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Erudite AfricaCenter of Excellence
← Introduction to Capital Markets

The institutions and who does what

Module 04 / 5 · 65 min

Meet ECMA, ESX, the central securities depository and the licensed service providers, and see how the NBE and the Ministry of Finance fit in, by following Meskerem from private placement to its first trade.

In this module you will learn to

  • Describe the roles of ECMA, ESX and the central securities depository
  • Explain what investment banks, brokers, dealers, investment advisers, fund managers, custodians and credit rating agencies do
  • Explain the roles of the NBE and the Ministry of Finance in the capital market
  • Name the institution involved at each step of a company's journey from private placement to trading

Built on

  • Erudite Africa training module: Ethiopian Context, topic 2.a Introduction to Capital Markets, Level 1 (October 2026)
  • Capital Market Proclamation No. 1248/2021 and National Bank of Ethiopia Proclamation No. 1359/2025
  • ECMA Directives No. 980/2024 (service provider licensing) and No. 996/2024 (fees); directives on exchanges and OTC (reported as No. 1009/2024) and public offers (reported as No. 1030/2024); draft Foreign Portfolio Investment Regulation (September 2026)
  • Ethiopian Securities Exchange Rulebook (December 2024)
  • NBE Directive No. SBB/92/2024 and NBE Monetary Policy Committee release No. 7 (July 2026)

Examples and companies are fictional. Bank practices are shown as typical Ethiopian practice, not as any one bank's policy. Always apply your own institution's approved policy and the current NBE directives.