BRVM Trades Will Now Settle Two Business Days After Execution

AFRICAN STOCKS AND FINANCEDecember 1, 2025 at 10:58 PM UTC

TLDR

The Bourse Régionale des Valeurs Mobilières will move to a T+2 settlement cycle on December 4, 2025, replacing its current T+3 model
The change, approved by the Central Depository/Settlement Bank (DC/BR) and validated by the AMF-UMOA, will shorten the time required to transfer cash and securities after a trade
The shift aligns the BRVM with the Nigerian Exchange, which transitions to T+2 on November 28

The Bourse Régionale des Valeurs Mobilières will move to a T+2 settlement cycle on December 4, 2025, replacing its current T+3 model. The change, approved by the Central Depository/Settlement Bank (DC/BR) and validated by the AMF-UMOA, will shorten the time required to transfer cash and securities after a trade. A transaction executed on Monday will now settle on Wednesday rather than Thursday.

The shift aligns the BRVM with the Nigerian Exchange, which transitions to T+2 on November 28. With both exchanges moving almost simultaneously, West Africa’s two largest markets will operate on the same post-trade standard used in most global financial centres.

A shorter settlement cycle reduces counterparty exposure and accelerates the movement of cash and securities, improving portfolio turnover and liquidity management. For foreign investors already working in T+2 or T+1 environments, the BRVM’s transition removes an operational gap and simplifies cross-market processes.

The reform is part of a longer modernisation path. The BRVM previously operated at T+7 in the 1990s before shifting to T+3 in 2007 with the rollout of BCEAO’s real-time gross settlement system. Recent initiatives—including client-level account registration and the digitalisation of public offerings through the DIGIAPE platform—support the same objective.

The move to T+2 will require faster trade confirmation and settlement checks from brokers, banks and custodians. The DC/BR has introduced a framework to manage late settlements under the accelerated cycle.

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Key Takeaways

T+2 adoption strengthens the BRVM’s bid to attract more institutional capital, especially from international asset managers who factor settlement cycles into risk and liquidity assessments. Many global index providers also favour exchanges that follow T+2 or T+1, increasing the potential for deeper benchmark inclusion over time. Across Africa, the shift places the BRVM among the more advanced post-trade infrastructures. South Africa’s JSE already operates at T+3 for equities but is reviewing its own timetable for reduction. Nairobi and Cairo are preparing similar reforms. As cross-border fund flows rise through vehicles such as regional ETFs and pan-African mandates, harmonised settlement cycles reduce friction and lower operational costs. The BRVM’s upgrade comes as trading activity and market capitalisation continue to expand in the UEMOA region, adding weight to the timing of the transition.

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