West African Capital Markets Integration: Progress and Challenges Revealed
Explore the progress and challenges of the West African Capital Markets Integration as discussed in the Capital Market Committee meeting in Lagos, April 2016. The stages, overview, and phases of the integration process, along with the initiatives to address challenges like cash settlements and expectations for more trades from different jurisdictions, were highlighted.
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Presentation Transcript
THE WEST AFRICAN CAPITAL MARKETS INTEGRATION: PROGRESS AND CHALLENGES by WACMIC COMMITTEE for Capital Market Committee Meeting Lagos April, 2016
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 Cash settlement has been the major challenge, this is being addressed. Also, more trades are being expected from other jurisdictions Since the implementation of the phase one of the West African Capital Market programme several trades have been consummated Ghana and Nigeria Integration between 3
