Arab Federation of Exchanges (AFE) and African Securities Exchanges Association (ASEA) Sign MOU for the Development of the Capital Markets

Monday, 25 November 2019

Sunday 24 November 2019 – The Arab Federation of Exchanges (AFE) and the African
Securities Exchanges Association (ASEA) today, signed a Memorandum of Understanding
(MoU) aimed at enhancing the competitiveness of member exchanges and supporting the
development of more transparent, efficient and sustainable capital markets within both regions.
The AFE is the industry association 16 exchanges and 4 clearing houses, in addition to several
brokerage firms, collectively they are the home of over 1,590 listed corporates with a total equity
market capitalization of $1.2 trillion. The Federation’s mission is to enhance transparency in the
Arab capital markets, support member development and reduce barriers to cross-border trading in
the region.
While ASEA is the premier association of twenty-five securities exchanges in Africa, which
collectively are home to over 1,100 listed companies with a total equity market capitalization of
approximately $1.5 trillion. Established in 1993, with its headquarters in Kenya, ASEA seeks to
position African securities exchanges to be significant drivers of the economic and societal
transformation of Africa, by providing a forum for mutual communication, information exchange,
co-operation and technical assistance among its members.
Under the MoU, the AFE and ASEA have pledged to collaborate in the areas of information
sharing, capacity-building and the promotion of best practices for Arab and African Exchanges.
The MoU further seeks to facilitate cooperation and technical assistance among Members and to
explore synergies in ongoing capital market integration initiatives, as a means of boosting
liquidity in the two regional markets.
In his remarks during the signing ceremony, Mr. Mohamed Farid Saleh, Chairman of the
Arab Federation of Exchanges and Executive Chairman of The Egyptian Exchange said:
“This MoU with ASEA is part of shared vision of transformation of the two regional markets.
This collaboration will support AFE’s efforts to boost human capital in the African and Arab
financial markets by combining the expertise and reach of the AFE and ASEA to deliver joint
programs and projects which ultimately will benefit markets of both associations.”
Mr. Karim Hajji, President of ASEA and Chief Executive Officer of the Casablanca Stock
Exchange said: "ASEA and the AFE are natural partners given our mutual objectives to advance
our regions’ capital markets, through developing member exchanges, advocating for enabling
policies and driving the adoption of global standards. Establishing this functional relationship,
strengthens our ability to tackle complex issues facing our markets and push for better outcomes
on capital market matters in the two regions. I look forward to connecting ASEA members to a
new community of global exchanges, and hope that together we will translate the opportunities
presented by this partnership into tangible actions and initiatives which will impact both regional
The signing ceremony took place on the sidelines of the 23 rd Annual General Meeting and
Conference of ASEA which is being hosted by the Botswana Stock Exchange in Kasane,
Botswana on November 24 – 26, 2019. The Annual Conference is the flagship event of ASEA
which brings together exchanges, policymakers, regulators and top government official to discuss
topical issues facing African capital markets.
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