AECSD, AMEDA conclude landmark summit, highlighting global CSD innovations

The Association of Eurasian Central Securities Depositories (AECSD) and the Africa and Middle East Depositories Association (AMEDA) concluded their three-day summit in Istanbul on Thursday.

Discussions addressed a variety of topics crucial to the stock exchange industry and the development of Central Securities Depositories (CSDs) in particular.

Yasser Zaazaa, Managing Director & CEO of the Egyptian Central Securities Depository (ECSD), delivered a comprehensive presentation on the development of the Egyptian stock market.
The presentation highlighted key milestones, including the establishment of the Egyptian Central Securities Depository (ECSD) as part of a broader government initiative to modernise the country’s capital market. Before the creation of the current CSD, trading operated on two separate platforms: the Misr for Central Clearing, Depository, and Registry (MCDR) and the Central Bank of Egypt. The new CSD integrated these platforms, streamlining operations.
The presentation showed that Egypt now operates under a multi-CSD model, with MCDR managing the clearing and settlement of equities. Additionally, all trades across various instruments are now processed through the Egyptian Stock Exchange’s unified trading platform, enhancing market transparency.

Meanwhile, Birahim Diouf, Chief Executive Officer of Dépositaire Central/Banque de Règlement (Ivory Coast), presented on the best practices of the Regional Capital Market within the West African Economic and Monetary Union (WAEMU).
During the panel session on best practices, Diouf discussed the structure of WAEMU’s Central Securities Depository (CSD), which serves eight countries unified under a single central bank, regulator, currency, stock exchange, CSD, and corporate/business law.

The presentation emphasised that best practices for integrated markets focus on enhancing efficiency, transparency, stability, and accessibility across different jurisdictions. Capital market integration facilitates seamless cross-border transactions, harmonized regulations, and fosters greater investor confidence.
Another interesting presentation was made by Zafer Mustafaoğlu, Deputy General Manager of Halk Yatırım Menkul Değerler A.Ş. in Turkey.

The presentation discussed the concept of crowdfunding, a method of raising capital from the public via online platforms in accordance with capital market regulations. This approach allows entrepreneurs to showcase their projects on digital platforms and gather investments from a large number of individuals, typically in smaller amounts.

For investors, crowdfunding offers an opportunity to invest modest sums in promising startups, benefit from the potential of high-growth ventures, access curated startup portfolios, and invest digitally without time or location restrictions. This model also contributes to employment, boosts exports, and supports economic development.

For entrepreneurs, crowdfunding provides fast access to funding, increases visibility, promotes their projects, improves startup survival rates, and attracts attention from investors for future funding rounds.

On adopting modern technology in CSDs, Osman Günsel Topbaş, PhD, Co-Founder and Managing Partner of Manifest Executive Consultancy (UAE), presented an initiative focused on the integration of Fintech in the stock exchange market.
The initiative highlights Fintech’s transformative impact on global financial services by bridging digital and traditional assets on a unified platform.

Currently, digital assets are valued at $1.5 trillion, with projections reaching $16 trillion by 2030, though only 4 per cent of this is tied to equities. This surge in new asset types demonstrates the growing need for Central Securities Depositories (CSDs) to adapt to serve these emerging markets.

The summit concluded with all participants coming together on stage for a group photo.