The West African Regional Securities Exchange (BRVM), serving the eight countries of WAEMU, has postponed the launch of its first derivatives market until 2027. Chief executive Edoh Kossi Amenounve disclosed the delay to Reuters on Wednesday, 4 November, on the sidelines of the Africa Financial Summit in Luanda, Angola, citing regulatory and technology work that remains to be completed.
The exchange had previously been working towards an 18 December 2026 launch, according to a timetable described by financial publication Lejecos in April. The delay extends the wait for portfolio managers and investors seeking hedging instruments alongside the equities and bonds already traded on the regional market.
New contracts depend on market infrastructure
BRVM plans to begin with forward contracts linked to stock indexes and selected listed shares. Such instruments allow parties to agree on the terms of a transaction for a later date. Investors can use them to reduce exposure to adverse price movements, while other market participants may trade them to take positions on future prices.
Launching these products also requires market rules and systems capable of handling clearing, settlement and the associated risks. The roadmap described in April called for regulatory preparations during 2026, a clearing arrangement and technical testing before the planned December opening.
The initiative has been in preparation for several years. Feasibility work began in 2022, a dedicated project team was formed in March 2025 and proposed amendments to the WAEMU financial market regulator’s rules were submitted in September 2025. The announcement on 4 November moves the commercial launch of that work into next year.
More ways to invest remain on the agenda
For the Abidjan-based exchange, the project reaches beyond adding another financial product. Forward contracts could give institutional investors and asset managers ways to hedge portfolios alongside spot-market trading. Their use will also require appropriately trained intermediaries and controls suited to the risks of derivatives.
Amenounve also addressed the difficulty of linking African stock exchanges. National approval rules for securities offerings complicate cross-border transactions even where the technology to connect markets already exists. He called for greater mutual recognition of regulatory decisions across the continent.
BRVM also expects one or two initial public offerings in 2027. Its chief executive wants to broaden a market heavily weighted towards banking and telecommunications by attracting more companies from mining, agriculture, energy and industry.