May 26th, 2016 by Tom Minney
Cameroon is a big winner at this year’s African Banker Awards, the 10th edition. The winners were announced yesterday (25th May) in Lusaka. Morocco’s Attijariwafa Bank, active in 20 countries, wins the prestigious Bank of the Year Award and GT Bank CEO Segun Agbaje is recognized as Africa’s Banker of the Year for his leadership of the Nigerian banking giant, one of Africa’s most profitable banks.
African Banker Awards have become the pre-eminent ceremony recognising excellence in African banking. They are held on the fringes of the annual meetings of the African Development Bank. Your editor is proud to be among the judges and can comment on the excellence of the many submissions from great banks all over Africa.
For the first time, two Cameroonians feature among the laureates: Alamine Ousmane Mey wins Minister of Finance category or his contribution to socio-economic development in his country. Leading banker and economist Paul Fokam, President of the Afriland First Group, is awarded the Lifetime Achievement Award; he is a serial entrepreneur, a renowned economist and his bank is one of the more important institutions in Central Africa. Cameroon scored a hat trick as Lazard’s credit-enhanced currency swap won the award for “Deal of the Year – Debt”.
Other winners include South Africa’s Daniel Matjila, CEO of South Africa’s Public Investment Corporation, a fund with $139bn funds under management. He was awarded the African Banker Icon, recognising the significant investments by the fund into African corporations and the lead role he has played in driving investment from South Africa into the continent.
The African Central Bank Governor of the Year accolade was given to Kenya’s Patrick Njoroge. Kenya’s central bank, largely unknown a year ago, has managed to navigate a tough economic climate and Patrick has been credited with cleaning up the banking sector in his country.
Speaking at the exclusive Gala Dinner at the Intercontinental Hotel attended by over 400 financiers, business leaders, and influential personalities and policy makers, Omar Ben Yedder, Group Publisher of African Banker magazine, which hosts the awards in partnership with BusinessInAfricaEvents said: “It has definitely been a defining decade in banking in Africa. We have recognised true leaders tonight who are playing a critical role in the socio-economic development of the continent.
“Finance remains a key component of development, be it in terms of financing massive infrastructure projects that today are being wholly financed by consortia of African banks, or SME financing. It’s happening because of strong, bold and visionary leadership. I have been privileged to honour some truly exceptional individuals who have left an indelible mark on the industry over the years.
“We are very grateful to our High Patron, the AfDB, for their unwavering support in this initiative and our thanks also go to our sponsors: MasterCard, Ecobank, Nedbank, African Guarantee Fund, PTA Bank, CRDB Bank, Arton Capital and Qatar Airways for partnering with us and enabling us to reward outstanding achievements, commend best practices and celebrate excellence in African banking”.
This year’s judging panel was made up of Koosum Kalyan, Chairman of EdgoMerap Pty Ltd; Zemedeneh Negatu,Managing Partner of Ernst & Young Ethiopia; Tom Minney, Chief Executive of African Growth Partners; Alain le Noir, CEO of Finances Sans Frontières; Christopher Hartland-Peel, Principal at Hartland-Peel Africa Equity Research and Kanika Saigal, Deputy Editor of African Banker Magazine.
THE 2016 AFRICAN BANKER AWARD WINNERS
- Bank of the Year: Attijariwafa Bank (Morocco)
- Banker of the Year: Segun Agbaje – GTBank (Nigeria)
- Minister of Finance of the Year: Alamine Ousmane Mey (Cameroon)
- Central Bank Governor of the Year: Patrick Njoroge (Kenya)
- African Banker Icon: Daniel Matjila, CEO PIC (South Africa)
- Lifetime Achievement Award: Paul Fokam, Founder Afriland First Bank (Cameroon)
- Investment Bank of the Year: Rand Merchant Bank (South Africa)
- Award for Financial Inclusion: Ecobank (Togo)
- Best Retail Bank: BCI (Mozambique)
- Socially Responsible Bank of the Year: Commercial International Bank (Egypt)
- Innovation in Banking: Guaranty Trust Bank (Nigeria)
- Deal of the Year – Equity: Naspers $2.5bn Accelerated Equity Offering (Citi)
- Deal of the Year – Debt: Cameroon’s Currency Swap (Lazard)
- Infrastructure Deal of the Year: Azura – Edo IPP (Fieldstone; Rand Merchant Bank; Standard Bank; IFC)
- Best Regional Bank in North Africa: Commercial International Bank (Egypt)
- Best Regional Bank in West Africa: Banque Atlantique (Côte d’Ivoire)
- Best Regional Bank in Central Africa: BGFI (Gabon)
- Best Regional Bank in East Africa: CRDB Bank (Tanzania)
- Best Regional Bank in Southern Africa: MCB (Mauritius)
For more on the African Banker Awards, please visit: http://ic-events.net/.
