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Emerging African Capital Markets and Global Financial Standard-Setting: Permitting All Voices to Be Heard

Incumbent players in the global capital markets, trans-governmental networks, construct barriers to financial development in Africa through the imposition of best standards and policy, created without significant input from Africa, in an effort to harmonize securities regulation suiting primarily developed markets, not developing or emerging markets predominantly found in Africa. These organizations are not created by international law. They are networks of regulators sharing information peer-to-peer without major multilateral agreements or the organizations found in monetary affairs. There is great potential for exclusion and inequality necessitating accountability in this vital arena of development. This paper explores the impact exclusion from these networks has on the African capital markets.