12 PM EDT
- This is a non-CLE program
- The timing for this program is listed in US Eastern Daylight Time
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Although banks dominate African financial markets, capital markets are slowly developing and are playing an increasingly important role. Since 1989 the number of active Sub-Saharan stock exchanges has increased from five (South Africa, Zimbabwe, Kenya, Nigeria and Uganda) to the current 26. However, only a handful are active and well developed, most notably the Johannesburg Stock Exchange. Further, all Sub-Saharan stock exchanges are characterized by a relatively low number of participating companies, Nigeria and South African being an exception. Capital market regulation models differ widely across Africa, because legislation and regulatory structures vary between jurisdictions. In some countries, capital market regulation falls in the realm of the central bank’s regulatory powers; in others, it is within the regulatory realm of the ministry of finance, an independent securities commission or authority, or even a self-regulatory organization. From the perspectives of experienced World Bank, private sector and regulatory professionals, this panel aims to depict what capital markets exist across Africa; to examine what legal and other conditions have enabled them to take root and conversely what is holding them back; the strengths of certain capital markets such as South Africa and Nigeria and conversely where they have not developed strongly; what the potential is for capital markets in Africa generally and how they could facilitate economic growth and its diversification across the continent; broadly speaking, what the legal and regulatory issues are both in establishment and in enforcement.