How the market is structured

Module 02 / 5 · 55 min

Separate primary from secondary markets, money markets from capital markets and exchange from OTC trading, and see how the ESX Main Board, Growth Board and Fixed Income Market fit together.

In this module you will learn to

Distinguish primary and secondary markets and explain why each needs the other
Distinguish the money market from the capital market by maturity and purpose
Explain the difference between exchange trading and over-the-counter (OTC) trading in Ethiopia
Describe the three ESX markets and the basic trading rules in the ESX Rulebook

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.