INTERNATIONAL CALL FOR PROPOSALS
TERMS OF REFERENCE
ETHIOPIAN SECURITIES EXCHANGE (ESX) PROJECT FINANCIAL ADVISORY SERVICES

1. Introduction
Ethiopia is in the process of establishing a securities exchange, the Ethiopian Securities Exchange (ESX), in line with the Capital Markets Proclamation (No. 1248/2021). Article 31 of the Proclamation provides that the Ethiopian Securities Exchange shall be established as a share company by the government in partnership with the private sector, including foreign investors.
Towards this goal, the Ethiopian Investment Holdings (EIH) has established a dedicated project team (“Project Team”) with the support of Financial Sector Deepening Africa (FSD Africa). The Project Team is expected to lead the task of developing the ESX business plan, organisational, management and ownership structures, and designing and setting its market segments. Additionally, the team will lead the development of the ESX trading rules, policies and procedures, the development of the ESX trading and operating systems and other ICT infrastructure and realize the operationalization and launching of ESX.
The Project team is supported by the Capital market Project Implementation Team (CMPIT) and expert advisors and with guidance from a Project Steering Committee (PSC), which will have an oversight role over the operations of the Project.

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