History of the regional financial market
In the early 1990s, the increasing liberalization of West African Monetary Union economies required an adaptation of economic regulation mechanisms, particularly through the use of indirect monetary management tools and savings mobilization.
Key historical milestones
- 1991 Start of discussions for the establishment of a single financial market
- 1993 Decision by the WAEMU Council of Ministers
- 1996 Creation of the BRVM and the DC/BR
- 1998 Start of effective operations
- 2016 Integration into the MSCI Frontier Markets Index
- 2022 Interconnection with other African stock exchanges
The regional financial market is a dynamic, regulated market whose objective is to be a powerful driver of economic development through its contribution to public and private investment financing.
Organization of the Regional Financial Market(WAEMU)
The market's organizational choices have prioritized:
- Simplicity of organization
- Operational security
- System scalability
- Control by WAEMU States
Market control and regulation
Market operators and participants
Market participants
Institutional participants
AMF-UMOA
Financial market regulatory authority
BRVM
Regional Securities Exchange
DC/BR
Central Securities Depository / Settlement Bank
Commercial participants
Management and Brokerage Firms(SGI)
Asset Management Companies(SGP)
Collective Investment Schemes
Brokerage Investment Advisors(CIB)
Trading session schedule
Session phases
- 9:00–9:45 Pre-opening
- 9:45 Opening fixing
- 9:45–14:00 Continuous trading
- 14:00–14:30 Pre-closing
- 14:30 Closing fixing
- 14:30–15:00 Trading at last price
- 15:00–15:15 Market surveillance
- 15:15 Market close
Important
BRVM switched to continuous trading on September 16, 2013 to improve market liquidity.