On September 16, 2020, the authorities in charge of the financial market of Umoa launched the online stock exchange service on the Brvm. What are the main innovations related to this technology? Focus on the first Management and Intermediation Companies (Sgi) eligible for this service.

After experimenting with centralized electronic listing (order entry at the Brvm) and decentralized electronic listing (order entry by management and intermediation companies), the Brvm innovates by setting up the online stock exchange service. The latter consists of transmitting orders from clients' mobile phones, tablets, etc., to be routed to the Brvm trading system. In Instruction No. 57/2018 on the online stock exchange on the regional financial market, the Regional Council for Public Savings and Financial Markets (Crepmf) specifies that the activity of online stock exchange covers at least the service of reception-transmission of orders on financial instruments via an electronic medium. The term "online" necessarily implies the use of information and telecommunications technologies through electronic terminals connected to the Internet or any other public or private network. The investor may consult his account at any time and transmit the stock exchange orders directly to his SGI or to an authorized order collector.

As regards the scope of application, the Crepmf's instruction applies to any legal or natural person who carries out the activity of collecting orders via an electronic medium. This person may be a Management and Intermediation Company (Sgi) that receives orders from clients or another order collector and transmits them to the Brvm for execution. To date, regarding the effective implementation of the online scholarship, out of the thirty approved Sgi, only a dozen had expressed interest in carrying out the tests. In total, two Sgi are now able to offer the online scholarship service. They are Sgi Boa Capital Securities (based in Côte d'Ivoire and Benin) and Cgf Bourse (Senegal). In clear terms, these two structures have the necessary IT equipment to set up the online stock exchange and a platform that takes into account the messages of the Fix and respects the characteristics of the stock exchange orders. For Cgf Bourse, it is by decision N°Crepmf/2020/183, dated 17 September 2020, that it received the authorization to exercise the activity of online stock exchange on the regional financial market of Umoa. In addition to Sgi, this service may also apply to a Wealth Management Company (SGP), to a business provider who receives orders from his clients and transmits them to an Sgi for transmission to the Brvm for execution.

Article 7 of the Crepmf's instruction specifies the operation of the online stock exchange system. Indeed, the order collector must ensure that it always has a reliable and efficient system and a backup system capable of taking over from the main system in the event of a failure. In the event of a malfunction of the order reception system, the order collector must endeavour to inform users of the nature and foreseeable duration of such disturbances. The order collector describes, in the account opening agreement or in the online stock exchange agreement, the alternative equipment made available to the client in the event of a one-off interruption of the service.