​​​​​​​​ ​​​​​​INTEGRATION ROADMAP​
Facilitating the creation of an integrated capital market
INTEGRATION PHASE 1 - SPONSORED ACCESS (MARCH 1, 2014)​
Physical Phase – This first phase of the integration is about recognizing and formalizing the informal relationship (at the regulatory level) that currently exists between WACMI member countries, such that brokers within the member countries can trade securities and settle in markets other than theirs, through local brokers in the other member jurisdictions.  With signed memoranda of understanding (MOU) (recognized by each regulator in each WACMI member jurisdiction) in place, WACMI dealing members (broker-dealers) will be able to trade among themselves via sponsored access.  They will still, however, have recourse to their home regulators.  (Note: Learnings from this phase will inform the next phase.) Click here for the Rules and Agreements
  
INTEGRATION PHASE 2 - INTEGRATION OF QUALIFIED WEST AFRICAN BROKERS
Logical Phase – In this phase, brokers who qualify for and receive a common passport will be mutually recognized by WACMI member securities exchanges, securities commissions and depositories (CSDs).  These qualified West African brokers (QWAB) will therefore, be able to participate directly in the markets they wish to deal (trade) in across the West African jurisdictions.  They will have membership privileges (i.e., electronic membership) at all WACMI member exchanges, which will be  required to admit the QWABs as trading participants, and grant them access to their respective trading engines.

INTEGRATION PHASE 3 - FULLY INTEGRATED WEST AFRICAN CAPITAL MARKET
Physical and Logical Phase – At this stage of the integration, all WACMI member exchanges will be linked in a virtual West African Securities Market (WASM), and QWABs will have access to listed securities and related market information to enable them execute transactions.  While more work needs to be done to finalize plans for the implementation of this final phase, the trading, clearing, settlement and depository framework, as well as the legal and regulatory framework have been finalized, and the proposed budget and funding needs of the program determined.​ 


For more information on WACMI, please contact: WACMI Secretariat  –  jboakye@gse.com.gh | The Nigerian Stock Exchange  –  yemordi@nse.com.ng or oonuntuei@nse.com.ng​