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Soon You Will Be Able To Buy Shares In Ghana, Senegal, Ivory Coast Stock Exchanges

Nairametrics by Nairametrics
January 15, 2014
in Uncategorized
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THISDAY reported today that very soon stockbrokers in Nigeria will be able to have direct trading access to various stock exchanges across the West African region may soon come to reality as the rules needed for this to happen would soon be ready my March.

Stockbrokers practicing in the regional do not have direct access to trade on the floors of stock exchanges outside their countries.  They trade through their counterparts in those countries.

However, as part of efforts to integrate the various stock exchanges in the sub-region,  the various rules guiding the licensing and registration of stockbrokers are being reviewed and harmonised by technical committee of  the  West African Capital Markets Integration Council (WACMIC). This will lead to the issuance of new rules.

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What does this mean?

“Once the rules have been approved by the council, a broker in Nigeria, for instance, can have direct access to other exchanges across the region. The rules are being developed and will be issued by March, all things being equal. The  first phase will begin in the second quarter. That first phase will be sponsored access. From there, we will move to direct access”.

In layman terms I believe investors who may be interested in buying shares in say the Ghanaian Stock exchange can do so by instructing their stockbroker to trade on their behalf. Usually, you will probably need to not only consult your stockbroker but also a stockbroker in Ghana which increases the charges you pay.

Another benefit

“Additionally, integration will enable the movement of capital within the region, creating flexibility for issuers looking to raise capital and investors looking to invest across member states. Furthermore, integration would speed up the development of our various domestic financial systems, promoting increased competition and innovation, as well as offering opportunities for risk diversification,”.

Source: Thisday.

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