May 13th, 2016 by Tom Minney
New York, May 12: Sixteen new listings, spurred by privatizations and private equity fund exits, are a key target for Africa’s top-performing securities exchange. The Bourse Régionale des Valeurs Mobilières (BRVM), headquartered in Abidjan, Côte d’Ivoire, is among the world’s most successful integrated regional exchanges, linking eight West African countries (Benin, Burkina Faso, Côte d’Ivoire, Guinea Bissau, Mali, Niger, Senegal and Togo).
In New York this week, 30 US frontier investors, stockbrokers and market specialists joined Mr. Edoh Kossi Amenounve, CEO of BRVM, in a strategic dialogue. Suggestions from the Americans included lower stockbroker commissions, more listings, liquidity, and stepping up listed company reporting to international financial reporting standards (IFRS).
The BRVM has 36 listed bonds and 39 listed companies, and expects four new listings in 2016, following initial public offers (IPOs). In 2015, the BRVM Composite Index rose by 17.77% making it Africa’s top-performing equity index to foreign investors.
Amenounve says: “Most of the economies are not badly affected by the oil price. They are growing through regional linkages. We saw 6.6% GDP growth in our markets in 2015 and expect 7.2% this year. BRVM is different from other markets as our currency, the CFA franc, is pegged to the value of the euro. We offer yield, without the high volatility seen in other African markets.”
The value of trading on the BRVM exchange rose 48% in 2015. Amenounve says local participation is growing even faster: “More and more citizens are becoming shareholders, which is the best way for our people to take ownership of our growth drivers and means of production. In 2012 foreign investors made up 55% of the trading, but the local share had risen to 75% by 2015, of much bigger trading volumes. In 2011, domestic collective investment schemes managed XOF 30bn of assets, but by the end of 2015 that was XOF 600bn, a 20-fold increase.”
Amenounve is leading plans to integrate five West African markets – Nigeria, Ghana, BRVM, Cape Verde and Sierra Leone – by 2020 to form Africa’s second biggest exchange after Johannesburg, with 273 listed companies and 233 brokerage firms. He has been Chairman of the West African Capital Markets Integration Council (WACMIC) since March 2015 and explained the three-step plan for integration:
* Phase 1 is sponsored access for brokerage firms, which was launched in July 2015 and has seen several transactions between Ghana and Nigeria.
* Phase 2 will be a “common passport”, giving a regional stockbroker direct access to any market.
* Phase 3 will be to follow the Euronext model, with a single trading platform and a single order book for all the markets.
The BRVM is Africa’s sixth securities exchange by market capitalization ($12.8 billion for equities and $2.7 billion debt) in 2015. It represents an economic area of more than 100 million consumers, with fast, diversified growth. See more at: www.brvm.org.
The meeting was organized by AZ Media in New York and ourselves, African Growth Partners Ltd.
Edoh Kossi Amenounve, CEO of BRVM exchange
May 9th, 2016 by Tom Minney
Highlights of African Financial Services Investment Conference (AFSIC 2016), held in London 5-6 May
Mauritius is the top base for private equity funds investing into Africa, says JP Harrop Head of Sales for private equity fund administrator Augentius: “Many of larger Africa-focused LPs (limited partners) insist on vehicles being Africa domiciled, its either Mauritius or South Africa.”
Sunil Benimadhu, Chief Executive of the Stock Exchange of Mauritius: “We are busy positioning ourself as an attractive capital-raising platform for focused Africa-oriented ventures. We are aligning our strategy, as vibrant international financial centre for Africa and other emerging regions.
