Bond Market

In 1992 the Namibian regulatory authorities approved a licence for the Namibia Securities Exchange (“NSX”) to list bonds on the NSX and to develop a market in Namibia.

Since then, although the market has primarily focused on government bonds, the NSX has provided a platform for the listing of bonds issued by local government, public enterprises and corporations. The Rules of the NSX, in terms of the Stock Exchange Control Act of 1985, provide for the listing, trading, clearing and settlement of debt securities.

Over the years, the local Namibian bond market has grown significantly. By 2024, more than 80 bonds were listed on the NSX, including green, social, and sustainable bond issuances that began in December 2018. Up until September 2023, bonds were primarily traded over-the-counter (OTC), with secondary trades reported to the NSX.

Formalisation of the Bond Market

A major milestone in the development of the Namibian bond market occurred in September 2023. The NSX received regulatory approval to include the Bond Trading System (MITS) in its license, marking the formalisation of on-market bond trading. This new phase began in October 2023, when active on-market trading was introduced, solidifying the framework for a more transparent and structured bond market in Namibia.

Equities Market

Equities

– NSX Main Board – Overall (Secondary listings & Primary listings)

Local  (Primary Listings)

– NSX Development Capital Board (DevX)

– Over the Counter (OTCN)

Exchange Traded Products

– Exchange Traded Funds (ETFs)

– Exchange Traded Notes (ETNs)

Depositary Receipts

– Namibian Depository Receipts (NDR)

NSX/FTSE Indices

NSX jointly developed a Capped Index for the Namibian market. The index is capped at 10% on a quarterly basis and is provided in NAD on an end of day basis.

Post Trade

(Clearing & Settlement – T+5 Settlement (NSX local) & T+3 Settlement), Regulatory Compliance, Risk Management, Debt Instruments