African Securities Exchanges Association (ASEA) chose the Chief Executive Officer of Nigerian Exchange Limited (NGX)Mr Temi Popoola to the executive committee of the association.
This was contained in a statement by the Nigerian Exchange Limited obtained by Nairametrics.
Popoola was elected to the executive committee during the association’s annual general meeting and conference in Abidjan, Cote D’Ivoire on 7 December 2022.
The process also saw the CEO of the Botswana Stock Exchange, Thapelo Tsheole and the CEO of the Rwanda Stock Exchange, Pierre Celestine Rwabukumba, also elected as President and Vice President of ASEA, respectively.
Grateful to Acknowledge: Popoola thanked the members exchange representatives for their confidence in the selection of committee members, He also thanked the immediate past president, Dr Edoh Kossi Amenounve, for his service to the association. He said:
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- “I also thank the Group Chief Executive Officer of the Nigerian Exchange Group Plc, Mr Oscar Onyema for his support during my election to the committee and his efforts in ASEA initiatives during his time as the leader of the association.
- “As president of ASEA between 2014 and 2018, he initiated the initiation and development of the African Exchanges Linkage project which is now officially launched and will help pool liquidity in the continent’s exchanges.
- “ASEAN as the main association of securities exchanges in Africa is tasked with the duties of developing the capital markets of its members at the global level and promoting capital inflows into African capital markets.
- “At NGX, we will continue to collaborate with other ASEA members to develop our markets, intelligence and data sharing, and participate in advocacy efforts. I am confident that the committee will continue to advance the pan-African agenda, enhance sustainability and capital mobilization efforts and push for full financial inclusion on the continent for the development of our continent.
Cross-border sales: The meeting also saw the launch of the African Exchanges Linkage Project (AELP), an ASEA innovation developed in partnership with the African Development Bank (AfDB) and aimed at facilitating cross-border trading among seven participating Exchanges and selected broker firms.
According to ASEA, AELP will aggregate live market data from seven stock exchanges representing 2,000 companies with about $1.5 trillion in market capitalization. This enables brokers to access information and see market depth and liquidity in the foreign interest market.
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The phased rollout of AELP will be funded by a grant from the Korea-Africa Economic Cooperation Fund (KOAFEC) according to a statement from ASEA. Edoh Kossi Amenounve, the outgoing President of ASEA said:
- “With AELP, we are entering a new era in African capital markets where all our members will gradually transact cross-border trades from a single securities exchange of Africa to another. This project represents a great opportunity for investors and issuers across the continent.”
NGX was announced as one of the participating exchanges with FBN Quest Securities Limited, Stanbic IBTC Stockbrokers, CardinalStone Securities Limited, Chapel Hill Denham, Cordros Securities Limited and RMB Stockbrokers participating as securities dealers from Nigeria.
Why does this matter: ASEA, the main association of securities exchanges on the continent was established in 1993 with the mandate to develop the markets of its members, promote business in the capital market and provide a platform for networking.