WACMIC executes first trade for United Capital, CAL Brokers
The West African Capital Markets Integration Council (WACMIC) has successfully completed its first direct trade between two West African countries under phase one of its integration programme to promote trade across member countries.
The trade was between United Capital Securities and CAL Brokers, enabled by the Nigerian Stock Exchange (NSE) and Ghana Stock Exchange (GSE).
WACMIC was established to harmonize a regulatory environment for the issuance and trading of securities across the West-African sub region.
The successful implementation of Phase 1 through the Nigerian Capital Market, according to WACMIC would allow brokers not registered in the Nigerian capital market, remote access to the trading facility of the Nigerian Stock Exchange through a local sponsoring Dealing Member firm licensed by NSE.
Brokers in WACMI member countries can now trade on behalf of their clients and settle securities in Nigeria through local sponsoring brokers.
Other West African stock exchanges such as Bourse Regionale des Valeurs Mobilieres SA are expected to initiate similar deals which could be worth an additional USD $2 million a day in capital market liquidity to the Nigeria market.
Commenting on the development, Chairman, WACMIC, Edoh Kossi Amenounve, said, “The Council is proud to see the realization of this important target for regional integration. The success of the following phases depends on the participation of key market participants conducting transactions within the sub-region. Therefore, the support of all stakeholders across the West African capital markets is key to the success of the regional capital market integration program, which is gaining ground.”
As the leading Self-Regulatory Organization (SRO) of the capital market to Africa’s largest economy, the NSE in conjunction with the GSE facilitated the trade conducted by United Capital and developed the framework for subsequent trades in the market.
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