BRVM

Securities Regional Stock Exchange

The Securities Regional Stock Exchange (BRVM) is a unique electronic stock exchange for 8 countries (Côte d’Ivoire, Benin, Togo, Burkina Faso, Niger, Mali, Guinea Bissau and Senegal) of West Africa. Its head office is based in Abidjan – Ivory Coast, place of operation of the stock exchange transactions.

Thirty nine (39) companies from the different member countries are traded on the BRVM stock market with a market capitalization of more than 7500 Billion CFA francs in October 2015. Three financial instruments are traded on this stock exchange: Shares, Bonds, OCPVM.

The two stock market indices of the BRVM represent the activity of shares market securities:

  • The composite BRVM consists of all the values admitted to the stock exchange;
  • The BRVM 10 is composed of the ten most active companies on the market;

The various contributors interacting on the BRVM market are:

  • The market authority
  • The direct actors

The market authority is reflected in the creation of the CREPMF (the Regional Council for Public Savings and Financial Markets) – it is a regulator and control body for savings, which is the UEMOA Council of Ministers. The primary mission of the CREPMF is to regulate the WAEMU’s financial market, authorize operations, monitor the secondary market and monitor the actors, penalize the non-compliance with the market rules.

The direct actors are composed of:

  • Central Depositary / settlement bank in charge of the preservation and circulation of securities on behalf of issuers and financial intermediaries approved by the Regional Council for Public Savings and Financial Markets.
  • Commercial contributors, in particular the Intermediation general Companies , Asset Management Companies,  Business introducers , Compensator Account Holders,  management companies of collective investment organizations,  packmen and the councils in stock market investment.
  • The Other actors which include the Guarantors, Rating Agencies and the Statutory Auditors.

At the end of 2015, its composite index shows a Progress of 18.8%, that to say the most strong of all the mingled African stock markets.

The BRVM’s financial market is based on the capital market divided as follows:

  • The primary market is a meeting place between buyer and seller in which sellers’ investment proposals are listed, brought to the market and sold to buyers. It could be the IPO of a new company, or the capital increase of an existing company or the issuance of a government bond to finance itself.
  • The Secondary Market is the meeting place between investors willing to sell and investors willing to buy. This market contains negotiable financial instruments to which we can assign a market price

The BRVM market is open every day from Monday to Friday, with the exception of a few public holidays. The BRVM retained a settlement of transactions on J+3. The trading session runs from 9:00 am to 3:00 pm with several periods inside this latter:

 

Pre-opening 9 to 9:45 AM
Opening Fixing 9:45 AM
Continuous negotiation 9:45 AM to 2 PM
Pre-closing 2PM to 2:45 PM
Closing Fixing 2:30 PM
Last course negotiation  2:30 PM to 3 PM
Market closing 3 PM