SECURITIES CLEARING AND SETTLEMENT ON GHANA STOCK EXCHANGE (A Study of an Emerging Stock Market)

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SECURITIES CLEARING AND SETTLEMENT ON GHANA STOCK EXCHANGE (A Study of an Emerging Stock Market) (MANAGEMENT PROJECT TOPICS AND MATERIALS)

ABSTRACT

The purpose of this dissertation is to illustrate the securities clearing and settlement on Ghana Stock Exchange in the light of international standards set for these processes. The method used was to survey existing literature of clearing and settlement and emerging market countries and compare and contrast it with data concerning clearing and settlement processes on Ghana Stock Exchange.

The findings of the research were that Ghana Stock Exchange fulfils many of the existing international standards; however there are some major deficiencies. As the lack of studies concerning the topic has been addressed, the value of this dissertation was to identify main characteristics of clearing and settlement on Ghana Stock Exchange in order to evaluate and assess the processes.

  1. Introduction

This dissertation is a report of a study of an emerging stock market in Ghana with the focus on securities clearing and settlement. The study was based primarily upon secondary research. This first chapter of the dissertation presents the background as well as aims, objectives, rationale and limitations of the study. Furthermore, the chapter concludes by giving background information on Ghana and Ghana Stock Exchange (GSE).

Today the global economy is shaped by an ideology which in international political economy is referred to as neoliberalism. In the 1980s, one of the main objectives became to promote free markets and decrease state intervention in many aspects of the economy, which was achieved through privatisation and deregulation of markets. (Balaam & Veseth, 2005, p.63) As a consequence the international financial order; rules, institutions and procedures developed for controlling international financial flows in industrialised countries were dismissed and the new order enabled the around clock and around the world free flow of private capital. Hence, the financial liberalisation laid the foundation for a more open economic, financial and political environment for cross-border securities trading. (Helleiner, 2005, p.169)

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SECURITIES CLEARING AND SETTLEMENT ON GHANA STOCK EXCHANGE (A Study of an Emerging Stock Market) (MANAGEMENT PROJECT TOPICS AND MATERIALS)

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