Stock Exchanges News

  • London Stock Exchange offering to Africa 20 November 2014

    According to the London Stock Exchange, the listings of companies focussed on sub-Saharan Africa total 115 companies:
    • 26 companies on the Main Market
    • 3 Global Depository Receipt (GDR) listings on the Main Market
    • 2 GDR listings on the Professional Securities Market (PSM)
    • 84 companies quoted on AIM, the growth market
    The LSE headquarters are in London and it has significant operations in Italy, France, North America and Sri Lanka and employs approximately 2,800 people.

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    In its press release about a link-up with the Nigerian Stock Exchange, the London bourse says it offers partner securities exchanges and investors a broad range of international equity, bond and derivatives markets, including London Stock Exchange; Borsa Italiana; MTS, Europe’s leading fixed-income market; and the pan-European equities platform, Turquoise. Through its markets, the Group offers international business, and investors, unrivalled access to Europe’s capital markets.
    Increasingly important are the post-trade and risk-management services including CC&G, the Rome headquartered central counterparty clearing house (CCP) and Monte Titoli, the significant European settlement business, selected as a first wave participant in the T2S (TARGET2-Securities) European settlement engine that aims to offer centralized delivery-versus-payment. The Group is also a majority owner of LCH.Clearnet, the leading multi-asset global CCP.
    LSEG offers its customers an extensive range of real-time and reference data products, including SEDOL, UnaVista, Proquote and RNS. It owns FTSE which calculates thousands of unique indices that measure and benchmark markets and asset classes in more than 80 countries around the world. African exchanges have recently been taking strong interest in FTSE products that will help their visibility and data flows.
    By purchasing Sri Lanka’s MillenniumIT trading, surveillance and post trade technology some years ago, the LSEG established itself as a leading developer of high performance trading platforms and capital markets software. According to the LSE press release over 40 other organizations and exchanges around the world use the Group’s technology, although smaller African such as the Dar es Salaam Stock Exchange are switching to other systems as reported on this blog, as Millennium IT’s focus changes.

  • Johannesburg Stock Exchange scores record with 395,969 equity trades in one day 19 October 2014
    Johannesburg Stock Exchange (credit: JSE)

    Johannesburg Stock Exchange (credit: JSE)

    The Johannesburg Stock Exchange (www.jse.co.za) equity market scored a record number of 395,969 securities trades on 16 October. The total value was just over R24.6 billion ($2.2 bn).

    The previous record of one day’s trading on the JSE Equity Market was just under 300,000 trades on, but the average number of trades per day during 2014 is approximately 176,000 per day on the equity market.

    Leanne Parsons: Director Trading and Market Services at the JSE, says in a press release that the JSE’s trading systems handled the large number of transactions without any difficulty: “Records like this show that the JSE continues to provide a stable, credible and world class trading platform as well as access to a very liquid market with deep pools of capital.”

    The JSE offers a fully electronic, efficient and secure market and is the world’s best-regulated exchange. It has world-class trading and clearing systems, settlement assurance and risk management. It has been a marketplace for trading financial products for 125 years, connecting buyers and sellers in equity, derivative and debt markets and is in the world top 20 exchanges for market capitalisation and a member of the World Federation of Exchanges (WFE).

  • Total Senegal offers shares in IPO until 7 Nov for BRVM listing 13 October 2014
    BRVM in Abidjan (photo: AfricanCapitalMarketsNews.com)

    BRVM in Abidjan (photo: AfricanCapitalMarketsNews.com)

    Total Senegal is bringing the first initial public offer (IPO) of shares to the growing Abidjan-based Bourse Regionale des Valeurs Mobilieres (BRVM) since 2010, with shares on sale until November. Parent company Total Outre-Mer is selling 8.9% of the shares in the oil products company , in a share offer that began 8 Oct and closes 7 Nov.
    Reuters quotes Odile Sene Kantoussan, chief executive of brokerage company CGF Bourse, based in Dakar, saying: “This operation … consists of the divestment of 290,000 shares held by Total Outre-Mer in Total Senegal’s capital..The shares will be listed on the (BRVM) alongside 22% of the capital representing the stake of minority shareholders, bringing the floating capital on the Bourse to 30.9%. ” The ordinary shares each cost XOF 12,000 (CFA franc) equivalent to USD 23.19, with a minimum subscription of 5 shares, according to this announcement by Compagnie de Gestion Financière (CGF Bourse), which is sponsoring broker and Société de Gestion Intermédiation (SGI) in a syndicate of 20 brokers placing the shares. Initial priority is giving to investors in Senegal before extending across the CFA zone. The shares have XOF 1,000 nominal value according to the information memorandum available here. The transaction value is XOF 3.48 billion ($6.7million).
    Total has already listed its Ivory Coast subsidiary among the 37 companies listed on the BRVM which trades securities from 8 nations across the West African region.
    According to another news report by Agence Ecofin, Gabriel Fal, Chairman of the BRVM and Edoh Kossi Amenounve, CEO, hosted a ceremony for the offering on 10 Oct. It reports that the BRVM’s market capitalization has soared past XOF6 trillion ($11bn) driven by demand for Sonatel – the previous Senegalese listing in 1998 – and capital increases by subsidiaries of Bank of Africa group.

