Ethiopian Securities Exchange (ESX) has announced the first amendment to its Fees Schedule, introducing a series of reforms aimed at lowering barriers to market participation, supporting capital raising, and improving liquidity across Ethiopia’s emerging capital market ecosystem.
The amendment, which took effect on May 2, 2026, was approved by the Ethiopian Capital Market Authority (ECMA).
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According to the Exchange, the revised fee structure is designed to make public listings more accessible and proportionate, particularly for small and medium-sized enterprises, while also encouraging greater institutional and investor participation in the market.
Among the key reforms is the introduction of listing fee caps based on market capitalization. While existing listing fee rates remain unchanged, the new caps are intended to ensure that the cost of going public remains manageable for issuers. Under the revised structure, companies with market capitalizations above ETB 20 billion will face a maximum applicable fee of ETB 7.5 million, while firms valued at ETB 500 million or below will pay a minimum fee of ETB 250,000.
The Exchange also introduced a reduced transaction fee for block trades in the Equity Main and Growth Markets. Large-scale trades will now attract a transaction fee of 0.18% of the transaction value, a move expected to improve market liquidity and facilitate institutional trading activity.
In another major change, ESX established a new admission fee framework for the OTC/Unlisted Market. The Exchange said the reform is aimed at aligning the costs of participation across the Main, Growth, and OTC market segments while encouraging companies to use the OTC market as a stepping stone toward full public listing.
The new OTC/Unlisted Market admission fees range from 0.0125% to 0.05% depending on the value of admitted securities.
“Capital markets do not grow by accident. They grow when the ecosystem makes it genuinely worthwhile for companies to list, for investors to participate and for institutions to lead by example,” the Exchange said in its announcement.
The ESX noted that all other provisions of the December 2024 Fees Schedule remain unchanged and in full effect.
