The initiative to integrate the various capital markets in the ECOWAS sub-region with a view to establishing a single market in the sub-region has swung into action with key fundamental measures put in place yesterday, which included the approval of a workable framework for the integration; the signing of a memorandum of understanding between the various markets jurisdictions in ECOWAS, as well as the establishment of an association of regulators which will be monitoring the implementation of the agreed protocols for a seamless integration.

Speaking at the ceremony in Abuja on Wednesday, the Director -General of the Nigerian Securities and Exchange Commission (SEC), Alhaji Mounir Gwarzo announced that the Secretary General, Counseil Regional De L’Epargne Publique Et Des Marchès Financiers (CREPMF) of Cote D’Viore, Mory Soumahoro, will chair the association of the regulators for the next two years.

Gwarzo also revealed that several committees, including markets development have been put in place to ensure that the integration is done successfully, pointing out that information was key because the markets are information – drive.

Also at the ceremony was the Ghanian Director – General of the Securities and Exchange Commission, Adu Anane-Antwi. Gwarzo gave a background to the initiative and the expected benefits for the ECOWAS sub-region: ” For quite a while we have been thinking of how the regulators can come together to form an association so that we can support the integration of the capital market within the West African Region.

You are aware of the existence of WAMIC whose aims and objectives are to see a means of bringing the capital markets within the West African region together.

What we have not had is a close collaboration and close interface within the Commissions so that they can also support the good work that WAMIC is doing.”

“Even at the International Organisation of Securities Commissions (IOSCO), one of the objectives they have set out is integration within the member countries.

Already the East African countries have one, the Middle East have their own associations and are doing quite well. Part of IOSCO principle is to see that one way that we can achieve a lot whether globally or regionally is Information is very important in this market.

We looked at corporates that are listed in more than one jurisdiction so we can have interface either In terms of financial literacy or in terms of enforcement is to see that countries come together and share information.

“Information is key, what drives the market is information. Information that is in Ghana should also be readily available in Nigeria and Cot Ivoire and the only way we can do it is to ensure that the regulators come together? We decided to come together and have something to work with. We have come up with a framework which is a Memorandum of Understanding.

We have also elected somebody to lead the association among the three of us and unanimously we agreed on Mr. Mory Soumahoro, Secretary General, Counsel Regional De L’Epargne Publique Et Des Marchès Financiers (CREPMF) who will chair the association for the next two years.

‘We also looked at the issue of information and agreed that we are going to form a team within our own jurisdictions who will have a close interface with the various jurisdictions particularly as it relates to some companies that have dual listings, companies that are listed in more than one country within the region? So that whatever they do anywhere, that information is shared between us, we think this is good for the market and also good for investors.

“Am happy to note that we are on course and we believe that this association will achieve the objectives of ECOWAS to ensure that the states are integrated. One of the reasons why we are having this association is to ensure that rules and regulations are unified and we have an integrated market.

We always wanted the regulators to have their own body as policy makers so that what WACMIC is doing can be stronger. We will ensure we push this agenda This association will be able to help in achieving the noble objectives of the states in the markets. “We also have a committee that will look at risk management.

One of the issues we have in this market is the issue of risk management. So we try and harmonize our module on how we police the market, how we monitor what goes on in the market.

We also have a committee on market development and it will look at issues to do with market development. It will look at issues to do with new products, issues to do with how the market is going to be integrated.

Those three committees will begin to work and we agreed that each of the jurisdictions will look at members that will be in that committee and begin to move from there,” the SEC Boss declared Currently, within the West Afrcian region, CREPMF supervises the other exchanges in the francophone countries which are being represented by the Regulators’ newly nominated Chairman.