The Angolan Capital Market Commission (CMC) is due in October to open the Securities Market Academy (AMVM) to train technicians for businesses operating in the financial system, the director of the AMVM told Angolan state newspaper Jornal de Angola.
Chuvica Nelson said the Academy was the unit that would train brokers, for example, so that “transfer of the funds generated by individuals’ savings is conducted according to the rules of the Capital Market Commission. ”
The Director of AMVM also said that in August the Academy signed a protocol of cooperation with the Catholic Business School Alliance and the Centre for the Study of Legal, Economic and Social Sciences of the Faculty of Law of Agostinho Neto University and maintains partnership agreements with the universities of Porto and Lisbon in Portugal.
However, the Portuguese press reported that non-regulated market management company Opex – Sociedade Gestora de Mercado de Valores Mobiliários não-Regulamentados was hired to put Angola’s future Stock Exchange (Bodiva) into operation. The Angola Stock exchange is due to open on 30 November.
The chairman of Opex said the company would set up the trading, settlement and custody system, train local teams as well as designing rules and regulations for all of Angola’s regulated markets.
The Angolan stock market is expected to be launched with most commercial banks and with big companies like Movicel Telecommunications, Unitel and Refriango. (macauhub/AO/PT)