    Gabriel Fal, Chairman of the BRVM (photo: BRVM)

    Gabriel Fal, Chairman of the BRVM (photo: BRVM)


    In April Fal was reported to forecast other potential BRVM listings could include Ivorian banks, Banque Internationale pour l’Afrique de l’Ouest en Cote d’Ivoire and Societe Ivoirienne de Banque, 51% owned by Morocco’s Attijariwafa Bank, as well as Matforce, a Senegalese company which provides energy equipment, an insurance company based in Dakar and a Canadian gold mining company operating in Cote d’Ivoire.
    After the sale and listing, Total Outre-Mer will own 23.1% and Total Africa Limited will own 46%.
    See the CGF Bourse website for details on the share offer.

  • Nairobi SE appoints Andrew Wachira as acting CEO 10 October 2014

    The Board of Directors of the Nairobi Securities Exchange appointed Andrew Wachira as the Acting CEO of the exchange, effective from 1 Oct 2014. Peter Mwangi left on 30 Sept, as reported on this blog. The process to recruit a permanent Chief Executive is ongoing.
    According to the NSE announcement, lawyer Mr. Wachira has over 10 years’ experience at the Nairobi exchange. He has been the Head of Compliance and Legal Department, NSE since 2009. He has a Bachelor of Law Degree from the University of Nairobi and is an Advocate of the High Court of Kenya. He is a member of the Law Society of Kenya.
    Board Chairman Mr. Eddy Njoroge said: “Andrew has been instrumental in the implementation of a number of key initiatives at the exchange. His experience, leadership skills and wealth of knowledge will ensure a smooth transition for the exchange. As we formalise the substantive recruitment of a Chief Executive, we are confident that he will execute this interim position commendably.”

    History pic - Nairobi SE in 2009 (credit www.businessdailyafrica.com)

    History pic – Nairobi SE in 2009 (credit www.businessdailyafrica.com)

  • Nairobi SE trades bonds on new automated trading system 10 October 2014

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    The Nairobi Securities Exchange (www.nse.co.ke) is trading corporate bonds and Government of Kenya treasury bonds on an automated trading system. It marks another step forward for South Africa’s financial software development company Securities Trading & Technology Pty (STT), which also supplies the STT bond trading system used by the Johannesburg Stock Exchange (JSE), Africa’s most liquid bond market.
    The new system allows on-line trading of debt securities and is integrated with the settlement system at the Central Bank of Kenya (CBK) for treasury bonds. It offers true delivery-versus-payment (DVP) to mitigate risk. In August 2014 the NSE increased the number of settlements in treasury bonds to 3 per day, with settlements at 11:00, 13:00 and 15:00 each day so that a bond trader can buy a Kenyan treasury bond and sell it the same day.
    The new STT automated trading system (ATS) also is efficient, scalable and flexible, and supports trading in bonds that have been issued in different currencies.
    Peter Mwangi, CEO of the Nairobi bourse, said in a press release: “This is a significant step towards the exchange’s goal of ensuring that the secondary market becomes more transparent and the price-discovery mechanism is beyond reproach.
    “The multicurrency trading functionality of the new system means that foreign-denominated bonds can now be listed and traded on the NSE. With this development, we look forward to the listing of the Government of Kenya Sovereign Bond at the exchange.” He was referring to Kenya’s debut $2bn Eurobond that was successfully floated on the Irish Stock Exchange in June after attracting bids for 4 times the initial target.
    Nairobi’s stock market was reported to be working with the Central Depository and Settlement Corporation (CDSC) and the CBK for settlements of corporate bonds.
    It also follows the South African practice and allows reporting of bond prices by yield (i.e. the current interest rate to investors). According to an earlier report in Standard Media, Mr Mwangi said: “the bond trading system.. will allow reporting of bond prices by yield… Decision-making will be faster and this should spur further liquidity in the bond market.”
    The STT system supports market-making, a 2-way-quote trading model, ability to integrate with regulators’ surveillance systems and ability to report transactions that are concluded over-the-counter (OTC) for purposes of settlement.
    In enhancing the bond trading system, the Nairobi Securities Exchange acknowledges the vital role that a vibrant secondary market for active African bond trading continues to play in raising long-term capital for the Government and corporate entities. County governments can also use the same system to raise capital through issuing and listing county bonds.
    Ms. Michelle Janke, Managing Director of Securities Trading & Technology said: “I am delighted to have partnered with the NSE, all teams have put in an enormous effort to take the market live”. The market went live on 26 September.
    The Dar es Salaam Stock Exchange went live using the STT system on 27 June, as reported on this blog, after switching from Millennium IT system.

