ACCRA, Feb 10 (BERNAMA-NNN-GNA) -- Stockbrokers in West Africa will soon be able to trade in shares of listed equities in other markets within the sub-region as the integration of their stocks exchanges moves into another phase, says West African Capital Markets Integration Council (WACMIC) chairman, Oscar Onyema.
Brokers will be granted sponsored access to trade through local brokers in the participating countries by April this year to allow entities which are not direct market operators of an exchange to participate in the exchange by granting them direct access to the exchange's trading facility via technology.
"We have set for ourselves a very ambitious target of completing the first phase of integration by the end of March 2014, and commencement of implementation by April 1, 2014; and we believe it is achievable having carefully mapped out our implementation strategies," he told a workshop here over the weekend.
Onyema said the benefits of integration of the stock exchanges were enormous as local companies would have a deeper pool of funds to raise capital while facilitating growth by creating a larger market for local and international businesses.
"Achieving integration will facilitate momentous growth in the markets, which will empower the region to remain relevant in attracting investment flows, by creating a much larger market for local and international businesses," he said.....