8th ASEA CONFERENCE & NAIROBI STOCK EXCHANGE GOLDEN JUBILEE Nairobi, November, 2004
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1 8th ASEA CONFERENCE & NAIROBI STOCK EXCHANGE GOLDEN JUBILEE Nairobi, November, 2004 REGIONAL INTERGRATION: THE CASE FOR EAST AFRICAN CAPITAL MARKETS By Jonathan A. Njau Chief Executive Officer Dar es Salaam Stock Exchange 1
2 PRESENTATION OUTLINE 1. INTRODUCTION 2. AN OVERVIEW OF CAPITAL MARKETS IN EAST AFRICA 3. RATIONALE FOR INTEGRATION 4. COMMON PROBLEMS ASSOCIATED WITH INTEGRATION 5. INITIATIVES TOWARDS INTEGRATION OF EAST AFRICAN CAPITAL MARKETS 6. WHAT IS STILL ON THE DRAWING BOARD 7. CONCLUSION 2
3 1. INTRODUCTION WHAT IS AN ECONOMIC INTEGRATION FORMS OF ECONOMIC INTEGRATION - A FREE TRADE AREA - A CUSTOMS UNION - A COMMON MARKET - A MONETARY UNION - A POLITICAL FEDERATION 3
4 2. AN OVERVIEW OF EAST AFRICAN CAPITAL MARKETS (OCTOBER, 2004) THE 3 COUNTRIES COVER AN AREA OF 1.8 MILLION SQUARE KMS THE POPULATION OF APPROXIMATELY 86.5 MILLION - DIFFERENT LEVELS OF DEVELOPMENT AND RESOURCES POTENTIAL & DIVERSE CULTURE SMALL VERY LIMITED REACH KENYA - 530,000 INVESTORS TANZANIA - 72,000 UGANDA - 15,000 4
5 LIMITED PRODUCTS (OCTOBER, 2004) KENYA- 50 LISTED EQUITIES - 60 GOVERNMENT BONDS - 4 CORPORATE BONDS TANZANIA - 6 LISTED EQUITIES - 14 GOVERNMENT BONDS - 3 CORPORATE BONDS UGANDA - 4 LISTED EQUITIES - 5 GOVERNMENT BONDS - 1 CORPORATE BOND 5
6 ILLIQUID MARKETS (OCTOBER, 2004) KENYA - LIQUIDITY RATIO IS 6.45% TANZANIA - LIQUIDITY RATIO IS 2.87% UGANDA - LIQUIDITY RATIO IS 0.02% 6
7 MARKET CAPITALIZATION (OCT. 2004) KENYA - US$ 3,785M TANZANIA - US$ M UGANDA - US$ 812.2M MARKET CAPITALIZATION AS % OF GDP (OCT. 2004) KENYA % TANZANIA - 8% UGANDA % 7
8 CLEARING, SETTLEMENT, AND DELIVERY SYSTEMS KENYA - PHYSICAL THROUGH NSE TANZANIA - BOOK ENTRY THROUGH CDS UGANDA - PHYSICAL THROUGH USE SETTLEMENT CYCLE KENYA - T+5 (!) TANZANIA - T+5 UGANDA - T+5 (!) 8
9 MARKET SEGMENTS KENYA: 3 - MIMS (Main Investment Market) - AIMS (Alternative Investment Market) - FISM (Fixed Income Securities Market) TANZANIA: 3 - FIRST TIER - SECOND TIER - FIXED INCOME UGANDA: 3 - MIMS - AIMS - FISM 9
10 TRADING SYSTEM: CONTINUOUS OPEN OUTCRY FOR ALL MARKETS LOW DEMAND FOR SECURITIES COMMISSIONS PAYABLE - KENYA - NEGOTIABLE BUT THERE IS AN UPPER CEILING - TANZANIA - REGULATED BUT THERE IS AN UPPER CEILING - UGANDA - REGULATED BUT THERE IS AN UPPER CEILING 10
