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Somali Stock Exchange

Name Somali Stock Exchange
Country Somalia
Number of listed companies 3
Domestic market capitalization 11000 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

Offers ESG related training No

Market covered by sustainability-related index No

Has sustainability bond listing segment No

Has SME listing platform No

  • However, SME’s, start-up companies and issuers of equity certificates can be listed on the Somali Stock Exchange and the exchange notes on their website that admission requirements are less cumbersome than the requirements of exchanges abroad with a relatively swift and efficient admission processes. (Source).
Additional information
Organizational model of stock exchange
Regulatory bodies
Regulatory model
  • Independent member SRO.

About the stock exchange
  • Historically, shares in Somalian businesses have been bought and sold informally through close networks. However, economists have noted that in recent years, the emergence of various stock exchanges in African states have played a pivotal role in fostering economic and private sector growth. The substantial demand for capital is increasing by the day for Somali businesses, consisting of both large firms and SME’s.  According to the latest figures, over 3 billion USD flows in to Somalia every year, a large stake of which is aimed solely at business. Liquidity is an essential element of any industry, but it’s impossible to create it without a viable market, which is why the Somali Stock Exchange was born. The SSE is creating an entirely new securities market, where buyers of financial securities can do business with sellers in a more organised, secure and profitable way. Our aim is to create a sustainable securities market in Somalia, where holders of financial securities, bonds and buyers or investors can meet and share in long-term growth. The Somali Stock Exchange (SSE) was founded by the management of Somali Economic Forum (SEF), whose principal aim is to encourage Foreign Direct Investment (FDI) into Somalia’s growing economy. The company has already made history by becoming the first ever stock exchange to operate inside of Somalia, with the first shares sold on 1st September 2015 at the exchange’s headquarters.

Stock Exchange Database Criteria

The SSE maintains a database of sustainability activities for all stock exchanges that are either members of the SSE initiative and/or members of the World Federation of Exchanges. This database is the most comprehensive database of stock exchanges worldwide and contains data on all main stock exchanges. The information in this database is intended to inform investors and other stakeholders on the work stock 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 stock exchanges in most instances. Sources and explanatory notes on sustainability information have been included in individual Stock Exchange 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 listed companies or market cap.

Field

Criteria Considered

Conducts business in Country or Market in which the stock exchange operates
Number of listed companies (Date updated) Updated either by the stock exchange directly or using WFE data
Domestic market capitalization  Updated either by the stock exchange directly or using WFE data
Has signed the SSE Commitment Letter? To be considered an SSE Partner Exchange, the CEO or Chairperson of the exchange must sign an SSE commitment letter. Contact the SSE for more information if your exchange would like to join.
Has annual sustainability report? For a yes, stock exchanges must report, either in a stand alone report or integrated into their financial report, on their environmental and social impact and corporate governance.
ESG reporting required as a listing rule? For a yes, all three factors have been considered (environmental, social and governance) within the listing rules for some or all listed companies. This requirement may come from the regulatory authority or the exchange, depending on the market.
Offers written guidance on ESG reporting? For a yes, all three factors have been considered (environmental, social and governance). The SSE has developed a model guidance that all exchanges can use to develop their own guidance to issuers. For more details, click here.
Offers ESG related training? For a yes, training must have taken place in the previous 12 months, and must be interactive. The topic of the training must be on some area of sustainability.
Market covered by sustainability-related index? Sustainability-related indices may include environmental or social  indices, or ESG indices. This could include specific themes, such as low carbon indices, or general sustainability indices. The index must be specific to the market the exchange operates in (a region or world index is not included).
Has sustainability bond listing segment? For a yes, the exchange has developed the rules and regulations allowing for sustainability bonds to be listed, and provides a separate segment for listing making the bonds easy to find and identify.
Has an SME listing platform? For a yes, the exchange offers a listing platform specifically for Small-and-Medium sized enterprises.
Additional Information Additional Information captures exchanges’: sustainability section of websites,  sustainability products not captured under indices; information on future sustainability commitments and other information on the exchange
Organizational model of stock exchange Whether the exchange is listed or not, and when it was demutualized
Regulatory bodies The regulatory authority that sets listing requirements and capital market 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)
  • Non-SRO
About the stock exchange The location of the headquarters of the exchange, and any additional details about the stock exchange.