Market Structure · Who Runs the Market?
Ethiopia's Treasury Bill market involves several institutions that issue, regulate, operate, facilitate, and support government securities transactions. Knowing who does what helps you navigate the market with greater confidence.
The operational chain, from issuance to your account, with the regulator overseeing the whole market.
Ministry of FinanceIssuer
National Bank of EthiopiaAuctions
Central Securities DepositoryRegistration & settlement
Securities ExchangeInfrastructure
Ethiopian Capital Market AuthorityRegulator & oversight: licenses intermediaries and sets the rules across the whole market.Oversees allThe Ministry of Finance (MoF) is responsible for government borrowing and public debt management. Treasury Bills are issued on behalf of the Government of Ethiopia as part of its short-term financing strategy. In practical terms, the Ministry determines:
The Ethiopian Capital Market Authority (ECMA) is the regulator of Ethiopia's capital market. It sets the rules for market conduct and licenses the intermediaries through which investors take part, so it underpins the access point every retail investor uses. Its role includes:
The National Bank of Ethiopia (NBE) plays a central operational role in the Treasury Bill market: it's the institution that runs the auction process. Its responsibilities include:
Registration & settlementThe Central Securities Depository (CSD), operated by the National Bank of Ethiopia, is the system of record for Treasury Bill ownership. It registers holdings electronically and completes the settlement of each transaction. The CSD typically handles:
The Ethiopian Securities Exchange (ESX) supports the broader development of Ethiopia's capital and securities-market infrastructure. As the market evolves, exchange infrastructure may play a growing role in market access, visibility, and secondary-market activity. Its responsibilities include:
Retail investors typically access Treasury Bills through licensed intermediaries: brokerage firms or investment banks. They help investors:
Treasury Bills can attract participation from a broad range of market participants:
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