Seychelles Securities Exchange (MERJ Exchange Limited)

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MERJ Exchange Limited Logo, Seychelles Securities Exchange.jpg
TypeSecurities exchange
LocationEden Island, Seychelles
FoundedAugust  2013 (2013 -08)
OwnerPrivately Held
Key peopleBobby Brantley (Jr.) - CEO, Dale Fick - Head of Markets), Brenda Bastienne - Head of Market Regulation)

MERJ EXCHANGE LIMITED (formerly known as Trop-X (Seychelles) Limited), is the only licensed securities exchange in Seychelles and operates markets for the listing and trading of equities, debt, derivatives, Forex products and more. MERJ EXCHANGE went live August 2013 with the listing of State Assurance Corporation of Seychelles (SACOS) on the Main Board of its Equities Market.[1]

As at December 2018, MERJ EXCHANGE had 24 listed securities on its three equities boards and a total market capitalization of USD 259 million.


MERJ EXCHANGE (formerly known as Trop-X (Seychelles) Limited was incorporated in the Republic of Seychelles in 2011 and received a license from the Financial Services Authority (FSA) to establish and operate the Seychelles Securities Exchange in 2012. The exchange’s doors opened for trading on 8 August 2013 with the listing of SACOS, one of the main insurance companies in Seychelles. In July 2014, MERJ EXCHANGE later launched the Derivatives Market.[2]

In September 2014 MERJ EXCHANGE launched its Derivatives Market with the listing of multiple US Dollar denominated and settled contracts for differences (CFDs) on major international currency pairs, commodities, equities indices, single stock equities from the US and UK markets and ETFs


MERJ EXCHANGE operates a vertically integrated fully electronic securities exchange, clearing, settlement and registry platform with real time gross settlement which eliminates settlement risk for broker members and their clients. Listing and trading is available in US Dollars (USD), Euros (EUR), British Pounds (GBP), Seychelles Rupees (SCR) and South African Rand (ZAR).

MERJ EXCHANGE target is to be an alternative market for the AMEA (Africa, Middle East and Asia) markets. Listing rules and market rules are in line with international best practices and in line with latest IOSCO principles, but adapted for Seychelles and the AMEA taking into consideration the types of products being offered and framework within which many issuers and investors must operate in the region.

Seychelles offers a suite of laws and resulting products making it ideally suited for creation and listing of alternative listed securities such as various types of investment funds (master-feeder, funds of funds, ETFs, actively managed ETFs, hedge funds, venture capital funds and more), derivatives, structured products and debt programs all of which can be denominated and settled in any of several different currencies given that there are no exchange control restrictions in Seychelles.

MERJ EXCHANGE offers membership to both local securities dealers and others who are members of exchanges in any “recognized jurisdiction” (i.e. remote membership) as provided for under the Securities Act. Recognized jurisdictions include all of the major financial centers and offshore financial centers including fellow African Union members South Africa and Mauritius.

MERJ EXCHANGE is a Correspondent Member[3] of the World Federation of Exchanges [1](WFE), a full Member of the Committee of Southern African Development Community Stock Exchanges (CoSSE), a full Member[4] of the African Securities Exchanges Association [2](ASEA) and a partner exchange of the United Nations Sustainable Stock Exchanges Initiative.[5][3]


Equities Market[edit]

The Exchange offers three equities boards on which companies can list; namely the Main Board, Small and Medium Enterprise Board (SME) and Venture Capital Board (VCAP).[4]

As at 6 March 2017:

Symbol Company Board Sector
SAC State Assurance Corporation of Seychelles Main Insurance[6]
BOD Bodco Limited SME Wholesaler[7]
SHI Sea Harvest Investment plc VCAP Investment holding
SBL Seychelles Breweries Limited Main Beverage Manufacturer
SCRF Southchester RF Main Debt issuance
WMUSM5 Wealth Migrate M5 Limited Main Real Estate
WMAUSR1 Wealth Migrate AUS Res 1 Limited Main Real Estate
WMCR01 Wealth Migrate Cypress Ridge 1 Limited Main Real Estate
CIIL Cedarwood International Investments Limited Main Real Estate

Derivatives Market[edit]

MERJ EXCHANGE offers a broad range of USD settled listed derivatives on underlying assets much including currencies, commodities, equity indices, equity securities, bonds, ETFs and interest rates. Through its derivatives market, the Exchange provides a neutral, level playing field for all market participants, regardless of status, size or activity levels.

Debt Market[edit]

MERJ EXCHANGE launched its debt market March 2016 with the listing of a South African Rand (ZAR) denominated short term money market program. The Debt Market includes provisions for issuances of all types including convertible bonds, money market instruments, zero coupon bonds and more.

Clearing Agency[edit]

MERJ Clearing and Settlement Limited (formerly known as AfriClear Limited) is a licensed clearing agency that is regulated by the Seychelles Financial Services Authority (FSA) to provide clearing and settlement services under the Seychelles Securities Act. It currently handles clearing and settlement services for MERJ Exchange Limited.[8]

Securities Registry[edit]

MERJ Depository and Registry Limited (formerly known as AfriDep Limited) provides registry services to issuers listed on MERJ Exchange. MERJ Depository and Registry Limited is a licensed Securities Facility under the Seychelles Securities Act.[9]


MERJ EXCHANGE is regulated by the Seychelles Financial Services Authority. The Seychelles Financial Services Authority was established under the Financial Services Authority Act, 2013, and is the regulator for non-bank financial services in the Seychelles. Previously known as Seychelles International Business Authority (SIBA), it is the Authority responsible for licensing, supervision and development of the non-bank financial services industry of the Seychelles.[10]


  1. ^ "Nation Home". Retrieved 2016-06-03.
  2. ^ "Trop-X Launches Listed Derivatives Market | Trop-X". Retrieved 2016-06-02.
  3. ^ WFE. "Correspondents". Retrieved 2016-06-02.
  4. ^ "Members - ASEA". ASEA. Retrieved 2016-06-02.
  5. ^ "Seychelles stock exchange makes a double commitment to sustainability | Sustainable Stock Exchanges". Retrieved 2016-06-02.
  6. ^ "Welcome to Sacos". Retrieved 2016-06-02.
  7. ^ "bodco Ltd | Builders Merchants". Retrieved 2016-06-02.
  8. ^ "AfriClear Ltd | Trop-X". Retrieved 2016-06-02.
  9. ^ "AfriDep Ltd | Trop-X". Retrieved 2016-06-02.
  10. ^ "Seychelles Offshore Companies » SIBA renamed as FSA to Regulate Offshore Financial Sector". Retrieved 2016-06-02.