A move towards a formal structure for capital markets development in Swaziland dates back in 1989 when a working party under the direction of the Central Bank was commissioned to examine if there were economic benefits to be derived from establishing a stock exchange. The working party concluded that there was a need and an opportunity for such a move and proposed, as a first step, the formation of a stockbroking company which would be licensed under the existing banking legislation pending the drafting of a securities law.
For eight years the Swaziland Stock Market operated as an over the counter-single stockbroker facility. It was not until July 1999 that a fully-fledged stock exchange, the Swaziland Stock Exchange (SSX), was inaugurated. The operations of the SSX were conducted under the supervision of the Capital Markets Development Unit of the Central Bank, which had regulatory oversight over the operations of the exchange.