“It is a recognition of the numerous initiatives by the SEM with the support of the Financial Services Commission (FSC), to scale up operational, regulatory and technological framework of the exchange,” said SEM chairman Gaetan Lan Hun Kuen.
“Its pursuit of an international strategy targeting the listing of global funds, global business companies and specialised debt instruments has been recognised,” he added.
SEM has differentiated itself through the various projects it has undertaken. “It implemented a new set of listing laws in 2010 and even added a new chapter, namely chapter 18, to its listing rules in May 2011,” explained a senior officer at SEM, who preferred to remain anonymous.
“SEM is the only stock exchange in Africa that can list, trade and settle in US dollar, euro and the British pound. It obtained official recognition by UK’s Her Majesty’s Revenue and Customs on January 31 and is recognised by the Cayman Islands’ Monetary Authority,” said the officer.
The officer pointed out that SEM also has a presence on global data vendors such as Bloomberg, Factset and Inlet Bridge. “It is thus easier for foreign investors to follow the market,” he said.
Other candidates in line for this award involved the Johannesburg, Egypt, Casablanca, Ghana, Nigeria, Tunis and Nairobi stock exchanges.