Maseru Securities Market (MSM) is an initiative of the Government of the Kingdom of Lesotho which is executed by the Central Bank of Lesotho (CBL). The set up and organisation of the MSM business is such that it takes the form of a non-profit making institution created to develop and initiate centralised trading of financial securities in the country while arrangements are being made for an independent, fully-fledged and self-regulating securities exchange.