{
  "title": "Regional Integration of Stock Exchanges in Eastern and Southern Africa: Progress and Prospects",
  "publication": "IMF Working Papers, June 1, 2005",
  "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2016/12/31/regional-integration-of-stock-exchanges-in-eastern-and-southern-africa-progress-and-prospects-18301",
  "canonical": "https://www.imf.org/en/publications/wp/issues/2016/12/31/regional-integration-of-stock-exchanges-in-eastern-and-southern-africa-progress-and-prospects-18301",
  "overlayPath": "/en/publications/wp/issues/2016/12/31/regional-integration-of-stock-exchanges-in-eastern-and-southern-africa-progress-and-prospects-18301/index.md",
  "summary": "This paper assesses whether regional cooperation and integration of stock exchanges in eastern and southern Africa could offer a way of overcoming impediments to the exchanges' development.",
  "sections": [
    {
      "heading": "Summary and central conclusion",
      "content": "- This paper assesses whether regional cooperation and integration of stock exchanges in eastern and southern Africa could offer a way of overcoming impediments to the exchanges' development.\n- The paper concludes that regional cooperation and, at a later stage, integration, if carried out at the right pace and in a pragmatic way, could improve the liquidity, efficiency, and competitiveness of these exchanges.\n- Further progress in developing national financial markets must precede any actual moves to integrate securities markets.\n- These exchanges could meanwhile benefit from closer cooperation, including by encouraging more crossborder listings and information/technology sharing."
    },
    {
      "heading": "Key findings and analysis",
      "content": "- Regional cooperation can address impediments to exchange development by improving:\n  - liquidity\n  - efficiency\n  - competitiveness\n- Integration should be pursued at the right pace and in a pragmatic way.\n- Preconditions: further development of national financial markets is required before actual integration of securities markets.\n- Interim measures: closer cooperation through more crossborder listings and information/technology sharing."
    },
    {
      "heading": "Subject classification and keywords",
      "content": "- Subject: Capital market integration, Capital markets, Regional integration, Securities markets, Stock markets\n- Keywords: economic growth, electronic trading, illiquid market, listing requirement, market development, NSX official, SADC exchange, trading system, WP\n\n---\n\n Content in this bundle\n\n- wp05122\n  - wp05122 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - wp05122 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/31/regional-integration-of-stock-exchanges-in-eastern-and-southern-africa-progress-and-prospects-18301"
    }
  ],
  "bullets": [
    "[Markdown version](/en/publications/wp/issues/2016/12/31/regional-integration-of-stock-exchanges-in-eastern-and-southern-africa-progress-and-prospects-18301/index.md)",
    "[Structured JSON version](/en/publications/wp/issues/2016/12/31/regional-integration-of-stock-exchanges-in-eastern-and-southern-africa-progress-and-prospects-18301/index.json)",
    "[Bundle manifest](/en/publications/wp/issues/2016/12/31/regional-integration-of-stock-exchanges-in-eastern-and-southern-africa-progress-and-prospects-18301/bundle-manifest.json)",
    "Authors: Jacqueline T Irving",
    "Published: June 1, 2005",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781451861419.001",
    "This paper assesses whether regional cooperation and integration of stock exchanges in eastern and southern Africa could offer a way of overcoming impediments to the exchanges' development.",
    "The paper concludes that regional cooperation and, at a later stage, integration, if carried out at the right pace and in a pragmatic way, could improve the liquidity, efficiency, and competitiveness of these exchanges.",
    "Further progress in developing national financial markets must precede any actual moves to integrate securities markets.",
    "These exchanges could meanwhile benefit from closer cooperation, including by encouraging more crossborder listings and information/technology sharing.",
    "Regional cooperation can address impediments to exchange development by improving:",
    "Integration should be pursued at the right pace and in a pragmatic way.",
    "Preconditions: further development of national financial markets is required before actual integration of securities markets.",
    "Interim measures: closer cooperation through more crossborder listings and information/technology sharing.",
    "Subject: Capital market integration, Capital markets, Regional integration, Securities markets, Stock markets",
    "Keywords: economic growth, electronic trading, illiquid market, listing requirement, market development, NSX official, SADC exchange, trading system, WP",
    "**_wp05122**"
  ],
  "related": [
    {
      "title": "_wp05122",
      "role": "document",
      "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/wp/2005/_wp05122.pdf",
      "summary": {
        "path": "/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/wp/2005/_wp05122.pdf.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/wp/2005/_wp05122.pdf",
        "mime": "application/pdf"
      }
    }
  ],
  "alternates": {
    "markdown": "/en/publications/wp/issues/2016/12/31/regional-integration-of-stock-exchanges-in-eastern-and-southern-africa-progress-and-prospects-18301/index.md",
    "json": "/en/publications/wp/issues/2016/12/31/regional-integration-of-stock-exchanges-in-eastern-and-southern-africa-progress-and-prospects-18301/index.json",
    "bundleManifest": "/en/publications/wp/issues/2016/12/31/regional-integration-of-stock-exchanges-in-eastern-and-southern-africa-progress-and-prospects-18301/bundle-manifest.json"
  },
  "generatedAtUtc": "2026-09-18T04:46:57.179Z"
}