The World Federation of Exchanges, the global industry group for exchanges and central counter parties (CCPs), has signed a memorandum of understanding (MOU) with the African Securities Exchange Association (ASEA), aimed at supporting the development of the wider African capital market.
According to a statement, the MoU is to support the development of market infrastructures in Africa and, through them, the development of the wider African capital market ecosystem and to enable African market infrastructures to develop best practices based on global standards, while remaining appropriate to the needs of the region and nation in which they operate.
The WFE and ASEA have pledged to collaborate in developing and implementing programmes and projects, including finding ways to increase the amount of data published by the region, that deliver these two overarching objectives.
Commenting on the development, Chief Executive Officer, WFE, Nandini Sukumar, said: “The WFE is delighted to announce this ground-breaking MoU with ASEA. The WFE’s market development mandate has always been a key pillar of the federation, but this agreement crystallises our vision to support members in specific regions with targeted activity. We believe that exchanges in Africa will benefit from this focused approach, be it through our technical expertise, capacity building programme, or broader market development assistance to help them meet international standards and best practice. We look forward to engaging more deeply on the topics that matter to African market infrastructures, and further growing our knowledge and relationships in this vibrant continent.”
Also speaking, immediate past President of ASEA and Chief Executive Officer of the Nigerian Stock Exchange (NSE), Oscar Onyema said: “ASEA and the WFE will work in tandem to promote quality market standards, advocate for enabling policies, and support the growth of member exchanges. As such, this partnership will inspire and support African exchanges to unlock greater levels of competitiveness through information sharing and the adoption of best practices. We welcome this opportunity to enhance our value proposition to ASEA members’ and we encourage members of both associations to take advantage of emerging opportunities.”
On his part, Chief Executive Officer of Bourse de Casablanca and new President of ASEA, Karim Hajji, said: “Together with my fellow Executive Committee Members, we are very keen on implementing the agreed activities of our partnership with the WFE, and translating them into tangible results for the benefit of the two institutions.”