Ethopia: Ethiopia sets the stage for its first securities exchange with new licensing directive

Addis Abeba – The Ethiopian Capital Market Authority (ECMA) has taken a step towards establishing a fully functional capital market in the country.

On 16 July, 2024, the Authority issued a directive titled “Directive on Licensing, Operation, and Supervision of Securities Exchanges, Derivatives Exchanges, and the Over-The-Counter Market.”

This directive outlines clear guidelines and requirements for obtaining licenses to operate both securities exchanges and…