“Also Mauritius as a jurisdiction has signed bilateral investment promotion and protection agreements (IPPAs) with number of countries in Africa and elsewhere, mitigating some of political risk. We already offers a wide value chain of services for investors
“We are now looking at addition value-add services to the international investor. We are positioning the Stock Exchange of Mauritius as an attractive capital-raising, trading and settlement platform for issuers. We have set up a multi-currency capital raising, listing, trading and settlement platform. We allow issuers looking at Africa and elsewhere to raise money internationally, structured in Mauritius, issued in any of 4 international currencies (USD, EUR, ZAR, GBP), trading and settlement can happen in any currencies, positioning ourselves as a risk-mitigation platform for exposure to African currency.
“Another innovation, we created a platform for listing and trading of depository receipts. So a Kenyan company listed on the Nairobi Securities Exchange can raise in KES, but it can use Mauritius platform to issue depository receipts to raise funds in USD.”
Paul Cunningham, Chief Financial officer of Helios Investment Partners
“The big advantage from an investor perspective is the strength of the rule of law and the idea that if you follow the legal process, the final court of appeal is UK Privy Council. Mauritius is tried and tested and gives investors a great degree of comfort that they are investing through good banks, fund administration, management companies and others.”
May 9th, 2016 by Tom Minney
Highlights of the African Financial Services Investment Conference AFSIC 2016, held in London 5-6 May.
Development finance institutions have made $6.5bn of investments in financial institutions. Here are examples of what they are doing:
Proparco, Sophie le Roy, Head of Banking and Capital Markets: “We are 50% invested in Africa and financial services and banking make up 50% of our portfolio. Our aim is to catalyze private investors, we show you can invest and make profit. We have a careful process, we helped create banks in Mauritania, Benin and DRC and they still exist.”
BIO (Belgium), Carole Maman, Chief Investment Officer: “We have Eur600m under management, Africa is about 40% of portfolio, most of it is invested in financial institutions. We work on smaller transactions, our sweet spot is from EUR 6m+. We work mostly with tier 2 financial institution through microfinance, equity and loans. In countries such as Ethiopia and DRC where many people are unbanked, there will be lots of opportunities.”
FMO the Dutch development bank, Bas Rekvelt, Manager Financial Institutions Africa: “We have been investing in developing countries for 45 years, we have been able to catalyze EUR 1bn into the markets last year. We try to ensure the markets where we work are attractive enough for the private sector. Our portfolio is 25% Africa, spread between financial institutions, energy and agriculture.”
SIDA, the Swedish International Development Cooperation Agency, Christopher Onajin, Loan and Guarantees Partnerships & Innovation: “Our role is to give money and guarantees, covering credit risk and market risk. Our Africa portfolio is $135m, and we encourage banks, microfinance and others to push them to lend to under-served sectors.”
DEG – German Development and investment company, Peter Onyango, Investment Manager, Financial Institutions Group, Africa: “We have about 50 years of emerging markets expertise and Africa is a particular focus. We see more countries becoming bankable. Internally our risk appetite is improving, we see opportunities in more countries. We see opportunities in growing insurance and the nascent leasing markets, which will improve. There is a lot more in fintech. A setback for Africa is an opportune time for long-term investors, including DFIs and private investors.”
May 7th, 2016 by Tom Minney
Capital markets practitioners across Africa can benefit from a graduate-level programme launched this week by the IFC, a member of the World Bank Group, the Milken Institute and the George Washington University.
The programme initially focuses on sub-Saharan Africa, and aims to expand to other regions. The curriculum is tailored to address challenges specific to developing economies, according to a press release.
Michael Milken, Jingdong Hua and Steven Knapp
The programme was launched on 3 May and the first 20 students from capital market authorities, central banks and ministries of finance in Angola, Democratic Republic of Congo, the Gambia, Kenya, Malawi, Mozambique, Rwanda, Uganda, Saudi Arabia, the Seychelles, and Zambia begin in August 2016 and will graduate in May 2017.
The course will equip mid-career professionals with the analytical tools and practical experience to support capital-market development in their countries. It is held over eight months and combines rigorous coursework and a work placement opportunity.
It leverages the academic excellence of the George Washington University School of Business, offering course work from financial modelling and computation to regulatory and legal aspects of capital-market development. The IFC boosts this with case studies drawn from it unparalleled experience in supporting domestic capital-market development in countries as diverse as the Dominican Republic, India, and Rwanda.
A speaker series will offer additional opportunities for interaction with thought leaders, practitioners and pioneers in the international capital markets. In the spring semester, program participants will put learning into practice through work placements with the Milken Institute’s wide network of public and private sector collaborators.
