Operation of Agence UMOA-Titres
Operational management of auctions in collaboration with the BCEAO
In the pursuit of its mandate, the AUT works closely with the Central Bank, particularly with regards to issuance through auctions, preparations for such operations, publication of calls for bids on treasury auctions, opening of investor bids and publication of the results. The BCEAO is responsible for keeping the books of primary banks’ securities accounts and for making payments (payment of coupons and repayment of the principal) in collaboration with the public treasuries of the issuing states and the AUT.
Under the management and supervision of the WAMU Council of Ministers, the AUT is administered by an Advisory Board and supported by a Supervisory Board.
The Advisory Board, whose primary missions are to approve the states’ fundraising strategies and determine the operating methods and resources of the Agency, comprises 10 members: the Governor of the BCEAO who acts as its Chairman, the President of the WADB and the Directors General of the Public Treasury Departments of the WAMU member states.
The Supervisory Board comprises three members, namely: the Secretary General of the Regional Council for Public Savings and Financial Markets (CREPMF) and two other members appointed by the Governor of the BCEAO. The Board supports and assists the Director in the management of the Agency and issues opinions and recommendations on various matters for submission to the Advisory Board.
Organization and Principal Areas of Activity of the Agency
The Agency has its headquarters in Dakar, Senegal. Its organization is streamlined, with a small staff of highly qualified personnel. The activities of the AUT revolve around the following main areas:
- Operations, which is responsible for all tasks relating to the organization of securities issues, coordination of the issuance calendar, preparation of issuance reports and relations with Primary Dealers;
- Studies and Research, which is responsible for issuance policy development, proposals for public securities market reforms, carrying out tasks relating to State ratings and conducting a variety of studies and;
- Promotion and Investors Relations is responsible for promoting public securities as well as for the Agency’s external relations. It is also in charge of capacity-building for national treasury departments and public securities market stakeholders.