Capital Markets

We advise international financial institutions, governments, financial regulators and capital markets infrastructures such as stock exchanges or central securities depositories to foster the flow of capital from the financial market to the real economy in an efficient, transparent and regulated manner.

We audit capital markets to assess their effectiveness and identify barriers to development. We design development strategies, organisational transformation plans, and reforms of the legal and regulatory framework. We accompany our institutional clients in the implementation of their strategies, plans and reforms.

Our practice area covers the full spectrum of financial instruments, from equity and debt instruments to structured products and derivatives. We cover all trading venues, either regulated or organised, as well as private equity markets. We understand how the financial industry is structured and know how market professionals operate. Our approach takes into account the impact of technological innovation on financial markets and the need to factor in environmental, social and governance principles into capital market development policies. Our job is to identify major weaknesses, bottlenecks or shortcomings and to design solutions that are tailored to the needs of each jurisdiction or region. Our experts offer a cross-functional approach to development challenges and change management in financial markets, based on experience, best practices and international standards. Our philosophy is based on an holistic approach of development challenges. We make the connections between capital markets and other components of the financial sector, policy constraints of governments and challenges faced by the private sector, taking into consideration all stakeholders.

Our clients speak about us

“The Ghana Stock Exchange and the Securities and Exchange Commission hired CGA Europa to develop new market rules and build capacity in five areas of securities regulation. We can therefore testify about CGA’s outstanding expertise in capital markets, the commitment of the firm in delivering high-quality diagnostics, the ability of its team to provide insightful and actionable recommendations that can drive meaningful changes and its hands-on approach during implementation.”

Abena Amoah,

Managing Director of the GSE

Most of the assignments we embark on include an assessment, a market review or diagnostic. Our experts have extensive experience in auditing capital markets. We believe that the foundations of a successful reform or transformation plan for any given capital market lie in the initial assessment’s quality, thoroughness, and consistency. We audit capital markets to assess their effectiveness and identify barriers to development. We apply the highest audit standards and perform our reviews with complete independence. Based on a diagnostic shared with project’s beneficiaries, such as ministries of finance or capital markets regulators, we design capital markets development strategies, organizational transformation plans, and reforms of the legal and regulatory framework to make local or regional capital markets more efficient.

Our experts have participated in financial sector assessment programs (FSAP) led by the IMF and the World Bank, for instance in Algeria, or financial sector reviews conducted by the World Bank, such as the one performed in Libya. The President of CGA Europa audited the mutual fund industry in Morocco and provided policy recommendations to Moroccan authorities in 2011/2013. Similar audits were performed in North Africa and the Middle East, West Africa and Central Asia since 2009.

2021/2021 – Assessment of the AMF-UMOA

The overall objective of the assignment, which was financed by FSD Africa (UK Aid), was to assess the institutional, organisational and operational capacity of the Autorité des Marchés Financier de l’UMOA, the regional financial regulator of the West African Monetary Union. The project consisted in a 360º audit of the authority, including its institutional positioning, governance, human resources, information technology systems and financial capacity. CGA Europa mobilized a team of 5 experts to perform the audit, and to deliver strategic and operational recommendations as well as a road map aimed at strengthening the institution.

2019 – Design of a support mechanisn for capital markets development in Argelia

Our expert was in charge of performing a feasibility study focused on the implementation in Algeria of a program to develop non-bank financing of Algerian companies and boost the Algiers stock exchange. His duties included (i) performing a diagnostic review of the Algerian capital markets; and (ii) designing and drafting a program to stimulate initial public offerings and listings on the Algiers stock exchange

CGA advises capital markets institutions such as securities and exchange commissions, stock exchanges, central securities depository, or other market infrastructures to increase their effectiveness. We are dedicated to fair, transparent, and efficient financial markets, where investors receive a high level of protection and where systemic risks are properly identified and under control. We are convinced that key capital markets institutions have a leading role to play to channel capital to the real economy, by delivering their fiduciary mission with the highest standards and by providing high-quality services to all stakeholders—investors, private sector companies, financial intermediaries, market professionals, public institutions, including governments. CGA and its experts have worked on the following flagship assignments:

2021/2022 – Review of the JSC Regulatory Processes and Institutional Capacity

This 18-month mission, funded by the EBRD, consisted in advising the Jordan Securities Commission (JSC) to enhance its regulatory processes and improve its institutional capacity. CGA Europa was asked to assess the compliance of the JSC with international standards, notably the IOSCO Objectives and Principles of Securities Regulations, review its regulatory process and its organization, provide recommendations for increased effectiveness, and develop a public outreach program. We were in charge of the project’s direction, supervision, and team leadership, providing expertise in specific areas dealing with the regulator’s role in the securities market, its strategy, and its governance arrangements. We also assessed and made key recommendations on how the regulator reaches out to the general public and investors, notably international ones.

