Progress and Challenges in West African Capital Markets Integration
This article discusses the progress and challenges of the West African Capital Markets Integration (WACMI), focusing on phases, qualified brokers, sponsored access, and future plans for a federated system. The challenges faced include cash settlements and the need for more trade activity between countries. Strategies for addressing these challenges will be discussed in upcoming meetings.
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Presentation Transcript
THE WEST AFRICAN CAPITAL MARKETS INTEGRATION: PROGRESS AND CHALLENGES by Joe Mekiliuwa for Capital Market Committee Meeting Lagos November 25, 2015
Outline WACMI Stages Overview Progress/Challenges
WACMI Stages Overview Phase 2: Qualified West African Brokers (QWAB) Phase 1: Sponsored Access QWAB QWAB Exchange 1 CSD 1 Exchange 2 CSD 2 Exchange 1 CSD 1 Exchange 2 CSD 2 West African Broker operates under the umbrella of the Local Broker Exchange 3 CSD 3 QWABs have direct access to the facilities of the Local Exchanges and CSDs. They are recognized as Trading Participants Exchange 3 CSD 3 Phase 3: Federated System Securities will continue to be listed on the Local Exchanges but such securities will also be accessible on a common platform to be called West African Securities Market (WASM). All Exchanges within the Region shall be linked to the WASM. There shall be virtual International Securities Depository (ICSD) which shall be established to mirror all local CSDs. Exchange 2 CSD 2 Exchange 1 CSD 1 WASM ICSD Central Exchange 3 CSD 3 2
Challenges Progress so far Cash Settlements There is no trade activity after the first trade for now because of the challenges with the cash leg. The implementation of the phase 1 (one) of the West African Capital Market programme saw the completion of the first trade between two West African countries. The transaction was between Cal Brokers of Ghana and United Capital of Nigeria on July 15, 2015. Integration These challenges would be addressed in the next meeting of the West African Capital Market Integration (WACMIC) and the WACMIC Technical Committees December, 2015. Council in 3
