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African Securities Exchanges Association ASEA AFRICAN SECURITIES EXCHANGES ASSOCIATION 2013 YEAR BOOK ASEA AFRICAN SECURITIES EXCHANGES ASSOCIATION 2013 YEAR BOOK ASEA MEMBER COUNTRIES MAP Guinea Bissau Sierra Leone Cote d’ Ivoire Rwanda 4 ASEA Yearbook I 2013 ASEA MEMBER EXCHANGES 1. Botswana Stock Exchange 2. Bolsa de Valores de Cabo Verde 3. Bourse Regionale des Valeurs Mobilières 4. Bourse de Tunis 5. Casablanca Stock Exchange 6. Dar-Es Salaam Stock Exchange 7. Douala Stock Exchange 8. Egyptian Exchange 9. Ghana Stock Exchange 10. Johannesburg Stock Exchange 11. Khartoum Stock Exchange 13. Libyan Stock Market 14. Lusaka Stock Exchange 15. Malawi Stock Exchange 16. Mozambique Stock Exchange 17. Nairobi Securities Exchange 18. Namibian Stock Exchange 19. Nigerian Stock Exchange 12. Rwanda Stock Exchange 20. Sierra Leone Stock Exchange 21. Stock Exchange of Mauritius 22. The Namibian Stock Exchange 23. Uganda Securities Exchange 24. Zimbabwe Stock Exchange 25. SAFE ASIA (Associate Member) ASEA Yearbook I 2013 5 TABLE OF CONTENTS ASEA Member Countries Map 4 ASEA Member Exchanges 5 ASEA Executive Committee Members 8 Member Exchange Profiles 19 Botswana Stock Exchange 21 Bolsa de Valores de Cabo Verde 33 Bourse Regionale des Valeurs Mobilières 38 Bourse de Tunis 45 Casablanca Stock Exchange 55 Dar es Salaam Exchange 63 Douala Stock Exchange 71 Egyptian Exchange 79 Ghana Stock Exchange 92 Johannesburg Stock Exchange 100 Khartoum Stock Exchange 114 Lusaka Stock Exchange 128 Malawi Stock Exchange 144 Mozambique Stock Exchange 149 Nairobi Securities Exchange 162 Namibian Stock Exchange 177 Nigerian Stock Exchange 184 Rwanda Stock Exchange 193 Sierra Leone Stock Exchange 199 Stock Exchange of Mauritius 205 Uganda Securities Exchange 214 Zimbabwe Stock Exchange 226 6 ASEA Yearbook I 2013 H S O G F T R E U W A O A R C H R T O S S S A E I F T I N U T R O R P I P O C A G N I T A E R C PROFILES1 OF ASEA EXECUTIVE COMMITTEE MEMBERS The Stock Exchange of Mauritius SUNIL BENIMADHU, PRESIDENT President, African Securities Exchanges Association and Chief Executive of the Stock Exchange of Mauritius (SEM) 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 was elected President of the African Securities Exchanges Association (ASEA) on the 30th August 2010 and re-elected for a further term of two years on December 2, 2012. 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 Development Bank (AfDB). 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 Maîtrise in Macro-Economics from the University of Aix-Marseille, France. ASEA Yearbook I 2013 9 The Nigerian Stock Exchange OSCAR ONYEMA, VICE PRESIDENT Vice President, African Securities Exchanges Association and Chief Executive of The Nigerian Stock Exchange Oscar Onyema is the Chief Executive Officer of The Nigerian Stock Exchange, a position he assumed in April 2011. Prior to this role, he served for over 20 years in United States financial markets and the Nigerian information technology sector. Mr. Onyema is the Chairman of Central Securities Clearing System (CSCS) Limited, the clearing house for the Nigerian capital market; he is also a Council member of the Chartered Institute of Stockbrokers of Nigeria (CIS). He is the Vice President of the African Securities Exchanges Association, and a Global Agenda Council member of the World Economic Forum. In 2009, Mr. Onyema founded Market Strategists LLC and consulted under the Gerson Lehrman Group in the United States, successfully enabling decision-makers at investment firms and corporations better understand financial products, services, companies, and issues in global financial markets. Mr. Onyema served as the Senior Vice President and Chief Administrative Officer at American Stock Exchange (Amex), which he joined in 2001. He was the first person of colour to hold that position, and was instrumental in integrating the Amex equity business into the NYSE Euronext equity business after their acquisition of Amex in 2008. He then managed the NYSE Amex equity trading business, which he helped position as a premier market for small and mid cap securities. For approximately five years, Mr. Onyema served as Adjunct Lecturer of Economics at Pace University, New York. In 2008, he received the Financial Industry Regulatory Authority (FINRA) Series 7, 24 and 63 brokerage 10 ASEA Yearbook I 2013 licenses through Seamount Execution Services LLC, a FINRA member firm in New