Operations
The BRVM is entirely electronic. The central site in Abidjan provides securities quotation and trading services as well as regulation/issuing services.
Agents sitting at workstations in their offices or desks located in national branch offices in WAEMU countries and brokerage firms can:
- enter orders for securities and send them to the central site via the satellite network;
- consult and edit quotation results;
- consult statistical information on the BRVM and Dépositaire Central;
- distribute information.
The principles followed in establishing the BRVM satisfy the requirement for both compliance with international standards and adaptability to the WAEMU socioeconomic environment. Equal access to information and the management of investors and network access costs, regardless of the economic operator's location, are key drivers. The exchange can be described as follows:
A centralized exchange driven by orders, that is, the price of a security is fixed by matching bid and ask orders collected before the quotation.
Three weekly trading sessions with two fixings (single price obtained by matching bid with ask orders). These sessions will evolve rapidly towards daily sessions to implement:
- real-time quotation sessions;
- a spot market with a sliding transaction closing date so operators know exactly when they will have to meet their commitments. At the start, the BRVM closed transactions on D+5 (trading day plus five business days) but this must move towards current international standards, that is, closing on D+3;
- guaranteed transactions, thanks to the establishment of a market guarantee fund supported by brokerage firms to mitigate an eventual default;
- holding and centralization of securities by a central clearing house and their exclusive circulation in a dematerialized form.
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