FSD Ethiopia, ESX Collaborate to Develop Rulebook for Capital Market

As part of our programme designed for the development of the rulebook, FSD Ethiopia, in collaboration with the Ethiopian Securities Exchange (ESX), is proud to facilitate a four-day workshop aimed at enhancing capacity and fostering stakeholder engagement. Having commenced on Monday, October 2, 2023, this initiative symbolizes a significant advancement towards achieving global standards of excellence in the capital market.

Under the presence of Tilahun E. Kassahun (Ph.D.), the Senior Project Manager of ESX, the four-day programme has provided ESX staff with essential knowledge on the operations of a securities exchange, with a specific focus on the role of a Self-Regulatory Organization (SRO). As part of FSD Ethiopia’s initiative to support ESX in formulating the rulebook for the capital market, the program includes capacity-building sessions for ESX staff, focusing on securities exchange operations and the role of a Self-Regulatory Organization (SRO).

Distinguished experts from the Nigerian Stock Exchange (NGX) have been instrumental in sharing their expertise and experiences as part of the capacity-building sessions. Leveraging their vast knowledge, these senior experts have enriched the training programme, ensuring that ESX staff benefit from global best practices in the securities market. This collaborative effort underscores the commitment of FSD Ethiopia and ESX to elevate the Ethiopian capital market to international standards.

Recognizing the importance of stakeholder engagement, the programme has attracted the active participation of key actors in the Ethiopian financial market. In collaboration with NGX, ESX has shared its rulebook with stakeholders, inviting their valuable comments and feedback. This inclusive approach fosters transparency, collaboration, and a sense of ownership among all relevant parties, ensuring a robust regulatory framework for the exchange.

Tilahun, the Senior Project Manager of ESX, emphasizes the workshop’s significance in developing a robust internal team capable of effectively serving the capital market. He stated, “This is one of the many internal capacity-building exercises we have undertaken to ensure the success of the Ethiopian Securities Exchange.”

Participants were actively involved in interactive sessions and engaging in knowledge-sharing activities. Representatives from commercial banks, legal experts, executives of state enterprises, and other stakeholders provided valuable feedback on the rulebook. NGX, in collaboration with the Ethiopian Securities Exchange and with financing from FSD Ethiopia, drafted the rulebook.