York. He remains active in the Security Traders Association of New York, and in the Securities Industry and Financial Markets Association, USA. In the late 1990s, he held various positions at New York Mercantile Exchange where he managed futures market structure initiatives. He started his post-NYSC career in Nigeria at Data Processing Maintenance and Services Ltd. (an IBM business partner) where he sold mid-range IBM systems. Mr. Onyema holds an MBA in Finance and Investments from Baruch College, New York. He received his Bachelor’s degree in Computer Engineering from Obafemi Awolowo University, Ile-Ife, Nigeria. ASEA Yearbook I 2013 11 The Casablanca Stock Exchange KARIM HAJJI Chief Executive, Casablanca Stock Exchange Karim Hajji is the CEO of the Casablanca Stock Exchange, the third largest exchange in Africa, and a member of the World Federation of Exchanges. In 2011, he joined the HOPE Global Board of Advisors and was appointed Chairman of the Executive Committee of the Association of African French speaking Exchanges. Prior to joining CSE in April 2009, he was Chairman and CEO of Atlas Capital Group, a well respected, independent investment bank, active in both corporate finance and asset management, which he had founded in 1999. After an 8 year international career at Eli Lilly and Co in the US then in Italy and Switzerland, he had joined the ONA Group, Morocco’s largest conglomerate, in 1990 as advisor to the Chairman, then General Manager of an affiliate in Monaco and finally Group CFO in 1994. Karim Hajji holds an MBA from New York University’s Stern School, a diploma from “Institut d’Etudes Politiques de Paris” and a Master’s degree in capital markets from the University of Paris-IX Dauphine. 12 ASEA Yearbook I 2013 The Egyptian Exchange MOHAMMED OMRAN Executive Chairman, Egyptian Exchange Professor Mohammed Omran is the Executive Chairman of the Egyptian Exchange and a Professor of Finance at the Arab Academy for Science and Technology. He is also a Board Member on the Privatization Agency of Kosovo. Prior to his current job, he was the Vice Chairman for Operation of the Insurance Holding Company in Egypt. Professor Omran also served as a Vice Chairman of the Egyptian Exchange for four years from 2006- 2010. He holds an MSc from Cairo University and Ph.D. in Finance from the University of Plymouth, UK. He was a visiting Professor in several research and academic institutions such as University of Plymouth, University of Oklahoma, the World Bank, University of Laval, and Vaasa University. Professor Omran severed several years as an Economist at both the Arab Monetary Fund in Abu Dhabi and the International Monetary Fund in Washington D.C. He was an advisor to the Minister of Investment and an Acting Executive Director of the Egyptian Institute of Directors. Professor Omran had been awarded several research grants and prizes, he was a Fullbright Scholar and he is a Research Fellow at the Economic Research Forum. He served as a reviewer for more than a dozen of Economics and Finance Journals. Professor Omran specializes in financial markets, corporate governance, corporate finance and privatization concentrating on the MENA region. He authored and co-authored around 40 papers and his work appears in several international Economics and Finance Journals such as: Journal of Financial Research, Journal of Comparative Economics, Journal of International Financial Markets, Institutions and Money, World Development, International Review of Law and Economics, Multinational Finance Journal, International Review of Financial Analysis, Journal of Investing, Emerging Market Review, International Journal of Business, Review of Accounting and Finance, International Journal of Theoretical and Applied Finance, and Global Finance Journal. ASEA Yearbook I 2013 13 Ghana Stock Exchange EKOW AFEDZIE Deputy Managing Director, Ghana Stock Exchange 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 Degree in Business Administration in 1989. He also holds a Master of Arts Degree in Economic Policy Management, from the University of Ghana. He joined the Ghana Stock Exchange in 1990 when it was established and he is currently the Deputy Managing Director of the Stock Exchange. He has held various positions at the Exchange including the General Manager and Senior Manager for Research, Systems and Marketing. 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.
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