The Regional Stock Exchange (BRVM), established as a public limited company on December 18, 1996, began its operations on September 18, 1998. The essential missions of the BRVM are the organization of the stock market, the dissemination of stock market information, and the promotion of the market.
The BRVM is common to all eight (8) member countries of the West African Economic and Monetary Union (UEMOA). It is the only stock exchange in the world shared by multiple countries. The headquarters, located in Abidjan, provides listing, trading, and settlement/delivery services for securities.
It is governed in particular by (i) the General Regulation concerning the organization, operation, and control of the regional financial market of UMOA, (ii) the Decision of March 27, 1998, amending the provisions of Article 37 of the aforementioned General Regulation, (iii) Decision No. CM 05/09/2005 amending Article 136 of the General Regulation concerning the organization, operation, and control of the UMOA Financial Market, (iv) the circulars and notices from the AMF-UMOA, and (v) Instruction No. 63/2020 concerning the issuance of public securities.
The BRVM, along with the Central Depository/Settlement Bank S.A. (DC/BR) and the Financial Markets Authority, represents the institutional players in the regional financial market.
It is important to emphasize that in addition to these institutional players, commercial participants operate in the regional financial market. These include Management and Intermediation Companies (SGI), Asset Management Companies (SP), Collective Investment Schemes (OPCVM), Stock Investment Advisors (CIB), and Business Introducers (AA).
As of January 2, 2023, the BRVM consists of three (03) compartments of equity securities (stocks) and one (01) compartment of debt securities (bonds). The equity compartment is made up of Prestige, Principal, and Growth Compartments. The bond compartment consists of 65 state bond titles, twelve (12) regional bonds, six (06) private bonds, and three (03) Sukuk and similar titles.
The market has 46 listed securities grouped into seven (07) sectors. Of the 46 listed companies, 35 are Ivorian, representing approximately 60% of the equity market capitalization. Regarding bond capitalization, Côte d'Ivoire accounts for 58.0%.
Since January 2, 2023, the BRVM has published two new stock indices ("BRVM 30" and "BRVM Prestige") in addition to its "BRVM Composite" index.
The BRVM Composite index takes into account all companies listed on the BRVM. It is adjusted whenever a new company is introduced to the listing (as well as in the case of capital increases or reductions) to reflect the evolution of the Regional Financial Market.
The BRVM 30 index, which replaces the BRVM 10 index, consists of the thirty (30) most active or simply the most liquid companies in the market over a quarter. This index is more diversified and takes into account the evolution of market liquidity over recent years.
Finally, the BRVM Prestige index includes all the securities listed in the Prestige Compartment. The review is conducted annually based on the eligibility criteria for companies in the Prestige Compartment.
