There are three phases involved in the West African Capital Market Integration (WACMI) programme.
The market is currently in phase one of the programme and the harmonization of rules is in progress.
Phase one is the Sponsored Access phase. In this phase, West African Broker operates under the umbrella of the local broker. The agreement signed between the sponsoring member and the sponsored participant has to be accepted by the local Exchange.
The Sponsoring Member has 100% liability for the activities of the Sponsored Participant.
In phase two, the Qualified West African Brokers (QWABs) have direct access to the local securities Exchange and Central Securities Depository (CSD). All privileges accorded to the local brokers are extended to the foreign trading participants in the local market. The foreign broker is subjected to the trading and settlement rules of the local market. The brokers who are not qualified to operate as QWABs shall remain and operate under phase one principle.
The last phase which is the phase three is the fully integrated phase. Securities will continue to be listed on the local Exchanges but such securities will also be accessible on a common platform to be called West African Securities Market (WASM). All Exchanges within the Region shall be linked to the WASM. There shall also be the virtual International CSD (ICSD) which shall be established to mirror all the local CSDs.