  • Direct market access links West Africa securities exchanges 7 October 2014

    The framework for linking the capital markets of West Africa was recently published. First step is direct market access (DMA), allowing a stockbroker on one West African exchange to transact directly on the Nigerian market through the order-management system of an approved Nigerian stockbroker.

    The Nigerian Stock Exchange has outlined how this would work in its capital market. The initiative is part of a West African Capital Markets Integration (WACMI) programme, aiming to establish a harmonized regulatory environment for issuing and trading securities across West Africa. The overall programme will be rolled out in 3 phases:
    Phase 1: Sponsored Access
    Phase 2: Direct Access by Qualified West African Brokers
    Phase 3: Integrated West African Securities Market.

    CEO Oscar Onyema shows top managers of NASDAQ OMX the NSE trading floor. (Credit: businessdayonline)

    CEO Oscar Onyema shows top managers of NASDAQ OMX the NSE trading floor. (Credit: businessdayonline)

    The first phase will allow brokers in member countries of WACMI to trade securities and settle in markets other than theirs through local brokers in those markets. In Nigeria, this means that stockbrokers that are not registered market operators in Nigeria can participate in the market through remote access to the NSE’s trading facility through a local Dealing Member firm (stockbroker) licensed by the exchange.

    This Day newspaper in Nigeria reports that Oscar Onyema, Chairman, West African Capital Markets Integration Council (WACMIC) and CEO of the NSE, said WACMI aims to ensure successful integration of the various stock exchanges in the West African sub region. Achieving integration would enable momentous growth in region’s markets and would attract investment flows, while creating a much larger market for local and international businesses:

    “Additionally, integration will enable the movement of capital within the region, creating flexibility for issuers looking to raise capital and investors looking to invest across member states. Furthermore, integration would speed up the development of our various domestic financial systems, promoting increased competition and innovation, as well as offering opportunities for risk diversification.”

    Direct market access – the mechanics

    The current direct market access programme is only available to NSE dealing member firms with Order Management System (OMS) vendors been certified by the exchange.

    Phase 1 is in two sub-phases: Direct market access (DMA) and sponsored access (SA). The current announcements relate to the first, direct market access. This means that a Sponsoring Member firm in Nigeria can allow a Sponsored Participant who operates in a WACMI member country to the NSE’s trading system under the SM’s trading codes via the SM firm’s order management system and using the dealing member firm’s infrastructure.

    In order to allow direct market access to a sponsored participant (SP), the sponsoring member (SM) must notify the NSE of the DMA and should get a “no objection” letter. The application process includes giving full address and contact person for the SP and a “Letter of Good Standing” in respect of the sponsored participant (SP) issued by the domestic securities exchange where the SP is an active stockbroking member.

    The notification of DMA should also include a copy of the risk policy/framework that the SM plans to use in monitoring the SP’s trading activities. If it later makes any changes to the risk framework it must tell the NSE’s Broker Dealer Regulation department within 1 business day via email or letter format. It will also include the name and registered or business address of the vendor providing the order management system to the sponsoring member (SM).

    If the exchange has an “objection” it will advise the sponsoring member of the problems and can ask for more information, before granting the “no objection”.

