The African and Middle East Depository Association's (AMEDA) 39th Annual Forum concluded on May 2nd, 2024, in Doha, Qatar. The forum's theme was "Artificial intelligence, sustainability, and data security". It proposed ten critical recommendations to improve innovation and sustainability in the central securities deposits and credits sector of Middle Eastern and African member countries. 1. Foster co-operation and integration between central securities depositories in AMEDA member states. 2. Embrace artificial intelligence (AI) to streamline processes, enhance risk management, and improve post-trade services while reducing costs. 3. Prioritise sustainability and ESG initiatives to ensure long-term business continuity. 4. Adapt to the latest international standards for data security and cybersecurity. 5. Regularly assess emerging trends and challenges facing the global depository and registry industry. 6. Establish a knowledge-sharing platform for AMEDA members, Afro-Asian markets, regulators, and governments. This includes creating an innovation hub for developing new solutions and offering professional training for depository and registry professionals. 7. Launch an innovation platform to develop cutting-edge solutions that address the evolving needs of the financial market. This platform will also explore avenues for enhanced collaboration between member companies, regulators, and government bodies. 8. Encourage interaction and information exchange between member companies to build strategic partnerships and foster mutual understanding. 9. Emphasise reviewing new regulatory and legislative developments, providing guidance on adaptation, and showcasing successful case studies to highlight key factors for success in the depository and listing field. 10. Promote strong cybersecurity practices to protect systems, networks, and digital data from malicious attacks and data breaches. This is crucial for all public and private institutions.
The forum's meetings on May 1 and 2 covered a variety of topics, the most important of which was the promotion of the use of AI in central securities depositories, in order to shed light on the increasing adoption rates of AI within central securities depositories (CSDs) and its role in improving efficiency, simplifying operations, and driving innovation. The forum also addressed sustainability by emphasising innovative practices that guarantee the uninterrupted operation of securities depositories while upholding the strictest data security measures. Sustainability was also a key theme, with discussions highlighting innovative practices that ensure central securities depositories can operate continuously. These practices go hand-in-hand with the strictest data security measures, ensuring long-term viability without compromising the safety of sensitive financial information. AMEDA was founded on April 27, 2005. It held its inaugural meeting in New York before the CSD 8th conference. This non-profit organisation comprises Central Securities Depositories and Clearing Houses in Africa and the Middle East. The primary objective of AMEDA is to provide a platform for its members to exchange information and experiences, while also supporting the development of local markets through mutual co-operation. Additionally, AMEDA aims to promote best practices in services such as depository, clearing, settlement, efficiency, risk management, corporate governance, and other related areas on a global scale. AMEDA's membership has grown to 40 institutions across over 30 countries.