When they successfully complete the programme, participants receive an academic certificate from the George Washington University and are expected to return to their home countries to work on local capital markets for at least 2 years. They will also belong to an active alumni network that will collectively foster the next generation of capital market leaders in developing regions.
Michael Milken, Chairman of the Milken Institute, said: “Capital markets multiply the vast potential of human and social capital—and thereby contribute to economic growth and prosperity.”
Steven Knapp, President of the George Washington University, said “This unique partnership has the potential to bring millions of people in the developing world out of poverty by developing effective capital markets and stronger financial institutions. The program will make the connection between classroom instruction and real-world experience that is a hallmark of the George Washington experience.”
Jingdong Hua, IFC Vice President and Treasurer, said: “A well-functioning capital market is not a luxury; it is a necessity. Deep, vibrant capital markets are essential for a thriving private sector that creates jobs and enables economies to achieve their full potential.”
For more information on the program, visit cmp.milkeninstitute.org.
George Washington University
May 6th, 2016 by Tom Minney
DSE launched the modern STT trading system in 2014
The Dar es Salaam Stock Exchange Plc will launch its initial public offer soon, after successfully completing the demutualization that transformed it into a shareholder owned for-profit company. According to a statement from the regulator, the Capital Markets and Securities Authority, the bourse can raise TZS 7.5 billion ($3.4 million) by issuing 15 million ordinary shares at TZS 500 each.
No more details have been released, including a date for the IPO.
A statement from the CMSA, reported in the Citizen news, says: “The IPO and subsequent self-listing of the DSE Plc is the culmination of the demutualisation process approved by the National Demutualisation Committee comprising members from key stakeholders of capital markets in Tanzania including the Ministry of Finance, Bank of Tanzania, Tanzania Stock Brokers Association, DSE Plc and the CMSA.”
There are 23 companies listed on the DSE, which has a Main Board and 4 companies listed on the Enterprise Growth Market, launched in 2013. Total market capitalization of the listed companies is TZS 22.4 trillion ($10.2 bn)
It is the third African exchange to go through the demutualization and self-listing process after the Johannesburg Stock Exchange and the Nairobi Securities Exchange. CMSA said successful completion of the IPO and listing will help boost the issued and paid-up share capital; the active shareholding; improved corporate governance structure of a public company limited by shares. It will also raise funds for the market to grow and expand including introducing new products and services.
DISCLOSURE – your editor worked with CAPMEX agency from Vienna and other team members to create the demutualization strategy for DSE.
April 22nd, 2016 by Tom Minney
This story is not strictly capital markets, but a useful cautionary tale
REUTERS, 21 APRIL 2016
Bangladesh’s central bank was vulnerable to hackers because it did not have a firewall and used second-hand, $10 switches to network computers connected to the SWIFT global payment network, an investigator into one of the world’s biggest cyber heists said.
The shortcomings made it easier for hackers to break into the Bangladesh Bank system earlier this year and attempt to siphon off nearly $1 billion using the bank’s SWIFT credentials, said Mohammad Shah Alam, head of the Forensic Training Institute of the Bangladesh police’s criminal investigation department.
“It could be difficult to hack if there was a firewall,” Alam said in an interview.
The lack of sophisticated switches, which can cost several hundred dollars or more, also means it is difficult for investigators to figure out what the hackers did and where they might have been based, he added.
Experts in bank security said that the findings described by Alam were disturbing.
“You are talking about an organization that has access to billions of dollars and they are not taking even the most basic security precautions,” said Jeff Wichman, a consultant with cyber firm Optiv.
Tom Kellermann, a former member of the World Bank security team, said that the security shortcomings described by Alam were “egregious,” and that he believed there were “a handful” of central banks in developing countries that were equally insecure.
Kellermann, now chief executive of investment firm Strategic Cyber Ventures LLC, said that some banks fail to adequately protect their networks because they focus security budgets on physically defending their facilities.
Police blame bank, SWIFT
Cyber criminals broke into Bangladesh Bank’s system and in early February tried to make fraudulent transfers totaling $951 million from its account at the Federal Reserve Bank of New York.
Most of the payments were blocked, but $81 million was routed to accounts in the Philippines and diverted to casinos there. Most of those funds remain missing.
