WAEMU Set to Launch New Trading Platform for T-Bills, Bonds
TLDR
- UMOA-Titres to launch new platform for treasury bills and bonds trading in WAEMU region, improving price discovery and liquidity.
- Secondary market activity in WAEMU region has been on the rise, with transaction volumes increasing significantly.
- The planned platform aims to provide better price transparency, support government funding needs, and offer investors clearer exit options and price signals.
UMOA-Titres plans to launch a new quotation and trading platform for treasury bills and bonds to deepen the secondary market for public securities across the WAEMU region on January 27-28, 2026.
Treasury bills and bonds traded on the market are already accessible to investors through Daba, which provides access to WAEMU public securities.
Named UTMarché, the electronic platform for listing UMOA-Titres public securities is intended to structure the secondary market, improve price transparency and support regional liquidity.
The institution, which manages the regional public securities market, said the platform will allow market participants to signal buy and sell interest on specific securities, improving price discovery and liquidity. The project is being developed with the Central Bank of West African States and is expected to complement the existing settlement system used for public debt.
Secondary market activity has expanded since 2018, with transaction volumes rising from 800 billion FCFA that year to more than 3,780 billion FCFA last year. In the first 10 months of 2022, trades reached 2,090 billion FCFA, reflecting rising use of the market by banks and brokers.
The platform is designed to provide intraday data, visible order flows, and clearer benchmarks, addressing limits in current reporting, which relies mainly on weighted averages. Brokerage firms and banks will participate directly, while other investors will continue to trade through authorized intermediaries.
UMOA-Titres said better price transparency should reduce spreads and help governments assess market-required yields when setting coupons.
Points clés à retenir
The planned platform reflects growing pressure on WAEMU governments to rely on local markets for funding. Budget needs have increased, while access to concessional external financing has narrowed and global interest rates have risen. As a result, states are issuing more domestic debt and seeking longer maturities. A more active secondary market supports this shift by giving investors clearer exit options and better price signals. Reliable benchmarks help pension funds, insurers, and asset managers assess risk and allocate capital across maturities. For governments, improved secondary market liquidity can lower funding costs over time and reduce reliance on short-term issuance. For investors, it supports portfolio management and valuation. By pairing a quotation platform with existing settlement infrastructure, UMOA-Titres aims to align trading practices with market growth. Platforms like Daba extend this access by allowing investors to buy and sell treasury bills and bonds while remaining connected to the regional financial system.
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