Demutualization is the transformation of a securities exchange governance structure from a mutual association of stockbrokers operating as not-for profit entity into a for-profit company accountable to its shareholders. It has become a widespread phenomenon – one with increasing appeal in developed markets. It challenges the traditional approach to regulation of securities exchanges and raises issues regarding their role in capital markets regulation. In spi
Despite the many institutional reforms undertaken to foster financial development, securities markets in Africa remain underdeveloped – shallow in listing and liquidity, with high price volatility. The reforms have not catapult the development of these markets to global standards. Although Africa receives a sizable portion of the total recorded Diaspora remittances to developing economies, remittances have now surpassed the volume of development aid, for