The police believe that both the bank and SWIFT should take the blame for the oversight, Alam said in an interview.
“It was their responsibility to point it out but we haven’t found any evidence that they advised before the heist,” he said, referring to SWIFT.
A spokeswoman for Brussels-based SWIFT declined comment.
SWIFT has previously said the attack was related to an internal operational issue at Bangladesh Bank and that SWIFT’s core messaging services were not compromised.
A spokesman for Bangladesh Bank said SWIFT officials advised the bank to upgrade the switches only when their system engineers from Malaysia visited after the heist.
“There might have been a deficiency in the system in the SWIFT room,” said the spokesman, Subhankar Saha, confirming that the switch was old and needed to be upgraded.
“Two (SWIFT) engineers came and visited the bank after the heist and suggested to upgrade the system,” Saha said.
The heist’s masterminds have yet to be identified.
Bangladesh police said earlier this week they had identified 20 foreigners involved in the heist but they appear to be people who received some of the payments, rather than those who initially stole the money.
Bangladesh Bank has about 5,000 computers used by officials in different departments, Alam said.
The SWIFT room is roughly 12 feet by 8 feet, a window-less office located on the eight floor of the bank’s annex building in Dhaka. There are four servers and four monitors in the room.
All transactions from the previous day are automatically printed on a printer in the room.
The SWIFT facility should have been walled off from the rest of the network. That could have been done if the bank had used the more expensive, “managed” switches, which allow engineers to create separate networks, said Alam, whose institute includes a cyber-crime division.
Moreover, considering the importance of the room, the bank should have deployed staff to monitor activity round the clock, including weekends and holidays, he said.
(Additional reporting by Jim Finkle in BOSTON; Editing by Paritosh Bansal, Raju Gopalakrishnan and Alan Crosby).
$81m to Manila casinos
If you want to read more about how the missing $81m ended up in casinos and with junket operators in the Philippines, brought in by 2 Chinese residents of Manila and Beijing, Fortune takes up the story.
Photo credit: www.dhakatribune.com
April 11th, 2016 by Tom Minney
Photo credit: Namibian Sun www.namibiansun.com
The International Finance Corporation, part of the World Bank Group, has continued its programme of helping develop African debt markets by launching the first bond by a non-resident issuer in Namibia. It raised NAD 180 million (about $12m) which it will use for private sector development in the country. The bond yield is 9.812% per annum.
The 5-year bond is named “Namib” after the world’s oldest desert. The bond is part of a medium-term note programme registered with the Namibian Stock Exchange that allows IFC to issue up to NAD 10 billion (approximately $650m) in bonds in the domestic market. Standard Bank and IJG Securities (Pty) Ltd are lead managers for the bond issuance. IJG Securities is also the sponsoring broker on the transaction, while Standard Bank and Transfer Secretaries (Pty) Ltd are fiscal agents.
The bond is issued under IFC’s Pan-African Domestic Medium Term Note Programme, which was launched in May 2012 to support capital-market development in the region. The IFC has already issued local-currency bonds in Rwanda and Zambia, and 9 countries are part of the programme.
Jingdong Hua, IFC Vice President and Treasurer, said: “Deep, vibrant capital markets create access to long-term, local-currency finance for the private companies so they can get tailor-made financing for growth and expansion. The IFC Namib bond is an integral part of IFC’s strategy to support Africa’s capital market development and create access to finance for the region’s private sector.”
IFC supports local capital market development in Africa by working with governments, regulators and market authorities to put in place frameworks that encourage market entry by domestic and international issuers. IFC also supports African companies looking to access capital markets.
More recently, IFC launched a new capacity-building programme for African capital market regulators and practitioners. This is a partnership with the Milken Institute and George Washington University and will create a network of experts and advocates to support the region’s capital markets.
Ipumbu Shiimi, Governor of the Bank of Namibia, said: “Developing Namibia’s capital markets will be critical for long-term economic development, and especially for the expansion of the infrastructure and banking sectors. We hope that other international and domestic issuers will follow IFC and connect savings to Namibia’s private sector investment needs.”
IFC issues bonds denominated in local currencies in emerging markets as part of its regular programme of raising funds for private-sector development, and to support the development of domestic capital markets. In many cases IFC is the first, or among the first, non-resident issuer in a domestic market. IFC bonds are rated triple-A by Moody’s Investors Service and Standard & Poor’s.