11 HOW CAN ALL THESE POORLY FAIRING VARIABLES BE REVERSED IN ORDER TO HAVE DEEP AND LIQUID MARKETS? THE ANSWER LIES IN REGIONAL INTEGRATION OF EAST AFRICAN MARKETS HAPPY FAMILIES ARE ALL ALIKE; BUT EACH UNHAPPY FAMILY IS UNHAPPY IN ITS OWN WAY Leo Tolstoy 3. RATIONALE FOR INTEGRATION WIDER ACCESS TO CAPITAL DEPENING OF FINANCIAL SECTORS 11
12 PROMOTING SAVINGS INCREASE LIQUIDITY LOWERING COSTS OF CAPITAL/REDUCING FINANCING COSTS DIVERSIFICATION OF OPPORTUNITIES (RANGE OF PRODUCTS AND SERVICES ARE MADE AVAILABLE) FACILITATING PRIVATIZATION SHARING OF INFORMATION 12
13 EXCHANGE OF EXPERTISE FACILITATES FASTER ECONOMIC GROWTH & DEVELOPMENT MAKES THE MARKET WIDE TAKING POSITION AS ONE ECONOMIC BLOCK WHAT DOES A REGIONAL CAPITAL MARKET ENTAIL MEANS THAT INVESTORS CAN BUY AND SELL SECURITIES IN ANY EAST AFRICAN STOCK MARKET WITHOUT RESTRICTIONS 13
14 IDENTICAL SECURITIES ARE TRADED AT ESSENTIALLY THE SAME PRICE ACROSS MARKETS AFTER ADJUSTMENT FOR FOREIGN EXCHANGE LEADS TO LOWER PRICES FOR FINANCIAL SERVICES AS COMPETITION LOWERS TRANSATION COSTS AND ALLOWS REGIONAL FIRMS TO EXPLOIT ECONOMIES OF SCALE AND SCOPE LEADS TO MORE EFFICIENT, MORE LIQUID AND BROADER SECURITIES MARKETS LEADS TO CHEAPER FINANCING ALTERNATIVES GIVEN THE LOWER TRANSACTION COSTS MORE EFFICIENT ALLOCATION OF CAPITAL ARISING FROM THE FACT THAT SAVINGS CAN FLOW MORE EASILY AND CHEAPLY TO INVESTMENTS 14
15 4. COMMON PROBLEMS ASSOCIATED WITH INTEGRATION MACRO-ECONOMIC ENVIRONMENTAL FORCES DIFFER FROM ONE NATION TO ANOTHER - INFLATION - INTEREST RATES - INTEREST RATES SPREADS - FISCAL DEFICITS - CAPITAL ACCOUNT CONVERTIBILITY - EXCHANGE RATE REGIMES, ETC 15
16 LEGAL & REGULATORY FRAMEWORK: COMMON LAW SYSTEM BACKGROUND - MUTUAL RECOGNITION - PRAGMATIC APPROACH DIFFERENT POLITICAL SYSTEMS COMMUNICATIONS BARRIERS LACK OF COMMITMENT HIGH ADMINISTRATIVE COSTS 16
17 SELF-INTEREST POOR INFRASTRUCTURE 5. INITIATIVES TAKEN TOWARDS INTEGRATING THE EAST AFRICAN CAPITAL MARKETS - INSTITUTIONS & FORA ESTABLISHED ESTABLISHMENT OF EASRA, 1997 TREATY FOR THE ESTABLISHMENT OF THE EAST AFRICAN COMMUNITY (30 TH NOVEMBER, 1999) FORMATION OF THE CAPITAL MARKETS DEVELOPMENT COMMITTEE (CMDC) (AUGUST, 2000) ESTABLISHMENT OF EASEA & EASBA (2004) 17
18 - LISTING RULES - DISCLOSURE REQUIREMENTS RULES (INITIAL & ONGOING) - CROSS-LISTING RULES: (ELIGIBILITY CRITERIA) ONLY COMPANIES FROM MIMS OR EQUIVALENT SEGMENTS REGISTRATION AS FOREIGN COMPANIES IN HOST COUNTIRES 18
