By Peter Egwuatu
In a move to facilitate cross-border trading and settlement of securities, promote innovation and diversification, the Association of Securities Dealing Houses of Nigeria (ASHON) and five international associations have signed a Memorandum of Understanding (MoU) to establish the African Stockbrokers and Securities Dealers Association (ASSDA) in Botswana, Southern Africa.
According to a statement made available to Vanguard yesterday, the MoU, jointly signed by ASHON and other founding member securities associations from Egypt, Kenya, Mauritius, Morocco , and the West African Economic and Monetary Union, ASSDA is to deepen Africa’s financial market through cross – border trading and seamless clearing and settlement of securities among the participating markets in Africa.
The Chairman of ASHON, Chief Patrick Ezeagu, who represented Nigeria’s capital market at the ceremony in Botswana last weekend explained that the decision to establish ASSDA was taken at a roundtable organized by the African Development Bank in Abidjan on 24th April 2019, for the African Exchanges Linkage Project (AELP).
According to him, the AELP is a co-initiative by the African Securities Exchanges Association (ASEA) and the African Development Bank (AfDB) to enable and facilitate cross-border trading and settlement of securities across participating exchanges in Africa.