It was a momentous occasion. But the peal of the bell did not initiate a flurry of trading at the Ethiopian Securities Exchange, which opened on January 10th. With no brokers and only one listed stock, the exchange enjoyed a relaxed start to life. The country’s officials nevertheless see the institution as a crucial part of their liberalising economic reforms. Ethiopia, home to some 130m people, had been the most populous country without an exchange.

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