    The sponsoring member will also help the sponsored participant to establish settlement accounts either with a custodian or with the Central Securities Clearing System plc, which has been the clearing and settlement house of the Nigerian capital market and the NSE since 1997. Once this is set up, the SM will also inform the NSE about it.

    The second step, sponsored access, will mean that the SP uses the exchange’s infrastructure. It will submit orders to the exchange’s trading system directly, but under a SM firm’s trading codes and without passing through a SM firm’s order management system. Instead, the SP’s orders pass through a series of validation checks carried out by the exchange and the orders are monitored by the SM firm as they happen (in “real-time”).

    Sponsoring broker responsibility

    According to the notice, issued by Olufemi Shobanjo, Head of Broker Dealer Regulation at the NSE: “It is imperative to emphasise that Dealing Member firms (the Sponsoring Members) will ultimately bear any risks associated with, and will be held liable for any infractions resulting from the Sponsored Participant’s (SP) trading activities. In line with this, The Exchange may request any information from a Dealing Member firm, regarding its trading activity.”

  • JSE and ASEA host African exchanges for capacity-building 10 September 2014

    Best wishes to the organizers and all the African exchanges personnel attending the Building African Financial Markets (BAFM) seminar in Johannesburg from 10-12 September!

    The Johannesburg Stock Exchange (JSE) and the African Securities Exchanges Association (ASEA), supported by the World Bank Group, are hosting the third BAFM seminar this week, bringing together representatives from stock exchanges, regulatory bodies, stockbroking firms and other interested parties from several African countries including Nigeria, Mauritius, Zimbabwe and Malawi.

    Topics to be covered include the future of African stock exchanges and whether they can play a meaningful role in the growth and development of the African continent. Zeona Jacobs, Director: Marketing and Corporate Affairs at the JSE, says in a press release: “Stock exchanges play a crucial role in the development of economies by allowing companies to raise capital through an efficient and transparent platform.” Jacobs says the conference provides an opportunity for exchanges from around the continent to share ideas and learn from each other’s experiences.

    “Exchanges are key parts of the economies in which they operate. Initiatives such as this form an integral part of the continued development of sustainable economies within the continent by enabling open conversations about how to strengthen investor confidence, address governance issues and promote financial literacy.”

    The conference will also include sessions around the development of commodity markets, exchange traded funds, electronic bond markets and demutualisation.

  • Nairobi Securities Exchange CEO Peter Mwangi moves to Old Mutual Kenya 10 September 2014

    The well-respected CEO of the Nairobi Securities Exchange (www.nse.co.ke), Peter Mwangi, is to take up a new job as Group CEO at financial services company Old Mutual Kenya with effect from 1 October. Mr Mwangi has served at the NSE since 24 November 2008 and his contract was renewed in 2011 but according to regulations a CEO of an exchange can only serve 2 terms.

    Mr Mwangi and his top team have made huge progress in boosting the activity and standing of the NSE. Kenya’s Standard reports that major strategic projects implemented while he was CEO include:

    • Trading treasury bonds on the automated trading system,
    • Reducing the trading and settlement cycle to four days
    • Demutualizing the exchange and selling its shares to the public.

    Local press reports that in a statement sent to newsrooms Mr Mwangi says he expects the bourse to build on the foundations it set to be one of the most efficient and well capitalized exchanges on the continent.

    Old Mutual continues in expansionary form in Africa, and an analyst reports: “Old Mutual has been accelerating its growth agenda within the African continent, expanding its footprint both organically and inorganically and Mr. Mwangi’ s appointment comes at an exciting time for the Group as whole as he will be in charge of spearheading Old Mutual agenda in this region. In 2013, the Group announced that it plans to invest $500M in East and West Africa, and we have already seen this as the Group has established operations in Nigeria and Ghana. In Kenya, the Group acquired Faulu Kenya which is in the process of been integrated in Old Mutual’s operating model.”

    Tavaziva Madzinga, Old Mutual Africa Chief Operations Officer, was quoted on CapitalFM: “With the Group’s focus on growing in East Africa, and Kenya in particular, Mwangi will guide the delivery of Old Mutual’s commitment to provide affordable insurance and banking solutions to millions of Kenyans.”

    Peter Muthoka, Chairman of the Board of Directors of Old Mutual was reported as saying: “The importance of our customer cannot be emphasised enough. We are dedicated to our vision of becoming our customers’ most trusted financial partner and we look forward to working closely with Mr Mwangi in serving Kenyans to empower them financially to achieve their goals.”