2015/2017 – Strengthening the Capital Markets Board of Turkey

The overall objective of the project, funded by the European Union, was to improve the availability of investment in Turkey via capital markets. The President of CGA Europa was the team leader of the technical assistance team that advised the Capital Markets Board of Turkey from September 2015 until September 2017. The project aimed at (i) building capacity at the CMB on EU accounting and auditing legislation and (ii) increase the convergence of Turkey towards EU capital markets standards. His duties included leading the team of international experts mobilized by the consortium responsible for delivering the project. The team, which comprised 25 international experts, was in charge of:

Evaluating and bridging gaps between Turkish and EU legal and regulatory standards (MIFID, EMIR, CRD IV, CRAR, UCITS, AIFM, MAR/MAD and transparency directive).
Delivering training on EU standards as well as on International Financial Reporting Standards and International Standards on Auditing.
Organizing public events to increase awareness about the project.

At CGA, we accompany governments and capital market infrastructures in reforms and transformation plans or initiatives to increase the capacity of local capital markets and their role in the financing of economies. CGA and its experts have worked on the following flagship projects:

2021 – Feasibility study of a Franco-Algerian investment fund..

The project, financed by Agence Française de Développement, aimed at performing a feasibility study on behalf of the Algerian ministry of finance regarding the creation of a private equity investment fund co-owned by Algeria and France. The overall objective of the project was to develop private equity financing in Algeria and France. Our expert was involved in presenting best practices applicable to sovereign wealth funds, mapping the risks linked to the fund’s creation, providing the fund’s legal structuring, setting up core elements of its strategy, and designing two alternative models for its governance.

2015 – Creation of a sovereign wealth fund in the Republic of Congo..

The President of CGA Europa was part of a World Bank team of experts that provided technical assistance to the Republic of Congo to establish a “Congolese Investment Fund.” The project comprised three components: (i) macroeconomic analysis, (ii) institutional and governance framework analysis, and (iii) communications strategy. Our expert was notably in charge of carrying out a detailed analysis of the implications of the government’s strategic objectives on the fund’s legal structure to achieve an optimal allocation between domestic investments and foreign savings. He designed the proposed legal structures and main governance arrangements in line with best practices applicable to investment funds.

project, plan, quality, finance, honesty, team, teamspirit, strategy

We advise governments, securities regulators, and capital markets infrastructures on the design of strategies to spur the development of local capital markets and/or key institutions. Our experts build on years of experience in advanced and emerging markets. The strategy we design is based on a clear understanding of the challenges faced by market players, of the market forces and dynamics driving the sector, and on our ability to identify strategic levers for change.

2019/2020 – Capital Markets Development Strategy of Uzbekistann

The Government of Uzbekistan requested the Asian Development Bank (ADB) a policy-based loan of approximately $200 million to support demand and supply measures to broaden and deepen the financial system and ground it in a solid legal and regulatory framework. The ADB set up a transaction technical assistance to support the underlying diagnostic studies, policy dialogue, and assist in preparing the proposed Uzbekistan Financial Markets Development Program. The President of CGA Europa was the team leader of the technical assistance team composed of capital market experts, legal experts, and insurance/pension experts that made the diagnostic and drafted the strategy from September 2019 to May 2020.

2019/2020 – Development of Corporate Strategy and Business Plan for the GSE

The overall objective of the assignment, led by the EBRD, was to support the consolidation of the Georgian capital market infrastructures and the strategic development of the Georgian Stock Exchange (GSE). More specifically, the project consisted in reviewing the current status of Georgian capital markets infrastructures and identify barriers to their development. The project also consisted in developing a corporate strategy and business plan for the GSE and the Georgian Central Securities Depository to make them commercially viable businesses at the service of all stakeholders. The President of CGA Europa led the team of experts directly involved in the diagnostic, the design of the strategy, and the drafting of the business plan.

We advise governments and governmental agencies in reforming their capital markets’ legal and regulatory framework to make it more conductive and secure. Our approach consists in benchmarking existing laws and regulations with international standards and best practices to identify significant shortcomings or major risks, and design reforms that can bring tangible results and reduce risks while allowing the market to develop further. Recent assignments include:

2023 – Development of market rules in Ghana and capacity building

CGA Europa was selected by the Securities and Exchange Commission of Ghana to develop new market rules in the following areas: asset-backed securities; securities lending and borrowing; margin trading; market making; underwriting/Issuing house rules. The project, which was entirely funded by a grant administered by the African Development Bank, also included building capacity of market participants in these areas.

2019 / 2020 – Review of the private equity legal and fiscal framework in Algeria

The African Development Bank asked the President of CGA to assess the legal, regulatory, and tax framework applicable to private equity in Algeria. The project included an international comparison and gap analysis of the Algerian framework with France, Tunisia, and Morocco. Our expert also drafted proposed amendments to Algerian laws and regulations, including tax, applicable to private equity in Algeria. The goal was to provide a more conducive environment, converge towards international standards and implement best practices.