Overview and History
ESE All Share Index: 460.11      ESE Market Capitalisation (SZL): 4,364,278,514      Bank Rate: 6.50      Prime Rate: 10.00      Inflation: 5.50      USD/SZL: 17.11      GBP/SZL: 20.97      CAD/SZL: 12.58      EUR/SZL: 18.07      CHF/SZL: 18.33      JPN/SZL: 0.1254     
GRYS: 320cps       INALA: 140cps       NED: 1,365cps       RSC: 1,520cps       SBC: 890cps       SEL: 3,700cps       SWP: 790cps      
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Overview and History


A move towards a formal structure for capital markets development in Eswatini dates back to 1989 when a working party under the direction of the Central Bank of Eswatini was commissioned to examine if there were economic benefits to be derived from establishing a stock exchange. 

The working party concluded that there was a need and an opportunity for such a move and proposed, as a first step, the formation of a stockbroking company, Swaziland Stockbrokers Limited (SSL), which was licensed under the existing banking legislation pending the drafting of a securities law.

The Swaziland Stock Market (SSM) was established in 1990 as a non-bank credit institution in terms of the Financial Institutions (Consolidated) Order, 1975 under Section 18 (1) (b).

For eight years the Swaziland Stock Market operated as an over-the-counter single-stockbroker facility. It was not until July 1999 that a fully-fledged stock exchange, the Swaziland Stock Exchange (SSX), was inaugurated.

Our Evolution

In 2003, the SSX was incorporated in terms of the Companies Act, 1912 as a public company (Swaziland Stock Exchange Limited) utilising Central Bank staff as promoters for the purpose of its registration. 

After the promulgation of the Securities Act, 2010, the SSX was transferred to the Financial Services Regulatory Authority (FSRA) in January 2013 and operated as a ‘quasi-company’ within the Capital Markets Development (CMD) Division. 

From January 2017, the SSX moved out of the FSRA to be an independent institution, on the 3rd Floor, East Wing of Ingcamu (PSPF) Building.

In February 2019, the Swaziland Stock Exchange (SSX) changed its name to Eswatini Stock Exchange (ESE), which coincided with the launch of its new LOGO and Automated Trading System (ATS). 

In March 2019, the ESE held its Inaugural Listings and Investments Conference under the theme “Opening the ESE to the Business Community as a Gateway to Raising Capital”, which aimed at opening the ESE to the business community, discuss the benefits of listing on the exchange for private companies (both Big Corporates and SMEs), the listing process and requirements, and engage with companies that have the potential to list on the ESE.

Our Values

We strive to be the most functional stock exchange in Africa providing an attractive investment environment.


We enable companies to list and investors to trade in securities thus, enabling an effective mobilisation of capital in order to promote economic development in Eswatini.

Our Core Values
  • Passion: Creativity and innovation - Personal learning, growth, development, and coaching others.
  • Respect: Teamwork and collaboration - Knowledge sharing and communication, and Customer orientation.
  • Integrity: Corporate and personal ethics - Credibility, transparency and accountability, and Risk management.
  • Discipline: Committed to realising value and converting value to competitive advantage - Committed to continuous improvement.
  • Execution: Achievement driven – Excellence and Results focused.
Regulatory Environment

The ESE is regulated by the Financial Services Regulatory Authority (FSRA) and is governed by two (2) pieces of legislation, the Companies Act and the Securities Act. 

For regulating the affairs of the members (stockbrokers), the ESE utilises the ESE Trading Rules and Rule Book which provide, as the main objective thereof, “to operate a Stock Exchange in Eswatini with due regard to the public interest to maintain fair and efficient dealing in securities for the protection of investors and regulate the affairs of members.”

In addition, the Exchange has a set of Listings Requirements which provide the pre-listings requirements and continuing obligations to be observed by the issuers of listed securities. The ESE has different Listings Requirements governing the different types of securities e.g. Debt (including green, social and sustainable bonds), Equities and Exchange Traded Products (ETFs, ETNs etc.). The emphasis is to make sure that issuers disclose adequate information to investors and the public to facilitate informed investment decision making.

International Affiliations

The ESE is a member of the Committee of SADC Stock Exchanges (CoSSE) — The Committee of SADC Stock Exchanges was established in 1997 and is a collective body of the various stock exchanges in the Southern African Development Community (SADC). Although CoSSE is essentially a private sector association, it forms part of SADC structures as it has a formal status under the SADC Finance and Investment Protocol (FIP).

The African Securities Exchanges Association (ASEA) — The African Securities Exchanges Association is the Premier Association of Securities Exchanges in Africa, that have come together with the aim of developing Member Exchanges, promoting capital market business and providing a platform for networking.

The the Association of National Numbering Agencies (ANNA) — In its role as the local National Numbering Agency, the Eswatini Stock Exchange is committed to issue International Securities Identification Numbers (ISINs) in accordance with ISO 6166, a standard that provides a uniform structure for international securities identification numbers.

SADC Stock Exchanges (CoSSE) Logo
African Securities Exchanges Association (ASEA) Logo
Association of National Numbering Agencies (ANNA) Logo
ESE Products

Currently, the products that can be listed on the ESE include Equities, Bonds & Exchange Traded Products. The ESE continues to be pivotal to Eswatini’s financial system, and in particular the capital market, as an avenue on which government, quasi-government and the private sector can raise capital. The ESE plays host to the most pre-eminent companies doing business in Eswatini. These companies represent a spectrum of industries and commerce: Sugar & Ethanol, Banking, Holding Company, Real Estate, Private Equity, Financial Services, Wholesaling & Retailing.