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  • Market integration: United Capital, CB complete first trade
 

Market integration: United Capital, CB complete first trade

Market integration: United Capital, CB complete first trade

by magna / Wednesday, 29 July 2015 / Published in Capital Market News

The West African Capital Markets Integration Council says United Capital Securities and CAL Brokers have successfully completed the first direct trade between two West African countries under the phase one of its markets integration programme.

The trade between the two firms was enabled by the Nigerian Stock Exchange and Ghana Stock Exchange, a statement by the council said.

The WACMIC was established to harmonise a regulatory environment for the issuance and trading of securities across the West-African sub region.

According to the statement, the successful implementation of ‘Phase 1’ through the Nigerian capital market will allow brokers not registered in the Nigerian capital market, remote access to the trading facility of the NSE through a local sponsoring dealing member firm licensed by the Exchange.

Brokers in the WACMIC member countries can now trade on behalf of their clients and settle securities in Nigeria through local sponsoring brokers, the statement added.

Other West African stock exchanges such as Bourse Regionale des Valeurs Mobilieres SA are expected to initiate similar deals which could be worth an additional $2m a day in capital market liquidity to the Nigeria market.

The Chairman, WACMIC, Edoh Amenounve, was quoted as saying, “The council is proud to see the realisation of this important target for regional integration. The success of the following phases depends on the participation of key market participants conducting transactions within the sub-region.

“Therefore, the support of all stakeholders across the West African capital markets is key to the success of the regional capital market integration programme, which is gaining ground.”

The Chief Executive Officer, NSE, Mr. Oscar Onyema, explained that the inaugural trade confirmed the Exchange’s commitment to regional integration.

“Through initiatives like this, we look forward to more cross border activities that will increase liquidity in the Nigerian capital markets, while strengthening our peers in West Africa.”

According to the Group CEO, United Capital, Oluwatoyin Sanni, United Capital is fully committed to the objectives of the West African Capital Market Integration Programme.

“Having participated on the WACMIC Technical Committee since inception, we are truly honoured to conduct this groundbreaking trade with CAL Brokers, a member of the Ghana Stock Exchange,” she said.

Copyright PUNCH.
All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.

Contact: editor@punchng.com

Source : Punch

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