In the Top 15 of the best SGI in the UEMOA area, the Regional Financial Market (MFR) of the West African Economic and Monetary Union (UEMOA) is a single market belonging to eight countries, namely: Benin, Burkina Faso, Ivory Coast, Guinea-Bissau, Mali, Niger, Senegal and Togo. The Regional Stock Exchange (BRVM) is the management structure of this market and constitutes a model of integration into the world.
The BRVM: its role
The role of the BRVM is to organize the stock market, ensure the listing and trading of securities, ensure the dissemination of stock prices and information, promote and develop the market. Since its creation, the BRVM has demonstrated its importance as an instrument for mobilizing savings and long-term financing of the WAEMU economies. Like any financial institution, the BRVM publishes its annual activity reports. These reveal, taking into account the value of the transactions carried out over the past year, a classification of the most precise players in its market.
BRVM AWARDS: objectives, categories and evaluation criteria
With a view to promoting and celebrating excellence in the Regional Financial Market, the BRVM has set up the BRVM Awards. Much more than a simple award ceremony, the BRVM Awards intend to strengthen the institution’s credibility because they will embody excellence in the stock market sector, the dynamism of its players and the attractiveness of the BRVM. To this end, to reward the most deserving and most dynamic players on the market, the BRVM AWARDS have highlighted seven categories which are:
- the price of the best listed company,
- the prize for the best Management and Intermediation Company (SGI),
- the price of the Management Company for Undertakings for Collective Investment in Transferable Securities (SGO), the price of the best bond issuer,
- the price of the best account-keeping bank,
- the prize for the best institutional investor,
- the prize for the best Small and Medium-sized Enterprise (SME).
During the BRVM Awards of the current year, the evaluation of SGI was mainly based on the activities of the year 2019. This evaluation focused on quantitative and qualitative criteria which are:
- the value of BRVM transactions,
- assets under conservation
- presence on social networks,
- the availability of a dedicated customer platform,
- communication actions and, among others
- the quality of customer service.
The BRVM AWARDS, first edition: the winners
Thus, at the end of this first edition of the BRVM AWARDS which was held on February 08, 2020, in Abidjan, the CGF Bourse du Sénégal was awarded the Best Management and Intermediary Company in UEMOA space, according to the value of BRVM transactions.
The financial intermediation market in the UEMOA zone, which has 30 SGIs, continues to be dominated by the two giants of the sector: CGF BOURSE with 18.58% of transactions at market value, thus reflecting the dynamism of its teams and the quality of its management. It is followed by its Ivorian rival HUDSON & CIE (which occupied the top ranking in 2018) with 15.83% of the stock market transactions.
ATTIJARI SWA from Ivory Coast (formerly African stock market) joins the top three with 10.39% of the market.
The Ivorian BICI BOURSE also performed well to climb to fourth place with 10.21% of market share against just under 6% a year earlier.
SOCIETE GENERALE CWA is in fifth place with 8.35%, followed by EDC INVESTMENT CORPORATION (ECOBANK) with a market share of 7.61% and BOA CAPITAL SECURITIES with 7.10%.
CORIS BANK of Burkina Faso closes the top 8 SGIs with a market share of more than 2%. The total value of stock market transactions in 2019 was CFAF 136.3 billion, i.e. a daily average of CFAF 547 million.
The rest of the ranking continues with NSIA FINANCE, ATLANTIQUE FINANCE, SGI MALI Sa, SGI TOGO Sa, SGI BENIN Sa.
SGI FGI (Finance Gestion Intermédiation) based in Senegal and which obtained its approval only in early 2019 made a good entry by rising to fourteenth place with 1.23% of the market. The fifteenth place is occupied by the SBIF of Burkina Faso.
Management and intermediation companies in the regional financial market
The Management and Intermediation Companies are financial intermediaries which have a monopoly on the trading of securities on the market. Negotiations can be done on their own behalf or on behalf of their clients. The Regional Financial Market has 30 (thirty) SGIs which contribute to its growth.
In total, in 2019, the BRVM paid investors and other savers more than FCFA 849 billion in terms, mainly, of dividends, payment of interest on bonds and return of capital. The stock exchange companies at the head are those which have succeeded in positioning themselves on the primary market during initial public offerings or bond loans and who work actively in the animation and promotion of the financial market.