NSX welcomes competition
The CEO of the Namibian Stock Exchange (NSX) has welcomed plans by the Namibia Financial Exchange (NamFin-X) to operate a second stock exchange in the country. In a recent statement, CEO Tian Bazuin said the NSX welcomes an environment of competition as it is only in such an environment that its value and contribution to the Namibian economy can be assessed and appreciated. “We believe we have served the Namibian market well and managed to build a local industry of world class performance,” Bazuin said. While seemingly welcoming the competition posed by NamFin-X, Bazuin also took the opportunity to remind the public and investors about the history and achievements of the NSX.
“The NSX is a 100% Namibian not for profit association, a 100% Namibian board and with 100% Namibian employees. An initiative of Namibian businesses in 1992, the NSX was a major step in the development of the financial sector. Its main roles have always been to be an avenue for Namibian businesses to raise capital, be a platform for price discovery and a conduit for release of company information.” He added: “Our Stockbrokers are also 100% Namibian. All trades are transacted through Namibian Brokers. The NSX is an affiliate member of the World Federation of Exchanges. The NSX is actively involved in the Namibian financial sector strategy and participated in the drafting thereof. The NSX is one of only three exchanges in SADC that does not require government funding, the other two being the Johannesburg Stock Exchange and the Stock Exchange of Mauritius.” Bazuin further said that through the NSX’s continued drive to create new platforms for the raising of capital, the latest addition, the Over The Counter trading platform, has created new trading opportunities for entities that do not meet the requirements of listing. “On the Main Board, the hugely successful listing of Bank Windhoek Holdings should serve as a benchmark to demonstrate the value that can be unlocked in a public offering and listing,” he said. In November last year, Helmut Angula, the former finance minister, and chairperson of NamFin- X, announced that a consortium of five local businesses, four individuals and an international company were behind plans to operate the country’s second stock exchange in line with government’s policy of indigenous ownership of financial institutions. The politician-cum-businessman said the new stock exchange will be 60% owned by locals, adding that NamFin-X will provide Namibia with world-class financial services and regulators, and membership of the World Federation of Exchanges which will provide a footprint onto the world stage and will lead to a more competitive, more liquid financial sector.