2 October 2025 · Ethio Fidelity Research
How price is discovered on the ESX order book
A walk through the mechanics of order matching on the Ethiopian Securities Exchange, and what it means for the price you actually receive.
All research & insightsFirst securities dealer licensed by ECMARegulated access to
Regulated access to
Ethiopia's capital market
Ethio Fidelity Securities is a licensed securities dealer and a trading member of the Ethiopian Securities Exchange. We execute equity and fixed income orders for institutions and individuals, and commit our own capital to keep the market liquid.
- No minimum deposit
- No account opening fee
- Active in 1–3 business days
Image 1 of 6: The Ethio Fidelity team on the Ethiopian Securities Exchange trading floor, holding the trading membership certificate beneath a screen reading Congratulations to Ethio-Fidelity
Regulatory standing
How we are regulated- Securities Dealer Licence
- Ethiopian Capital Market Authority
- 21 March 2025 · First in Ethiopia
- Trading Member
- Ethiopian Securities Exchange
- Admitted 30 July 2025
- Settlement & custody
- Trades settle through the Central Securities Depository. Client funds are held at Zemen Bank, separately from the firm's own money.
Market infrastructure partners
Operating within Ethiopia's capital market infrastructure
Our services
Four services, one dealer licence
A securities dealer licence lets us do something a pure agency broker cannot: act for you, and stand in the market ourselves.
Equities Dealing
Execution of buy and sell orders in listed Ethiopian equities for institutional and retail clients.
Learn moreFixed Income Securities
Dealing in government bonds, corporate bonds, municipal securities and other fixed income instruments.
Learn moreProprietary Dealing & Market Making
Dealing on our own account to improve on-exchange liquidity and support continuous price discovery.
Learn moreMarket Research & Insights
Market reports, company notes and technical analysis to inform your investment decisions.
Learn moreWhy choose us
Six reasons, each one checkable
Anyone can claim to be trustworthy. These are the specific arrangements that back the claim. Every one of them is a matter of public record or published policy.
First licensed, and still holding the standard
ECMA granted us Ethiopia's first securities dealer licence after reviewing our capital, governance and the fitness of our directors. We treat that as an obligation, not a badge.
ECMA licence · 21 March 2025
Our own capital in the order book
A dealer licence lets us quote a price to buy and a price to sell. That narrows spreads and means there is usually a price available when you want to trade, not just when someone else happens to.
ESX Trading Member · 30 July 2025
Best execution you can actually read
Our execution policy is published in full, not summarised into a sentence. It sets out the factors we weigh, how we handle large orders, and how we monitor whether we are getting it right.
Policy published in full
Client orders come before our book
Because we deal on our own account, the conflict is real and we manage it explicitly: proprietary dealing is operationally separated from client order handling, and client orders take priority.
Documented conflicts arrangements
Your securities are held in your name
Holdings settle to your own account at the Central Securities Depository rather than being pooled into ours, and client money is held separately from the firm's own funds.
CSD segregated accounts
Research that shows its assumptions
We publish the reasoning behind our conclusions, and we disclose any position the firm holds in a security we write about inside the note itself.
Holdings disclosed in every note
Opening an account
Three steps to a trading account
Everything you need is on this card. Pick the description that fits you and the document list updates.
2
Bring these 3 documents
- FAYDA ID
- Valid address verification documentSuch as a Kebele ID or driving licence.
- Taxpayer Identification Number (TIN)
All documents must be clear, legible and certified where required.
3
What happens after you apply
- 1Before you start
Gather your documents
All documents must be clear, legible and certified where required.
- 2At our office
Complete the form
Visit our office and our staff will complete the application with you.
- 31 to 3 business days
We review it
We verify your identity and documents, and contact you if anything is missing.
- 4On approval
Account activated
If approved, we contact you with your account number and further instructions.
- 5When you choose
Fund it and trade
You only fund the account when you decide to place an order to buy.
- Minimum deposit
- None
- Account opening fee
- None
- Typical activation time
- 1–3 days
- Where to complete it
- At our office
Costs
What it costs to trade with us
All charges are a percentage of transaction value. Every one that can apply to your account is listed here, and each is itemised on your contract note.
| Security | Transaction fee |
|---|---|
| Ethio Fidelity commissionPaid to Ethio FidelityOur own charge for executing your order. | |
| Equity, main and growth marketNegotiable down to 1.3% for high-volume and frequent traders | 1.5% |
| OTC and unlisted market | 1.9% |
| Mutual funds and ETFs | 1.6% |
| Corporate bonds | 0.1% |
| GoE treasury bills | 0.1% |
| GoE treasury bonds | 0.1% |
| Commercial paper | 0.1% |
| Sub-national (state and local) bonds | 0.1% |
| Sukuks | 0.1% |
| Exchange transaction feesPaid to Ethiopian Securities ExchangeSet by the ESX. We collect these on the exchange's behalf. | |
| Equity, main and growth market | 0.36% |
| OTC and unlisted market | 0.5% |
| Mutual funds and ETFs | 0.36% |
| Corporate bonds | 0.021% |
| GoE treasury bills | 0.021% |
| GoE treasury bonds | 0.021% |
| Commercial paper | 0.021% |
| Sub-national (state and local) bonds | 0.021% |
| Sukuks | 0.021% |
| Interbank money market and repo | To be determined |
| Regulatory feesPaid to Ethiopian Capital Market AuthoritySet by ECMA. We collect these on the regulator's behalf. | |
| Equities (stocks and shares) | 0.15% |
| Fixed income (bonds) | 0.005% |
| Depository feesPaid to Central Securities DepositorySet by the CSD for recording the transfer of ownership. | |
| Equities (stocks and shares) | To be determined |
Exchange, regulatory and depository fees are set by the ESX, ECMA and the Central Securities Depository respectively, not by us. We collect them on their behalf and show them separately on your contract note, so you can see exactly what went where. To confirm the charges that apply to your account, contact our team.
Investor education
Never bought a share before? Start here.
Most people in Ethiopia have never owned a listed security, because until recently it was not possible. Our guides explain how the exchange works, what you actually own, and what can go wrong, in plain language, free, and without an account.
Latest research
Newsroom
News & announcements
company
Bringing investor education beyond Addis Ababa
Why we are investing in plain-language investor education, and what our programme will cover in its first phase.
Read the announcement
announcement
Ethio Fidelity admitted as a trading member of the Ethiopian Securities Exchange
The firm becomes the first independently established dealer to attain full trading membership of the ESX, completing the path from licence to live market access.
Read the announcementQuestions
The things people ask us first
If your question is not here, ask it. We would rather explain something twice than have you invest without understanding it.
Only firms licensed by the Ethiopian Capital Market Authority and admitted as trading members of the Ethiopian Securities Exchange can place orders on the exchange. You cannot trade listed securities directly yourself. A licensed dealer such as Ethio Fidelity gives you access to the market, executes your orders under a best execution obligation, settles the trade through the Central Securities Depository, and operates under regulatory supervision designed to protect you.
Visit us
Come to the office
Account opening is completed in person. You are welcome to come in with questions before you commit to anything.
Office
General enquiries
Trading desk & orders
Office hours
Monday to Friday, business hours
Trading session times are set by the ESX. Confirm current timings with the desk before planning around them.
Get started
Open an account with Ethiopia's first licensed dealer
Begin your application online. We will guide you through verification, explain the risks before you commit, and set up your securities account at the depository.