ANNEX 11 CO-OPERATION IN SADC STOCK EXCHANGES PREAMBLE The High Contracting Parties: RECALLING the provisions of Chapter Eight of the Protocol which requires co-operation in Regional Capital and Financial Markets, CONSCIOUS of a collective duty to attain the objectives SADC, to promote and transform the whole Southern African Region into a dynamic and well integrated economic block; to achieve the vision of the Committee of SADC Stock Exchanges (COSSE) to establish by the year 2006, an integrated real time network of the national securities markets within SADC; to pave the way towards cross-border listings and , trading and investments among the different Member Exchanges of SADC in order to facilitate the process of financial integration within the Region; DETERMINED to take the necessary steps to maximise the co-operation of Member Exchanges and to encourage the development of a harmonised securities market environment within the Region; RECOGNISING the need to cooperate with national regulators as well as CISNA in the pursuit of complementary goals to achieve an integrated and credible SADC capital market; CONVINCED of the need to improve the operational, regulatory and, technical underpinnings and capabilities of SADC Exchanges to make their securities markets more attractive to both regional and international investors; to increase market liquidity and enhance trading in various securities and financial instruments; to promote the development of efficient, fair and transparent securities markets within the Region; to encourage the transfer of the intellectual capital of the securities markets and the technical expertise among the Member Exchanges of COSSE; and to encourage interaction among market participants. NOTING AND CONFIRMING the establishment of COSSE, the COSSE MOU recording the steps to be taken by Member Exchanges to build and enhance co-operation and to communicate and co-ordinate their efforts for their mutual benefit and that of the Region; THE STATE PARTIES HEREBY AGREE as follows: 107