Introduction
The process of globalisation drives the concentration of the
Stock Exchanges throughout the world. Globally, the creation of New Stock
Market increased the last 10 years especially in the sub-Sahara region.
In September 2000, was born the Pan European Stock Exchange
EURONEXT resulting from a merger of 3 stock market Amsterdam, Brussels and
Paris. While NOREX, the Stockholm Stock Exchange regrouping, of Copenhagen, of
Oslo and Reykjavik started a bringing together with the Baltic Places: Estonia,
Lithuania and Latvia.
So, is it in this same vision as the seven African Western
Convention countries Monetary (UMOA) privileged in their project of
organization of a Money market, the option of a Common Stock Exchange, more
adapted with their economies, rather than a juxtaposition of harmonized
national Stock Exchanges, called to be federate.
- The UMOA was created in January 1994 by those following country:
- Ø Benin
- Ø Togo
- Ø Burkina Faso
- Ø Côte d'Ivoire
- Ø Mali
- Ø Niger
- Ø Senegal
- Ø And later the Bissau Guinea
- The activities in the BRVM started with transaction between 12 companies
out a sample of 35. Those companies were transferred from the former Abidjan
Stock Exchange or BVA (Bourse des Valeurs d'Abidjan).
In this research I was not looking for integrate the academic
debate concerning the opposition between Banks and financial market concerning
the best way of fund raising.
My reflection is about how we can help those institutions
located in West African market in order to provide them more efficiency
----
"Africa is showing many improvements. Small and
medium-sized undertakings must be able to secure more loans. However, it is
still necessary to improve the access to the banking services, including with
the financial services in the long run "
Declared by Mr. Honohan (expert at the World Bank)
----
A. Problem
formulation:
Today the Regional Money market and the BRVM in particular are
faced with a problem of effectiveness because of his lack of dynamism, his
incapacity to adapt to his environment and with the international evolution.
This established fact takes along to put the following
question:
How to make the BRVM more effective for the financing of the
companies in space UEMOA?
B. What are the
consequences of these problems?
The support of this problem is that SME's and others
industries are not able to finance their development on an efficiency basis.
Within the framework of their financing, the companies are
found limited to the only sector of the banks and financial establishments,
with which the conditions of obtaining loan are high.
Moreover, this mode of financing does not enable them to
effectively finance their development and their growth, depending on the nature
of the granted credit.
The role of the Stock market and particularly of the Regional
stock exchange is to mobilize the sub-regional savings in the priority to
finance at a low cost the development of the companies and the States.
The primary analyse leads to those interrogation:
Ø Is the market correctly organised?
Ø Are the products adapted to the customers?
Ø The strong and weakness of the BRVM etc...
The first part of our work consisted of the collection of
information on the basis of interviews and documentary sources concerning 3
stocks markets:
§ Euronext:
In order to know, how was built this integrated market? And
also the axes of thought used to develop this market.
Euronext is what the BRVM aimed to become, an efficient market
that gave the opportunities for companies to raise fund.
§ Alternext:
This compartment is part of the Euronext NV group; it has been
built with an aim of allowing the companies let for account by the market to be
able to integrate it under others conditions.
§ BRVM.
We try to collect all the information available about this
market even if sometimes it was difficult. Concerning this market, we wanted to
understand how it interact with the private sector we aimed the SME's and one
action that will help the market and them: the rating.
This stage begin with an investigation carried out by
discussion with the persons in charge for the operations of the market of the
BRVM, the General manager of the BIAO investment, the Directors of the national
antennas of Stock Exchange of Ivory Coast, the general manager of the WARARENE
African rating agency.
This approach enabled us to have knowledge of the financial
environment of the UEMOA, operation of the Money market, activities and
operation of the BRVM and DCBR. We also took note of the various types of
financing of the companies in zone UEMOA and the limits, which they meet in the
financing of their exploitation and their growth.
Given that, I got a previous experience with those institution
I also used former information.
The second part of our work consisted of an analysis of
various collected information, in order to establish a critical diagnosis of
the financing of the companies in the UEMOA and also to find links between
elements in order to built a structured answer.
We concluded, in third part, our work by proposals and
recommendations to improve the effectiveness of The BRVM within the framework
of the financing of the companies.
This subject is discussing at the BRVM board of director and
the issue will be in February 2008.
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