Mar 25 , 2023
The functions and uses of the finance terminal, used by nearly 400,000 people worldwide were highlighted to the Bank executives last week. Advisors of the Ethiopian Capital Market Authority came together at Sheraton Addis with Bloomberg LP which has nearly half of the global market share in the provision of financial data. Senior Legal Advisor to the Authority Sirak Solomon indicated that showcasing the Bloomberg terminal to local retail bankers had several uses, including exhibiting the tools that foreign financial institutions will come with. According to Sirak, the banking sector which is in its infancy can greatly expand its capacities with the tools. Biruk Taye (PhD), director general of the Authority made opening remarks disclosing the purchase of a Central Securities Depository software. He indicated how essential dematerialisation is for the establishment of a functional capital market in the country. The US-based private company has a presence in over 180 countries referred to by the Country Manager Stuart Wakeman as a global community. Revenues from the Bloomberg terminal account for nearly three-quarters of the company's revenue, access to its terminal costs a little over 2,000 dollars monthly with slight variation contingent on the number of portals. According to Biruk, the Authority is getting ready to release another directive related to initial public offerings, which was preceded by the release of three directives for public consultation last month.
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