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An Emerging market: Bourse Régionale des Valeurs Mobilères a west african stock exchange

( Télécharger le fichier original )
par Jean Christian Ahoussou kouadio
London South Bank University - Bachelor Business Administration 2007
  

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Final year dissertation:

An Emerging market:

« Bourse Régionale des Valeurs Mobilières » 

Market stock exchange.

by

Ahoussou-Kouadio Jean-Christian

B.A in Business Administration

Pathway: Finance

B.A. (Hons) Business Administration.


·Abstract

Find a solution for the funding of the small business in Africa become a problematic for me since my internship in one of the most established bank in Ivory Coast, the BIAO bank - subsidiary of the Fortis group,.

I held two positions as an assistant.

One in the Small and medium enterprises and also in the Industry department, I have been assessed to analyse financials statements of small companies in those sector who where looking for loans.

The other position was in the Stock market Trade department I was assessed to assist the Trader during the trading session on the BRVM market stock exchange.

During my experience in the trading department, I take part of the commercial arrangement for the sell of government bonds' subscriptions.

All the subscriptions were completed in 12 days, with a lot of non-institutional investors.

My research is composed by a critical examination of the small business-funding situation in this area: BRVM market, a detailed analysis of Euronext / the BRVM and Alternext and the building of a statement enable small business to be quoted in the market.

Few books were used for this dissertation because it is topical subject.

Acknowledgements

Financial problems in Africa are an everyday reality; businessmen and women are faced with high rate loans provide by the bank.

This is a more effective fact in country like Ivory Coast, which have political disturbance that why I choose this subject.

I would like to thank all the persons who have given their time to help me during the research and the redaction of this dissertation. A special thanks to these following persons:

Mr Kouakou Jérôme, Chief of the Biao (Bank in Ivory Coast) Trade Department - Abidjan,

Mr Seydina Mohamadou Rahssoul Tandian, General director of the Wararene (African Rating Agency) - Dakar,

Mr Ajjay Mandal , my research adviser. South Bank University - London

Mr Jean Michel Kamenan, junior Analyst, Ecobank - Abidjan

I dedicated this document to my father, who always provides to me good support and piece of advise for my studies.


·Table of Contents


·ABSTRACT
2

ACKNOWLEDGEMENTS 3


·TABLE OF CONTENTS
4

INTRODUCTION 6

A. PROBLEM FORMULATION: 7

B. WHAT ARE THE CONSEQUENCES OF THESE PROBLEMS? 8

LITERATURE REVIEW 12

THE STOCK MARKET 14

A. EURONEXT GROUP 16

A. A model of successful integration: 18

B. The specificities of this distinctive market. 20

a. Euro-list, the united market. 20

b. Liffe, the second derivatives European market. 22

Conclusion about Euronext and the stock market: 23

B. ALTERNEXT A CONTROLLED MARKET BUT NOT REGULATES. 25

A. INTRODUCTION 25

B. THE ORGANISATION OF ALTERNEXT. 26

1. A simplified access for companies. 27

2. Terms to be listed on Alternext: 28

3. The protection of the investors and transparency. 28

4. The listing sponsor. 29

5. Enhancement of liquidity. 29

Conclusion alternext 33

THE WEST AFRICAN ECONOMIC AND MONETARY UNION AND HIS MARKET THE BRVM. 1

A. THE WEST AFRICAN ECONOMIC AND MONETARY UNION 3

Ø The Assembly of Heads of State and Government 3

Ø The Council of Ministers 3

Ø The Banking Commission 3

Ø The Regional Council of Public Saving and Financial Markets. 3

B. A BITE OF HISTORY THE MARKET 4

C. OBJECTIVES 6

1. Increase the rate of saving: 6

2. The return to first role of the banks: 6

3. Reinforcement of the capitalization of the companies: 7

4. The reduction of cost of financial intermediation: 7

D. ORGANIZATION 8

1. A public component: 8

2. A private component: 8

E. DESCRIPTION: 9

F. THE TRADING: 10

G. THE LISTING REQUIREMENT: 11

H. BRVM INDEXES 13

A. Index Calculation Method 13

a. Formula 13

b. Calculations and Distribution 14

c. Index Adjustment 14

d. Information about the market 17

I. CENTRAL CLEARING HOUSE 18

Mission 18

FINANCING THE COMPANY IN THE MARKET: 21

Concerning the BRVM: 21

A. IMPROVEMENT OF THE ACTIONS OF THE PUBLIC AUTHORITIES AND AUTHORITIES OF THE MARKET 22

Intervention of the authorities public and of the market 22

a. The public authorities: 22

b. Reinforcement of the working tool of the crempf. 23

B. Guarantees reforms and tax policies 25

a. The reform of the guarantee. 25

b. The Tax policy 26

C. Popularisation of the Stock Market Culture 35

B. IMPROVEMENT OF THE SERVICES OF THE BRVM: 37

1) Reduce the tariffs: 37

2) Ease of the procedure and the access condition: 37

3) Innovative product development 38

C. THE RATING 42

A. Definition: 42

B. Origin: 42

C. Advantages: 44

D. The initiative to be rated: 46

A framework of a rating process: 48

GENERAL CONCLUSION 49

Bibliography 52

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