governs all activities between the Exchange and its members, the proceedings of its Main Committee andits composition, the relationship between the Minister and the Exchange together with the relations between the Registrar, is
the Botswana Stock Exchange Act No: 11 of 1994. The BSE is regulated by the Non-Banking Financial Institutions Regulatory
Authority (NBFIRA).
The members have promulgated Rules (Member Rules) which provide the requirements to be fullled for the securities listed
and traded on the exchange. Member Rules provide as the main objective thereof, to operate a Stock Exchange in Botswana with
due regards to the public interest to maintain fair and efcient dealing in securities for the protection of investors and 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 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.
Latest Achievements
The greatest challenge in world nancial markets in 2009 was that the aftermath of the nancial crisis was still visible, especially
the decline in the performance of stock markets indices during the rst half of the year. Except for a handful, most of the stock
exchanges experienced a decline in market capitalisation, turnover and volume of shares traded during the year 2009.
Botswana Stock Exchange
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tswanaSE
A review of the performance of the Botswana Stock Exchange (BSE) indices, proves the year 2009 to have been another challenging
one for the Exchange. The BSEs Domestic Company Index closed the year at 7241.9 points compared to 7035.5 points as at end
2008 appreciating by 2.93% in comparison to an appreciation of 35.9% and a decline of 16.5% in 2007 and 2008 respectively.
As can be expected primary market activity was low in 2009 as a result of the decline in the market. There were no new de/listings
in the equity market. The number of listed companies on the Domestic and Foreign Boards remained unchanged at 31 entities.
The other primary market activities in respect of equities are 5 issues of share incentive schemes and 5 private placements valued
at P175.5m and P3.7 Billion respectively. There was 1 rights issue worth P2.25m and 4 acquisitions valued at P35.4m. Funds
raised through rights issues fell drastically from P85m in 2007 and P64.9m in 2008 to P2.25m in 2009. This was mainly due to
suppressed equity prices in the market.
There were few activities in the debt market in 2009. During Quarter 1, Botswana Building Society listed its 3rd tranche of
BBS005 Fixed Rate Notes raising P150m from the P500m note programme approved by the BSE in 2004. The xed notes attract
an interest rate of 11.20% per annum and mature on 3rd December 2023.
In Quarter 3, the Botswana government listed a P300m bond (BW 006) maturing on 9th
March 2012 with a xed interest rate
of 7.50%. The bond was listed under the P5 Billion programme memorandum of May 2008. The government also increased the
nominal values of BW003 and BW005 by P100m in respect of each bond. As at end of 2009, there were 32 debt securities listed
on the BSE.
The BSE expects an improvement in 2010 in terms of new listings considering the interest shown by companies to list on the BSE.
This would include the listing of Exchange Traded Funds (ETFs).
Dematerialisation of shares on the CSD has been progressing well with 34% domestic company shares being dematerialised as
at 31 December 2009.
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otswan Future Outlook
The BSE will continue to concentrate on its core business and what it has been doing over the past years. The BSE will pay great
attention to the implementation of a strategy that creates a strong foundation for development and growth. Thus, emphasis
has been placed on infrastructure, regulation, market, product and HR development, governance and nancial stability as the
cornerstones of the BSE strategy.
The BSE aims to become a nancial supermarket, meaning it aims to provide the right king of products to suit investor and issuer
so that it meets growing customer demands and challenges of the globilisation of nancial markets. This can be done through
product innovation and diversication. Current products include equities, corporate bonds, Government bonds, and commercial
paper while products being developed are Exchange Traded Products, securitised products and derivatives.
The BSE outlook in the short term:
1. Listing of ETFs
2. Exchange Traded Funds Investor Scheme.
3. In 2009 the BSE commenced the computation of a series of indices, using a free oat methodology.
4. Bond market development.
Initiatives Undertaken
1. Regulatory Review Process
The process of reviewing the BSE Act by the MFDP is still in progress since 2006. The regulatory review process entailed the
new Securities Bill, listing requirements and member rules. The BSE has forwarded its nal comments to MFDP on the proposed
Securities Bill and the new listing rules of the BSE. The BSE is eagerly awaiting the enactment of the securities act legislation to
assist the BSE to proceed with its development plans identied in its strategy.
