Regulatory Alerts2011-03-18
Instruction No. 004/03/2011 on the Organization of the Secondary Market for Bills of the Central Bank of West African States
The Central Bank of West African States (BCEAO) issued Instructions No. 004/03/2011 and No. 005/03/2011 to establish the operational framework for clearing and reporting secondary market transactions involving BCEAO bills. These directives mandate that authorized participants execute trades through a double-notification system with simultaneous delivery and cash settlement, while requiring weekly and monthly reporting of transaction volumes, rates, and outstanding holdings. Furthermore, credit institutions must submit standardized weekly forms detailing actual and forecasted autonomous liquidity factors by the deadline for their weekly auction bid submissions.
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