    According to his profile on Businessweek: Before joining the NSE Mr Mwangi had been CEO and Managing Director of Centum Investment Company, (formerly, ICDC Investment Company until it changed its name in 2008) from December 2004 to October 15, 2008. He had joined been company secretary from 2000 to 2004 and has also been Investment Manager. His working career began as a Technical Officer in the Kenya Air Force, where he was involved in the maintenance of avionic communication systems and the development of the Air Force’s information and communication technology (ICT) strategy.

    His degree is BSc in Electronic Engineering from University of Nairobi. He is also a Member of Certified Public Accountant of Kenya (ICPAK) and the Institute of Certified Public Secretaries of Kenya (ICPSK) and is a Chartered Financial Analyst.

    He serves as a Director of UAP Insurance Sudan Ltd., Kisii Bottlers Limited, Mount Kenya Bottlers Limited, Rift Valley Bottlers Limited, Eveready Batteries Limited, KWAL Holdings Limited and Central Depository & Settlement Corporation Limited. He serves as a Director of Nairobi Stock Exchange Ltd., and Wildlife Works Inc. He is also a member of the Institute of Directors (IOD).

    Peter Mwangi

    Peter Mwangi

  • Zimbabwe stock exchange moving to electronic trading and CSD 1 September 2014

    Electronic trading is coming to the Zimbabwe Stock Exchange in terms of a contract signed recently with InfoTech Group of Pakistan. Meanwhile the central depository Chengetedzai Depository Company Ltd said that 3 listed companies – CBZ Holdings, Cottco Holdings and FBC Holdings – would be moved onto electronic registers from 8 September, according to local media reports.

    The InfoTech Capizar software is also installed at Ghana Stock Exchange since 2008.

    According to reports in the Pakistan Observer and The Nation in June, the contract with ZSE is a turnkey deployment of the automated trading system (ATS). According to a press statement by the ZSE in March, the contract was signed on 19 Mar for for the supply and installation of the Capizar ATS product by Infotech Middle East FZ LLC.

    Trading floor at the Zimbabwe SE (photo from www.4vf.net)

    Trading floor at the Zimbabwe SE (photo from www.4vf.net)

    The agreement was signed between Alban Chirume, CEO of the ZSE, and Naseer A Akhtar, CEO & Chairman of InfoTech Group, assisted by Murad Baig, VP Business Development at IFTL-London. According to the reports, the project was expected to start soon and to be finished within 6 months (by December). The ATS replaces the current manual trading system, which uses MS Excel and other packages to create and publish data, which the new system also does.

    The ZSE statement in March adds: “On 31 Jul 2013 we announced the appointment of Central Depository Settlement Company of Mauritius (CDSM Ltd) as our consultant to the automation project. The consultants have since successfully guided us through the tender and vendor selection processes.

    “The immediate next steps are the study of the local environment, and the gap analysis to be carried out by the Vendor in order for us to finalise the project plans. These limited activities will be followed by the procurement of computer hardware and construction of the data centre itself. We are expecting that in 3 to 4 months’ time, the project will be in the training and acceptance testing stages with the final live date being our target within a period of 6 months from now.”

    CSD going live

    Chengetedzai was approved by the Securities and Exchange Commission of Zimbabwe to run a CSD, after winning a competitive tender on 27 Dec 2010. According to a recent news report in The Herald and the Chronicle newspapers, its market update statement said: “Chengetedzai Depository Company Limited would like to advise all capital markets players, issuers of securities and the investing public that the necessary regulatory approvals to commence the Central Securities Depository (CSD) operations has been granted.

    “In this regard, CDCL is ready to commence the opening of investor accounts and dematerialisation (migration from paper based title to electronic securities) of approved securities, in preparation for the trading of electronic based securities.” The company urged the investing public to open securities accounts through registered custodians, who include banks, from 25 August and deposit their securities in the accounts.

    According to its website, Chengetedzai won the tender in which two bidders were invited to submit proposals after an initial expression of interest round in Apr 2010. This is in terms of the Securities Act 17/2004, which established the legal basis for the Securities Commission, its mandate and the establishment of a central securities depository (CSD) to maintain securities deposits in electronic form. The SECZ was only established in 2008 and the commissioners immediately embarked on setting up a CSD.

