West African Capital Markets Integration Council (WACMIC)
The West African Capital Markets Integration Council (WACMIC) was set up on January 18, 2013 as part of the integration of capital markets in the Economic Community of West African States (ECOWAS).
Its main objective is to create a harmonized regulatory environment for the issuance and trading of securities in the region. WACMIC comprises the Securities Commissions and Stock Exchanges of UEMOA, Ghana, Nigeria, Sierra Leone and Cape Verde.
The Council is responsible for designing the strategic framework and managing the implementation of the process that will facilitate the creation of an integrated capital market in West Africa. The work carried out under the aegis of WACMIC should lead to the integration of financial markets in (03) major phases:
- Phase 1: sponsored access for brokers ;
- hase 2: a single license for brokers qualified to operate throughout ECOWAS;
- Phase 3: the creation of a common quotation platform.
Phase 1 - Sponsored access
Based on the agreements reached, brokers in ECOWAS member countries can trade securities on markets other than their own, through local brokers in other jurisdictions.
Phase 2 - Common passport
Qualified brokers who receive a common passport will be mutually recognized by stock exchanges, securities commissions and central depositories. These Qualified West African Brokers (QWABs) will therefore be authorized to participate directly in the securities markets of other ECOWAS countries, without having to enter into a partnership with a local broker.
Fully integrated West African capital market
At this stage, all WACMIC member exchanges will be connected to a virtual West African Single Market (WASM), and QWABs will have access to listed securities and market information to enable them to trade within the region. Issuers will also be able to raise capital across the region.
