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INTEGRATION OF WEST AFRICAN SECURITIES MARKETS

INTEGRATION OF WEST AFRICAN SECURITIES MARKETS. EKOW AFEDZIE, CO-ORDINATOR GHANA. OCTOBER 30 TH 2007. 1. BACKGROUND. The Exchanges in West Africa are: - Ghana Stock Exchange - Nigeria Stock Exchange - Bourse Regionale des Valeurs Mobilieres (francophone countries).

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INTEGRATION OF WEST AFRICAN SECURITIES MARKETS

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  1. INTEGRATION OF WEST AFRICAN SECURITIES MARKETS EKOW AFEDZIE, CO-ORDINATOR GHANA OCTOBER 30TH 2007

  2. 1. BACKGROUND • The Exchanges in West Africa are: - Ghana Stock Exchange - Nigeria Stock Exchange - Bourse Regionale des Valeurs Mobilieres (francophone countries)

  3. 2. MEETING • Decision on Integration of the 3 West African markets was held in Accra on December 15, 2006.

  4. 2. TECHNICAL COMMITTEE • Technical Committee for the Integration of West African Securities Markets formed.

  5. 3. VISION • To have a single market for both Trading and Listing of Securities in West Africa.

  6. 4. THE MODEL ADOPTED • “Eco-X model” Adopted - Operational integration at the level of stock Exchanges backed by parallel regulatory harmonization to be achieved incrementally.

  7. 5. KEY DRIVERS IDENTIFIED FOR OPERATIONAL INTEGRATION • Adoption of common Passport for Market Operators – Mutual Recognition • Harmonization of Prospectus and listing Requirements.

  8. 5. KEY DRIVERS IDENTIFIED FOR OPERATIONAL INTEGRATION • Harmonization of Business Processes – Trading, Clearing Settlement and Depository platforms. • Statutory legislations that impact on Securities Markets.

  9. 6. STRATEGIES • Two sub-committees established - Regulatory Sub-Committee – Main task is to standardize regulatory framework for operators and regulators in West Africa Securities Markets.

  10. 6. STRATEGIES • - Operational Sub-Committee – To review and harmonize all business processes and practices of West African Securities Markets.

  11. 6. STRATEGIES • Governance Council made of Chief Executives of the 3 Exchanges to be formed. To be charged with the responsibility of making and determining policies and standardization of operational issues.

  12. 6. STRATEGIES c. An incremental Approach would be adopted – Short, Medium and Long term harmonization of identified Rules and processes.

  13. 7. WORK DONE FOR FAR • Sub-Committees on Regulatory and Operational harmonization have submitted initial reports identifying the issues to be addressed to achieve integration.

  14. Road Map Road Map • The Chief Executive Officers of West African Markets to meet to consider initial reports for consideration.

  15. Road Map • An Action Plan for implementation to be drawn up – Short term, Medium Term & Long term implementation plans.

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