The Namibian Stock Exchange (NSX) has been admitted as a Full Member of the World Federation of Exchanges (WFE) after being an Affiliate Member for over a decade.
The WFE Board of Directors, at their meeting on 24 May 2023 in Tokyo, approved the Namibian Stock Exchange’s full membership application.
“The full membership application process included a series of due diligence review assessments, the submission of a Candidacy Paper to demonstrate in detail how the NSX aligns with the 13 WFE principles, and an On-Site Inspection. The On-Site Inspection was conducted in the first week of April 2023 by the WFE Inspection Team, who visited the exchange and interviewed NSX Management, the Namibia Financial Institutions Supervisory Authority (NAMFISA), the Bank of Namibia, the Ministry of Finance, one listed company, one stockbroker, IT Vendors, and Partners to independently verify, among others, the veracity of the submissions made by the NSX,” the bourse said.
NSX CEO, Tiaan Bazuin, said the WFE admission will contribute to the exchange providing an efficient marketplace for companies to raise capital locally and for savings to be used for the benefit and development of Namibia.
“Full Membership to the WFE will contribute further to the NSX’s vision of economic growth and prosperity, providing an efficient marketplace for companies to raise capital locally and for savings to be used for the benefit and development of Namibia. It will open our market to a larger international investing pool,” he said.
The WFE is an international trade group that supports the interests of regulated securities exchanges around the world and promotes widespread access to financial markets and the safety and soundness of the global financial system.
It is the global industry group for exchanges and clearinghouses (CCPs) worldwide, representing over 250 market infrastructures, including 66 exchanges from across the securities and futures industry representing the vast majority of exchange-traded business, as well as clearinghouses.
Currently, there are 12 African Stock Exchanges with Full Membership status.
