(Seychelles News Agency) - The securities exchange sector in Seychelles is planning to gain recognition on a global scale.

The managing director of MERJ CLEAR and MERJ DEP, Bobby Brantley, told SNA that this is part of MERJ Exchanges’ plan for the short and medium term, already planned since last quarter of 2023.

The MERJ group of companies collectively operate a Seychelles securities exchange, clearing agency, securities settlement system, securities depository and registry.

Brantley clarified that “At the end of 2023, we had 31 securities listed including local companies such as SACOS, Cable and Wireless, Trois Freres Distilleries (Takamaka Rum) …MERJ plans on making a full membership application to the World Federation of Exchanges and an application for recognition by the US Securities and Exchange Commission as a Designated Offshore Securities Market, both of which would enhance the status and accessibility of our exchange to a global audience.”

Apart from going global, Brantley said they also have several plans in place in order to be more innovative and modern.

 “We intend on collaborating more with our existing partners to launch new products, we also want to make certain changes to our IT infrastructure and enhance our regulatory framework to accommodate more products and improve clarity,” he said.

Brantley further adds that they will also be “pursuing additional recognitions and memberships with other countries and international organisations. We are making progress with these plans. For example, we are also planning to launch an innovative new solution to enhance the prospects for liquidity of products listed on our upstream market called market pools. MERJ staff have been working on updates to the regulatory framework starting with the listing rules.”

MERJ used to be known as Trop-X. In 2011, it was rebranded to MERJ Exchange.