Private company

Bourse Regionale Des Valeurs Mobilieres

West African stock exchange in Abidjan, Côte d'Ivoire

The Bourse Régionale des Valeurs Mobilières SA ("Regional Securities Exchange SA"), or BRVM, is a regional stock exchange serving the following West African countries:² Wikipedia text CC BY-SA 4.0

Last updated Oct 21, 2026.

Overview

Industryfinance¹
HeadquartersAbidjan¹
Websitewww.brvm.org

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The Bourse Régionale des Valeurs Mobilières SA ("Regional Securities Exchange SA"), or BRVM, is a regional stock exchange serving the following West African countries:²

The story

History

Time line

Market integration by the BRVM is a political, institutional, and technical success. The Bourse Régionale and Dépositaire Central/Banque de Règlement (DC/BR) were established in several phases:

November 14, 1973: Treaty signed establishing the West African Monetary Union (WAMU), which created a financial market organized into sub-regions.

December 17, 1993: WAMU Council of Ministers decides to create a Regional Financial Market and mandates the Central Bank of West African States (BCEAO) to conduct the project.

December 18, 1996: Various preliminary activities are conducted resulting in the formation in Cotonou of Bourse Régionale des Valeurs Mobilières S.A. (BRVM) and Dépositaire Central/Banque de Règlement S.A. (DC/BR), thus marking the end of the BCEAO mandate and the takeover of project management by its own agencies.

November 20, 1997: Union's Council of Ministers establishes the Regional Council for Public Saving and Financial Markets.

September 16, 1998: BRVM and DC/BR begin operations.

Market information

Information concerning the Bourse Régionale des Valeurs Mobilières (prices, volumes, dividend payments, financial statements of listed companies, etc.) is available via many channels, such as:

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the official newsletter (Bulletin Officiel de la Côte - BOC) available at the end of every trading session at the BRVM head office, national branch offices and from brokerage firms;

the Quarterly Review available at the end of every quarter at the BRVM head office, national branch offices and from brokerage firms;

information resellers with which the BRVM has signed partnership agreements, such as Reuters, and others to be announced;

various private Web sites that distribute market information on their own initiative.

From Wikipedia’s article on BRVM, shared under CC BY-SA 4.0.³

Products and brands

The BRVM is entirely electronic. The central site in Abidjan provides securities quotation and trading services as well as regulation/issuing services.

Agents sitting at workstations in their offices or desks located in national branch offices in WAEMU countries and brokerage firms can:

enter orders for securities and send them to the central site via the satellite network;

consult and edit quotation results;

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consult statistical information on the BRVM and Dépositaire Central;

distribute information.

The principles followed in establishing the BRVM satisfy the requirement for both compliance with international standards and adaptability to the WAEMU socioeconomic environment. Equal access to information and the management of investors and network access costs, regardless of the economic operator's location, are key drivers. The exchange can be described as follows:

A centralized exchange driven by orders, that is, the price of a security is fixed by matching bid and ask orders collected before the quotation.

Three weekly trading sessions with two fixings (single price obtained by matching bid with ask orders). These sessions will evolve rapidly towards daily sessions to implement:

real-time quotation sessions;

a spot market with a sliding transaction closing date so operators know exactly when they will have to meet their commitments. At the start, the BRVM closed transactions on D+5 (trading day plus five business days) but this must move towards current international standards, that is, closing on D+3;

guaranteed transactions, thanks to the establishment of a market guarantee fund supported by brokerage firms to mitigate an eventual default;

holding and centralization of securities by a central clearing house and their exclusive circulation in a dematerialized form.