19 INFORMATION MEMORANDUM LETTERS OF COMFORT FROM HOME REGULATORS AS WELL AS STOCK EXCHANGES DOCUMENTATION - RESOLUTIONS - MATERIAL CONTRACTS - LEGAL OPINION CROSS-BORDER OFFERING & LISTING TO COMPLY WITH IOSCO S INTERNATIONAL STANDARDS FOR CROSS- BORDER OFFERING AND LISTING IN RESPECT OF EQUITY AND DEBT SECURITIES 19
20 - FISCAL INCENTIVES TAX-EXEMPT STATUS TO ESOPS INVESTOR COMPENSATION FUNDS TAX-EXMPT-(K)- ONLY FUNDS UNDER CMA; IN (U) NOT TAX EXEMPT TAX-EXEMPT TO INCOME ACCRUING TO CIS STAMP DUTY EXEMPTION TO TRANSFER OF ASSET- BACKED SECURITIES TO SPECIAL PURPOSE VEHICLES FOR PURPOSES OF ISSUING ASSET-BACKED SECURITIES 20
21 EXPENSES INCURRED DURING IPOS ARE TAX DEDUCTIBLE WITHHOLDING TAX ON DIVIDEND INCOME FOR LISTED COMPANIES; (K-5%, T-5%, U-15%) WITHHOLDING TAX ON INTEREST INCOME (BONDS) T-0%, K&U-15%) - TRADING RULES - CLEARING AND SETTLEMENT RULES 21
22 - DEPOSITORY RULES - CORPORATE GOVERNANCE CODES ADOPTED INTERNATIONAL PRINCIPLES OF GOOD CORPORATE GOVERNANCE - ADOPTION OF INTERNATIONALLY ACCEPTED ACCOUNTING STANDARDS 22
23 6. WHAT IS STILL ON THE DRAWING BOARD PARTICIPATION BY EAST AFRICANS IN IPO S CROSS-BORDER PAYMENTS OF DIVIDENDS INTERMEDIARIES SERVICES IN RESPECT OF CROSS-BORDER TRANSACTIONS REGIONAL DISPUTE RESOLUTIONS MECHANISM REGIONAL INVESTORS COMPENSATION FUND REGIONAL CREDIT RATING AGENCY 23
24 COOPERATION IN PROVISION OF TRAINING ESTABLISHMENT OF CENTRAL DEPOSITORY SYSTEMS AUTOMATING TRADING SYSTEMS STATUTORILY FIXED COMMISSIONS DEVELOPMENT OF AN OTC MARKET MULTIPLE REGULATORS LEGISLATIONS HARMONIZATION FISCAL & MONETARY POLICIES HARMONIZATION ESTABLISHMENT OF A REGIONAL STOCK EXCHANGE 24
25 7. CONCLUSION EXPERIENCE HAS SHOWN THAT; IT TAKES A LONG TIME TO BUILD A REGIONALLY INTEGRATED MAKRET THE SUCCESS AND SUSTAINABILITY OF ANY REGIONAL MARKET DEPENDS ON THE STRONG FOUNDATIONS OF INDIVIDUAL MEMBER MARKETS IN ORDER TO BUILD A REGIONAL MARKET THERE ARE SO MANY STAKEHODLERS WHO MUST TAKE ACTIVE ROLES IN THE INTEGRATION PROCESS, AS IN THE END, IT IS THE ENTIRE CREW THAT MUST GUIDE THE SHIP TO TRANQUIL WATERS 25
26 While I was originally requested by organizers of this Conference to highlight the integration efforts in East African capital markets with particular efforts to creating a regional capital market, it became imperative that its scope is expanded. I apologize if my unilateral decision to go into the voyage I took has abused my invitation to make this presentation. I THANK YOU FOR YOUR VERY TOLERANT INDULGENCE IN LISTENING 26
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