Dar, London bourses to enhance ties

THE Dar es Salaam Stock Exchange has partnered with London Stock Exchange to build capacity of the local market stakeholders in a bid to accelerate the bourse development.

The agreement signed early this week in London, also involves UK’s Department for International Development (DFID) and the country becomes the first African stock market to pen down the MoU.

DSE Chief Executive Officer Moremi Marwa said after the signing ceremony that the agreement centered on training of regulators, the exchange, brokers and other interested parties like the ministry of finance and FSD Tanzania.

“(The MoU) centered to enable them (stock stakeholders) play a key role in our economic development and growth,” Mr Marwa told the ‘Daily News’ from London via email where he also opened LSE trading season on Monday.

He added: “this is to enable the exchange to be the focus for long term capital rising through mobilization of capital resources and direct them to long term investment activities (assets).”

Orbit Securities Head of Dealings and Operations Simon Juventus said the training was aimed at giving the Dar bourse exposure as LSE is an advanced market compared to DSE.

“Training will enable DSE to share experience with LSE on challenges and success,” Mr Juventus said “to the benefit of Dar’s bourse development.” The first group of 20 strong members, branded as capital market development leaders, is in London since Monday to attend one-week training at LSE Group on the same initiative.

During her last visit to Tanzania, UK Secretary of State, International Development, Justine Greening said that DFID would form a strategic partnership with the London Stock Exchange Group (LSEG) to support capital market development in East Africa.

“As a first step, we will look at addressing the very real skills shortages that our country partners have identified as a critical constraint on market growth,” Ms Greening said.

She added: “We will be providing bespoke training for financial sector professionals, regulators and government officials, in partnership with the world-class LSEG Academy.” London Stock Exchange is one of the world’s oldest stock exchanges and can trace its history back more than 300 years. DSE history began 16 years ago.