The Launching of A Project To Link Seven African Stock Exchanges Through The Saudi DirectFN.
The Launching of A Project To Link Seven African Stock Exchanges Through The Saudi DirectFN.
On December 7, 2022, the African Development Bank and the African Securities Association announced the launch of the online platform for the African Stock Exchanges Linking Project, which connects seven African financial markets with a market value of $1.5 trillion, through DirectFN of Saudi Arabia.
The announcement of the project came on the sidelines of the African Stock Exchanges Association’s 2022 Annual General Meeting and Annual Conference, which was held in Abidjan, Cote d’Ivoire.
The project will allow cross-border trading of securities between seven African stock exchanges, which represent 2,000 companies, through an electronic platform (The AELP Trading Link).
The first phase of the AELP will connect seven stock exchanges across 14 African countries: Morocco, Egypt, Nigeria, Kenya, Mauritius, South Africa and the West Africa Economic and Monetary Union, which comprises Benin, Burkina Faso, Côte d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo. The AELP Trading Link went live on 18 November following a beta testing period.
Dr. Walid Al-Ballaa, Managing Director of DirectFN, said, “DirectFN is proud today of achieving this major project, which we relied on to find innovative technology and focus on achieving digital maturity in building digital relationships through the establishment of the AELP-Link technology platform. And by achieving the goals of participating in African exchanges and digitally empowering the African capital market system to have a positive impact on the overall economy”.
Edoh Kossi Amenounve, ASEA’s President, said, “With AELP, we are entering a new era of African capital markets where all our members will gradually transact cross-border trades from one African securities exchange to another. This project represents a great opportunity for investors and issuers across the continent.”
It is noteworthy that “Direct FN” is an innovative company to provide financial technology, it was founded on modern technological innovation to create new value for technological systems and trading systems for the financial markets in the world.
With more than 20 years of experience, the company has specialized in achieving digital maturity using FinTech (Software Application Platforms) and FinCON (Market Information Displays) solutions for brokerage firms, banks, clearing members and asset management firms that expand from Morocco to Indonesia.
