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A move towards a formal structure for capital markets development in Eswatini dates back to 1989 when a working party under the direction of the Central Bank of Swaziland was commissioned to examine if there were economic benefits to be derived from establishing a stock exchange. The working party concluded that there was a need and an opportunity for such a move and proposed, as a first step, the formation of a stockbroking company which would be licensed under the existing banking legislation pending the drafting of a securities law
The Swaziland Stock Market (SSM) was established in 1990 as a non-bank credit institution in terms of the Financial Institutions (Consolidated) Order, 1975 under Section 18 (1) (b). For eight years the Swaziland Stock Market operated as an over the counter-single stockbroker facility. It was not until July 1999 that a fully-fledged stock exchange, the Swaziland Stock Exchange (SSX), was inaugurated. In 2003, the SSX was incorporated in terms of the Companies Act, 1912 as a public company (Swaziland Stock Exchange Limited) utilising Central Bank of Swaziland staff as promoters for the purpose of its registration.
After the promulgation of the Securities Act, 2010, since January 2013 the SSX was transferred to the Financial Services Regulatory Authority (FSRA) and, operated as a ‘quasi-company’ within the Capital Markets Development (CMD) Division. From January 2017, the SSX moved out of the FSRA to be an independent institution, on the 3rd Floor, East Wing of Ingcamu Building.
In February 2019, the Swaziland Stock Exchange (SSX) changed its name to Eswatini Stock Exchange (ESE), which coincided with the launch of its new LOGO and Automated Trading System (ATS).
In March 2019, the ESE held its Inaugural Listings and Investments Conference under the theme “Opening the ESE to the Business Community as a Gateway to Raising Capital”, which aimed at opening up the ESE to the business community, discuss the benefits for private companies of listing on the ESE, the listing process and requirements, and engage with companies that have the potential to list on the ESE.