Primary Dealers include credit institutions and brokerage firms that have been granted certified partner status by one or more WAMU member state treasury departments where public debt security transactions are concerned. Their core tasks are as follows:
- participating in auctions of public debt securities;
- participating in issuance of securities by syndication;
- acting as market makers for the secondary public debt securities market;
- promoting treasury securities;
- providing advice and information services to treasury departments and Agence UMOA-Titres.
The accreditation process, which was launched in August 2014, will allow us to determine the list of Primary Dealers for each WAMU Member State. Applications are reviewed by the BCEAO in collaboration with Agence UMOA-Titres. Accreditation is officially granted by order of the states’ Finance Ministers. Primary Dealers undertake to uphold the terms of the Charter as a specific framework for their operations.
This order defines the obligations of the signatory parties and lays down the conditions for ensuring:
- successful performance of primary issues;
- appropriate liquidity of the secondary public debt securities market;
- the diversification of investment and savings terms and conditions;
- the promotion of the securities market.