Ghana Stock Exchange approves resignation of Cal Brokers from local bourse

The Council of the Ghana Stock Exchange (GSE) has accepted the resignation of Cal Brokers from its membership effective December 13, 2019. 

Ghana Stock Exchange

A public statement issued by Cal Brokers said, “this is pursuant to section 7&8 of the GSE Membership Rules. This means that Cal Brokers will no longer be a member of the Ghana Stock Exchange and will therefore no longer provide brokerage services.”

Cal Brokers Ltd officially informed the GSE of its intention to leave the brokerage business in Ghana and also announced its intent to resign from the membership of the GSE.

In an earlier public statement to the GSE, Cal brokers said “this is to inform the Market and the General Public that pursuant to Section 7 & 8 of the Ghana Stock Exchange (GSE) Membership Rules, CAL Brokers Limited has informed the GSE of the decision of its Shareholder and Board of Directors of their intent to resign from the membership of the GSE and leave the Brokerage Business.”

Many people have wondered why Cal Brokers have decided to exit the brokerage business but sources at the GSE explain that this decision has nothing to do with any regulatory breaches but described the move as a normal business decision.

CAL Brokers Limited is a subsidiary of CAL Bank Limited. It is a local Licensed Dealing Member (LDM) of the Ghana Stock Exchange with a client relationship with major Ghanaian and offshore investors.

It has significant experience in managing and executing stock exchange transactions.

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