The conversion of African stock exchanges from member-owned mutual entities to shareholder-owned companies, will lead to considerable improvements in the governance and capacity of African stock exchanges to provide the linchpin for the development of African stock markets. Out of the 27 African stock exchanges under the auspices of African Securities Exchanges Association ASEA , seven, including Johannesburg, Nairobi, Mauritius, Seychelles, Rwandan, Casablanca stock exchanges and BRVM are demutualised.

The Nigerian Stock Exchange NSE has also started the process of demutualisation. First Vice President, Nigerian Stock Exchange NSE , Abimbola Ogunbanjo, said demutualisation would provide African stock exchanges with much-needed access to capital, flexibility and global best practices that could boost the development of the African stock markets.

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He said while the process for demutualisation may be cumbersome and there could be some disadvantages, the conversion has many rewards that far out way short-term challenges. He said the improvement in flexibility of governance structures that come with demutualisation and the adoption of for-profit model, empower management to make strategic decisions more efficiently, giving utmost priority to the interests of customers and the exchange itself.

He pointed out that the primary factor that has driven the demutualisation of exchanges is the increased pressure on capital market traditional sources of income, noting that technological advancements that have resulted in drastic reduction in trading costs and enabled exchanges to overcome national boundaries have also reduced the intermediary role of exchange members, thereby forcing exchanges to seek other revenue opportunities.

Ogunbanjo, who delivered a keynote address on demutualisation at the Building African Financial Markets BAFM seminar in Casablanca, Morocco, said as a demutualised entity disciplined by profit-seeking, African exchanges will be in better stead to capitalise on new income opportunities, free from any limitations arising from conflicting member interests.

Academic research on the effect of demutualisation on the financial performance of 20 demutualised exchanges between and , suggests that the return on equity increases by an average of five per cent to 20 per cent, with the average net profit margin increasing by 14 per cent to 30 per cent. Demutualisation has also contributed positively to stock market performance. On the back of strong macro-economic performance, improved regulation and other factors, the Johannesburg Stock Exchange JSE All Share Index has grown by per cent since its demutualisation in to reach 53, Following demutuali-sation, a number of stock exchanges had re-positioned their markets, building alliances or consolidating within and across borders in order to enhance their attractiveness.

For example, in , the Australian Stock Exchange merged with the Sydney Futures Exchange to form the Australian Securities Exchange ASX. He noted that given the peculiarities of emerging markets, demutualisation could serve as a means of collaborating with strategic shareholders with specialised know-how aimed at importing international skills, knowledge and technical efficiencies into African stock markets. He noted that by listing on a stock exchange, demutualisation provides an opportunity to unlock the value of African stock exchanges, providing an exit mechanism for former members and a unique opportunity for the public to partake in the profits of the exchange, thereby creating wealth for the general populace.

He said that the NSE has already submitted a draft demutualization Bill to the National Assembly, which will allow it to transit as a demutualized entity while it has also completed five key reports in support of the conversion including inception report, legal due diligence, tax due diligence, member register review and assessment of business and operational plan reports.

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Demutualisation ‘ll boost stock market, says NSE - The Nation Nigeria

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