The DC/BR engages with the Association of Shareholders of Listed Companies

The DC/BR Engages with the Association of Shareholders of Listed Companies

The headquarters of the Central Depository/Settlement Bank (DC/BR) hosted a meeting on Wednesday, June 5, 2024, in Abidjan-Plateau, between the DC/BR, led by its Director General, Mr. Birahim DIOUF, and the Association of Shareholders of Listed Companies (AASCOT), represented by its president, Mr. Jean BLIN KACOU.  

This meeting was held both virtually and in person as part of the DC/BR's annual discussions with regional financial market stakeholders. The parties reviewed recent market developments, common interests, opportunities, and challenges in the regional financial sector.  

Among the key topics discussed, the DC/BR presented the progress of its project to digitalize Public Offering operations. This initiative involves the implementation of an automated solution hosted by the DC/BR to manage operational processes related to primary market subscription operations.  

This platform will allow investors to access public offerings on the primary market using modern digital tools and will facilitate the process of registering securities in the DC/BR's accounts. “This project is well advanced,” stated the Director General, emphasizing its “importance as it reflects our entire digital strategy.”  

Another major project discussed was client-level account registration, which aims to align the regional financial market with international best practices, particularly in combating money laundering and terrorist financing, while also fostering innovation.  

AASCOT, through its president, expressed strong interest in this long-anticipated initiative.  

Additionally, Mr. Birahim DIOUF announced the imminent completion of work on the reduction of the securities settlement cycle from T+3 to T+2, under the supervision of the Financial Markets Authority of the West African Monetary Union (AMF-UMOA).  

This shorter settlement period is expected to boost market liquidity by allowing investors to access their funds more quickly. In response, the AASCOT president welcomed these key initiatives and requested the DC/BR's support for training activities.  

"Today, our main concern is resuming our training sessions and developing our association," stated Mr. BLIN KACOU. In response, Mr. DIOUF suggested the creation of a website to enhance the association’s visibility and the use of digital tools such as Zoom, Teams, and Google Meet for blended learning (online and in-person).  

He also confirmed the DC/BR’s willingness to provide technical support to AASCOT on these initiatives.  

About the DC/BR
The Central Depository/Settlement Bank (DC/BR) is a specialized financial institution of the West African Economic and Monetary Union (WAEMU), headquartered in Abidjan, Côte d’Ivoire. It ensures the safekeeping of securities for its members, the successful settlement and delivery of securities transactions, and the payment of securities-related events.  

About AASCOT
Founded on March 17, 2001, the Association of Shareholders of Listed Companies (AASCOT) aims to protect its members' interests, provide training, and promote stock market culture across the WAEMU region.