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International Monetary Fund. African Dept.

quasi-inexistent and foreign participation marginal. Lack of appetite from foreign investors may be explained by relatively low volumes, lack of country and maturity differentiation and a flat yield curve. Reforms are underway but progress is slow. Box 3: WAEMU’s Regional Securities Market: Where Do We Stand? The WAEMU securities market was launched in 1998 to facilitate cross regional funding for governments while reducing transaction costs through harmonized issuance procedures. It was planned to help WAEMU countries find stable new sources of financing as

Mame Astou Diouf and Mr. Francois Boutin-Dufresne
The West African Economic and Monetary Union (WAEMU) regional securities market saw increasing activity in the last decade, but still fell short of supplying sufficient long-term financing for growth-enhancing public and private investment projects. In addition to providing an institutional background, this paper studies recent developments and the determinants of interest rates on the market—using yield curve and principal component analyses. It also identifies challenges and prospective reforms that could help the region reap the full benefits of a more dynamic securities market and assesses the potential systemic risk the market may pose for the region’s banking system.
Mame Astou Diouf and Mr. Francois Boutin-Dufresne

of Interest Rates: Yield Curve and Principal Component Analysis V. Challenges Ahead VI. Conclusion and Policy Recommendations References Annex 1. Issuers on the WAEMU Bond Market Annex 2. Principal Component Analysis: Detailed Results for Government Securities Issued in 2010 Tables Table 1. WAEMU: Government Debt Issues, 2010 Table 2. WAEMU: Issuance of Long-Term Securities, 1999–2010 Table 3. WAEMU Countries’ Sovereign Debt Ratings Figures Figure 1. Organigram of the WAEMU Securities Market Figure 2. WAEMU: Issuance of Debt Securities, 2001

Mame Astou Diouf

provide liquidity to governments and private sector actors during periods of heightened economic and financial uncertainty. The launching of regional markets aimed to cater to governments’ and the private sector’s financing needs and growth ambitions, and to smooth out global economic and financial woes by sustaining adequate spending and investment levels during economic and financial volatility. The WAEMU region, which faces challenges of mobilizing resources for growth financing, was no stranger to this trend. The WAEMU securities market was launched in 1998. Its

Mame Astou Diouf and Mr. Francois Boutin-Dufresne

adequate spending and investment levels during economic and financial volatility. 2. The West African Economic and Monetary Union (WAEMU) was no stranger to this trend . The WAEMU securities market was launched in 1998. Its creation followed the decision of the region’s Council of Ministers in 1993 to establish a common financial market to respond in a more transparent, efficient, and harmonized manner to the financing needs of WAEMU countries and private corporations. That mandate was reinforced by the 2001 decision to gradually phase out statutory advances with a

International Monetary Fund. African Dept.

Secretariat (BCEAO) after discussion among the members. Each meeting could last two to three hours, for example with two or three thematic presentations by members (including the BCEAO), followed by a frank and open discussion. Possible topics for discussion: All topics related to the functioning of the WAEMU money market would be relevant to the MMCG, for example, interbank repo agreements, compliance requirements for the establishment of interbank lines of credit, liquidity and transparency of the WAEMU securities market, liquidity management by the BCEAO, and so on

International Monetary Fund
This supplement presents ten case studies, which highlight the roles of targeted policies to facilitate sustainable financial deepening in a variety of country circumstances, reflecting historical experiences that parallel a range of markets in LICs. The case studies were selected to broadly capture efforts by countries to increase reach (e.g., financial inclusion), depth (e.g., financial intermediation), and breadth of financial systems (e.g., capital market, cross-border development). The analysis in the case studies highlights the importance of a balanced approach to financial deepening. A stable macroeconomic environment is vital to instill consumer, institutional, and investor confidence necessary to encourage financial market activity. Targeted public policy initiatives (e.g., collateral, payment systems development) can be helpful in removing impediments and creating infrastructure for improved market operations, while ensuring appropriate oversight and regulation of financial markets, to address potential sources of instability and market failures. 
International Monetary Fund

: (i) further efforts at strengthening regional economic and financial integration; (ii) efforts at eliminating the legal and regulatory barriers to market integration; and (iii) harmonization of market infrastructure/institutions such as clearing and settlement, credit rating, trading and risk mitigation arrangements B. The WAEMU Regional Securities Market Initial conditions 154. The WAEMU securities market became operational in 1999. Its creation followed the decision of the WAEMU Council of Ministers to establish a regional financial market to

traded in Abidjan at the Bourse Regionale des Valeurs Mobilieres (BRVM), which was legally established in December 1996, and began operation in September 1998. The WAEMU securities market is therefore in its early phase of development, 62. Securities market trading in the WAEMU is quite limited. At end-December 2000, there were 41 shares listed at the exchange. Thirty-five of these were carried over from the former Abidjan stock exchange. The remaining six new shares correspond to public offerings made since the BRVM was created. Of these, four are from Cote d

traded in Abidjan at the Bourse Regionale des Valeurs Mobilieres (BRVM), which was legally established in December 1996, and began operation in September 1998. The WAEMU securities market is therefore in its early phase of development, 62. Securities market trading in the WAEMU is quite limited. At end-December 2000, there were 41 shares listed at the exchange. Thirty-five of these were carried over from the former Abidjan stock exchange. The remaining six new shares correspond to public offerings made since the BRVM was created. Of these, four are from Cote d