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Saudi DirectFN to link 7 African stock markets

Saudi DirectFN to link 7 African stock markets
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Riyadh – Mubasher: Saudi Arabia’s DirectFN will be connecting seven African stock exchanges with a market value of $1.50 trillion through the online platform The AELP Trading Link under the African Stock Exchanges Linking Project.

The first phase of the AELP project will connect seven stock markets across 14 African countries, including Egypt and Morocco, as well as Nigeria, Kenya, Mauritius, and South Africa. The other countries are in the West Africa Economic and Monetary Union; Benin, Burkina Faso, Côte d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo.

The AELP Trading Link went live on 18 November this year after a beta testing period, according to a press release.

The African Development Bank and the African Securities Association announced the launch of the platform on 7 December on the sidelines of the African Securities Exchanges Association's (ASEA) 2022 Annual General Meeting and Annual Conference, which took place in Cote d'Ivoire’s Abidjan.

The project will provide cross-border trading of securities on the African stock exchanges, comprising 2,000 companies.

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”.

President of ASEA, Edoh Kossi Amenounve, noted: “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.”

DirectFN is an innovative company with more than 20 years of experience, with a goal of providing financial technology while achieving digital maturity using FinTech, Software Application Platforms, and FinCON, Market Information Displays, solutions for brokerage firms, banks, clearing members and asset management firms from Morocco to Indonesia.