    The Ministry of Finance put a hold on the project in Feb 2011 and announced in Aug: “The CSD project was deemed by Government to be of national interest and thus Government would take 51% shareholding in Chengetedzai and that only one CSD to be set up in the country. The ZSE would also be included as a shareholder in Chengetedzai. Then followed protracted negotiations between Chengetedzai to value the “sweat equity” and this was settled on 13 June 2012 by Government and SECZ, and the Shareholders’ Agreement was signed on 26 Jun 2012, after which a new board of directors began.

    According to the CDCL report: “The first task was to confirm the software to support the CSD operations and a system selection process was kicked off immediately. After visits to South Africa, India and Moscow, the decision was made to select the Depo/X system supplied by CMA Small Systems from Sweden. The purchase and implementation contracts were signed in March 2013 and in April 2013 the implementation of the project started, exactly fourteen months after the tender was awarded.”

    Check this amazing profile in Daily News of 23-year-old Samuelle Dimairho who has been dreaming of transforming the ZSE (and trading on it) since he was 15 and is the driving force behind Chengetedzai.

    Background on the ATS

    The Africa Report magazine wrote in Jan that the contract is expected to cost $2 million and says daily turnover on the exchange was currently $1.5m on average and there were 68 listed companies, down from a peak of 83. According to the report: “Apart from enabling longer trading hours, the ATS would reduce the fraudulent sale of non-existent stocks. The automation of the bourse has been on the agenda since 2000 although plans have stalled due to liquidity constraints. However, as the new system comes on board, more companies are set to delist this year due to the harsh economic environment obtaining in the country.” It cites Chirume saying: “Tentatively, there are companies which have already shown that they might merge and there is a possibility of some de-listings.” He believed that the de-listings would not have any implications on the bourse as some of the affected counters were not trading.

    According to the ZSE press release in Jan, 11 vendors expressed interest, and 4 submitted full responses. They were:
    1. A consortium of local vendors led by Chartered Systems Integration in partnership with CMA Small Systems of Sweden.
    2. A consortium of Infotech Middle East FZ-LLC and local suppliers.
    1. National Stock Exchange of India in partnership with Valentine software of Zimbabwe.
    2. New York Stock Exchange Euronext Technologies.

    “The initial valuation of all bids submitted narrowed down the competing vendors to a short list of 2 – CIS/ CMA Small systems and Infotech Middle East. During the last week of November the shortlisted 2 vendors were given the opportunity to give oral presentations and demos to support their bids. The CSI /CMA Small Systems consortium was however unable to participate in the demo exercises due to other circumstances beyond their control. Additional due diligence measures were taken during the month of December and as a result of the report outcome of these efforts the Board of the Zimbabwe Stock Exchange has approved the engagement of Infotech Middle East FZ-LLC subject to a successful contract negotiations.”

  • JSE seminar on African capital markets development 24 August 2014

    Johannesburg Stock Exchange (credit www.jse.co.za)

    Johannesburg Stock Exchange (credit www.jse.co.za)


    The Johannesburg Stock Exchange and the African Securities Exchanges Association, supported by the World Bank Group, will host the 3rd Building African Financial Markets capacity-building seminar. This will be in Johannesburg, South Africa from 10-12 September.
    The aim of the seminar is to promote growth and development of African financial markets by giving representatives from stock exchanges, regulatory bodies, stockbroking firms and other interested parties the opportunity to learn about topical subjects in the area of capital markets.
    The seminar includes speakers from African and global securities exchanges, banks, stockbrokers, major financial institutions, issuers, multilateral organisations and regulators. The topics covered include Are exchanges playing a meaningful role in African growth and development?, Exchange demutualization – perspectives and considerations, Listings – what do exchanges need to do to get companies to list
    This year is the first to introduce a series of parallel workshop sessions to allow for a more interactive environment for engagement. Workshops include constructing exchange-traded funds, building electronic bond markets and the role of exchanges in bond markets, data commercialization, effective ways to enhance financial literacy, commodity derivative exchanges, increasing market liquidity, sustainable stock exchange initiative.
    The conference sessions will be held at the JSE during the day time of 11 and 12 September. The seminar will start with a cocktail function at the Johannesburg Stock Exchange (JSE) for all delegates and speakers on the evening of 10 September, and a stockbroker networking session will in the afternoon of 11 September.
    The detailed programme can be downloaded from the JSE website via the link BAFM Programme on this page.