The Member Rules which initially were to be drafted by Edward Nathan and Sonnenbergs of South Africa will now be drafted by
the BSE internally.
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swanaSE
2. Expanding Investor Base
The market development initiatives of expanding the investor base by educating Batswana about the benets and risks of investingin listed securities continued in 2009. This is in line with the BSEs strategy of increasing the retail investor participation in the
stock market. Taking into account the success of its Roadshows in 2008, the BSE marketing team expanded the investor base by
making presentations and participating in exhibitions at various places around the country.
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Website www.casablanca-bourse.com
Market Regulator CDVM - Conseil dontologique des valeurs mobilire
Address Angle Avenue des Forces Armes Royal et Rue Arrachid Mohamed
- Casablanca - MAROC
Trading Session hours (local time) 9:00 am at 15:35 pm
Time Zone GMT -Greenwich Mean Time-
Contact Person for ASEA KARIM EL ALAOUI Youssef
Telephone +212 522 45 26 26
Fax +212 522 45 26 25
E-mail [email protected]
Name of Local Currency MAD - Moroccan DIRHAM
Tax Rates (dividends, interest, capital gain)
Commodities Exchange
Section One : Trading Statistics
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Section One : Trading StatisticsCurrency: USD
Table 2: Trading Equity Statistics
Indicators 2007 2008 2009
Total value traded (1) (millions) 20,836.18 12,478.50 7,045.94
Total volume traded 218,055,363 210,043,592 211,571,347
Total number of transactions 468,864 469,986 285,252
Number of listed companies (2) 73 77 76
Number of traded companies 72 78 77
Market Capitalization (billions) end of year 76.02 65.66 64.74
Market Capitalization as % of GDP 95.28% 79.29% 69.75%
Turnover Ratio (%) * 27.41% 19.00% 10.88%
* Turnover Ratio (%)= value traded of listed securities/market capitalization(1) = one way counted-Central Market and Block Market(2) = end of year
Table 4: Sectors Traded
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Table 4: Sectors Traded
Sectors traded on the Stock Exchange Number of companies included in each sector2007 2008 2009
Shares Market Segment 73 77 76
Banks 6 6 6
Beverages 3 3 3
Chemicals 4 4 4
Construction & Building Materials 6 6 6
Distributors 7 8 8
Electrical & Electronic Equipment 1 1 1
Engineering & Equipment Industrial Goods - 1 1
Food producers & Processors 7 7 7
Forestry & Paper 1 1 1
Holding Companies 3 4 4
Insurance 4 4 3
Investment Companies & Other Finance 8 8 8
Leisures and Hotels 1 1 1
Mining 3 4 4
Oil & Gas 2 2 2
Pharmaceutical Industry 2 2 2
Real Estate 3 4 4
Software & Computer Services 7 7 7
Telecommunications 1 1 1
Transport 2 2 2
Sectors traded on the Stock Exchange Number of companies included in each sector
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Sectors traded on the Stock Exchange Number of companies included in each sector
2007 2008 2009Utilities 1 1 1
Wrapping 1
Bonds Market Segment 54 44 41
Bonds convertible into equity 0 0 1
Debenture loan with xed rate 50 38 34
Debenture loan with revisable rate 4 6 6
Table 5: 5 Most Active Sectors in 2009
# Sectors
1 Banks
2 Real Estate
3 Telecommunications
4 Holding Companies
5 Food producers & Processors
Section Two: Bonds Statistics
Table 6: Bonds Statistics
Bonds 2007 2008 2009
Total Value traded (millions) 304.52 964.88 1,093.07
Value traded on governmental bonds - - -
Value traded on corporate bonds (millions) 304.52 964.88 1,093.07
Section Three : Trading System
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g y
Please specify the Name of the Trading System used by the Stock Exchange - NSC V900
Is this system locally developed - No
or bought? -
If bought, who is the Vendor? -
Year of implementing the system: - 2008
Section Four : Clearing and Settlement
Where do Clearing & Settlement take place?
The Stock Exchange - Yes
Separate Company -
If Separate Company please mention its name -
Is this system locally developed - Yes
or bought? -
If bought, who is the Vendor? - l
Year of implementing the system: - 2002
Clearing and Settlement is conducted in:
T+ 2 -
T+ 3 - Yes
Others -
Section Five : Products traded on the Stock Exchange
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