April 10th, 2016 by Tom Minney
Sudan’s Khartoum Stock Exchange inaugurated its electronic trading system on 24 March. The system is funded by the African Development Bank as part of its $34.8 million Public Financial and Macroeconomic Management (PFM) project. The bank says in a press release: “The e-trading system will be instrumental in promoting rapid development of the Khartoum Stock Exchange Market, which is a central element in the country’s financial market.”
According to a report on Sudan News Agency, Dr. Azhari Al-Tayib Al-Faki Director-General of KSE, said the launch was for the second phase of the trading system, financed by a $400,000 AfDB grant to cover system development and capacity building. He says it will reactive the market operations and allow remote access. He adds the update is by a company called FMH International and adds that it did a first phase of the project in 2012.
Abdul Kamara, Resident Representative of the AfDB in Sudan, said electronic trade is increasingly important. He stressed that the Bank’s support emanates from the considerable advantages of trading electronically, which reduces the risk associated with physical cash transactions, lowers transaction costs and saves time. He also noted the potential of e-trading to improve transparency, flow of information and enhance domestic resource mobilization, such as Sukuk bonds on which Sudan heavily depends on for financing infrastructure and service delivery. He assured the government of the Bank’s continued assistance in the area of public financial management and enhancing accountability in the use of public resources.
The market was previously open for 1 hour a day Sunday to Thursday. The KSE has 66 listed companies, including 25 banks, 8 insurance companies and 11 investment and development companies. The primary market was launched in 1994 and In 2012 a total of $113m worth of shares were issued. There was also primary market issues for each Government Musharaka Certificates (Shahama), Government Investment Funds (Sukuks) and investment fund sukuks, bringing the total value of primary market issues in 2012 to $1.08 billion.
Other parts of the PFM project aim to create a “platform for establishing electronic public financial systems, which will ultimately form basis for the transition of electronic governance and administration of public resources. Other complementary systems that are being developed by the PFM include an Integrated Financial Management and Information System (IFMIS). This will integrate Sudan’s public financial management systems with other systems in line ministries, through a customized IT infrastructure that will enhance electronic transactions, information flow and interaction across ministries,” according to the AfDB press release.
April 1st, 2016 by Tom Minney
THIS STORY WAS PUBLISHED ON 1 APRIL MORNING FOLLOWING THE JOURNALIST TRADITION FOR THAT MORNING. IT SHOULD NOT BE TAKEN SERIOUSLY
As securities exchanges seek new products to boost liquidity and trading, a team of market experts announced backing for an exchange to trade southern and eastern Africa’s agricultural commodities. African Beef Exchange, headquartered in Gaborone, Botswana, launches today and brings together trading of a wide range of cattle and cattle products.
“We address the full range of this commodity – from savannah to sirloin” said CEO Bea Feater. “We offer cash trading and speedy T+2 international standard clearing and settlement and we will move towards futures trading along a 6 month exchange rollout roadmap.”
The ABE offers southern and eastern African countries the chance to quash arguments about which country produces the best beef. “We all know Botswana’s beef is the best in the world, except for the colleagues in Namibia, Zimbabwe and a few others. Now traders can put their money where their mouths are”, said Feater.
Key innovation is the settlement and clearing of physical commodity, enabled by a high-speed Chinese rail network currently under construction across the region. This will enable herders to “demat” the herds into specially padded train wagons for speedy T+2 settlement at kraals across the region.
The ABE is aiming to create a first in terms of sustainable energy usage and health, reversing the trend in which stockbrokers worry about their growing waistlines as they gaze at slow-moving trading screens: “We are creating a virtual trading room using advanced movement sensors and interactive technology. Traders will once again be able to trade better by rushing about, waving their arms and shouting, which will be better for their physical movement during trading hours. Our advanced system will capture the energy generated in order to provide energy for the order routing system. If you don’t move, the screen will gradually go to sleep.”
The full range of beef commodities will be traded, including futures (semen samples and calves) to post-trade in the form of ready-to-cook steaks. Interest is soaring as Africa’s top beef solutions continue to lead the cattle-loving world.
Trade confirmation will be exciting on African Beef Exchange
Cattle rushing to meet T+2 settlement deadlines
World-beating trade confirmation systems