Stock exchanges
Number of listed companies
Domestic market capitalization
million US$

MERJ Exchange

Name MERJ Exchange (previously Trop-X)
Country Seychelles
Number of listed companies 51
Domestic market capitalization 1213.04 million US$
SSE Partner Exchange Yes
Has annual sustainability report No

ESG reporting required as a listing rule No

Has written guidance on ESG reporting No

  • However, has committed to publishing a guidance.

Offers ESG related training No

Market covered by sustainability-related index No

Has sustainability bond listing segment No

Has SME listing platform Yes

Women on boards mandatory minimum rule No

Additional information
  • The board and management of Trop-X view corporate social responsibility as a key business objective. Responsible business is embedded within the Company’s Strategy and is supported across the business. Clear governance structures and visible leadership play a vital role in embedding corporate responsibility throughout the Company. (Source).

Organizational model of stock exchange
  • Trop-X (Seychelles) Limited is a wholly owned private company licensed as a Seychelles Securities Exchange and owns AfriClear Limited (a licensed Seychelles Clearing Agency) and AfriDep (a licensed Seychelles Securities Facility). The exchange went live in August of 2013 with the launch of its first listing on its Equities Markets.
  • Shareholders include a combination of institutional and private investors.

Regulatory bodies

Regulatory model
  • The Seychelles Financial Services Authority is responsible for monitoring the operation of the securities exchange, however, Trop-X regulates its members, issuers and service providers by using its approved regulatory framework.

About the stock exchange
  • Trop-X is a multi-asset, multi-currency modern financial exchange that launched in 2013. More info here.

Criteria for Stock Exchange Database

Criteria for Derivative Exchange Database

The SSE maintains a database of sustainability activities for derivatives exchanges that are either members of the SSE initiative and/or members of the World Federation of Exchanges. The information in this database is intended to inform investors and other stakeholders on the work derivatives exchanges are undertaking to advance sustainability in their respective markets. 

 The information provided in this database is based on publicly available information prepared by the SSE Secretariat with input from derivatives exchanges in most instances. Sources and explanatory notes on sustainability information have been included in individual Derivatives Exchanges Fact Sheets. The criteria for each category can be found below. 

 While every effort is made to keep the information in this database up to date, please be aware that certain factors change frequently and therefore may not be exact, such as the Number of contracts traded or volume of exchange traded derivatives. 


Criteria Considered 

Country  Country of primary residence or registration. 
Has signed the SSE derivatives commitment letter?  To be considered an SSE Partner Exchange, exchanges must sign an SSE commitment letter. 

Total number of contracts traded 


Updated either by the exchange directly or using WFE data. Please note the relevant year in the fact sheet. 
Contracts traded (options)  Contracts traded (options) (as Number of listed companies in the Stock Exchange Database)
Contracts traded (futures)  Contracts traded (futures)  (as Domestic market capitalization in the Stock Exchange Database)
Volume of exchange traded derivatives   
SSE Stock Exchange Database 

Please clarify if your exchange is part of a wider business group that includes other SSE members. 


Type of offered products  Updated by the exchange directly. Please delete the non relevant options from the list. 
Has an annual sustainability report  For a yes, exchanges must report, either in a stand-alone report, on their website or integrated into their financial report, on their environmental and social impact and corporate governance. Please provide the link to your latest report or the web page where all of your reports can be found. 
Sustainability reporting required  For a yes, some areas of sustainability (e.g. social or environmental factors) should be considered in the reports and be required of at least one but possibly more types of market participants. 
Has written guidance on ESG reporting  For a yes, the guidance should consider some areas of sustainability (e.g. social or environmental factors) and address requirements for at least one but possibly more types of market participants. 
Offers sustainability-aligned products? (If yes, please provide examples)  For a yes, the products must be related to some area of sustainability (e.g. social or environmental factors). At least one example must be provided (include an online source). 
Offers sustainability-related training  For a yes, training must have taken place in the previous 12 months. The topic of the training must be on some area of sustainability (e.g. social or environmental factors). 
Additional Information  Additional information captures exchanges’ sustainability section of websites, information on future sustainability commitments and other information on the exchange 
Organizational model of exchange  Whether the exchange is listed or not, and if demutualised, date of demutualisation 
Regulatory bodies  The regulatory authority responsible for the regulation for the exchange’s market 
Regulatory model 

The extent to which exchanges have regulatory authority in their market. This may include: 

        Limited exchange SRO 

        Strong exchange SRO 

        Independent member SRO 

        Government (Statutory) 


About the exchange  The location of the headquarters of the exchange, and any additional details about the exchange.