SETIC — Electronic Trading and Settlement System
Developed as the technological backbone of BODIVA (Bolsa de Divida e Valores de Angola), SETIC is the integrated electronic platform through which all securities orders are submitted, matched, and routed to settlement on Angola’s sole regulated exchange.
Key Facts
- Full Name: Sistema Electronico de Transaccoes, Informacao e Comunicacao
- Operator: BODIVA
- Function: Order management, trade matching, market data dissemination, settlement routing
- Asset Classes Supported: Equities, Bilhetes do Tesouro (treasury bills), Obrigacoes do Tesouro (treasury bonds – OTNR and OTX)
- Trading Hours: 09:30 – 13:00 WAT, Monday to Friday
- Settlement Integration: CEVAMA (Central de Valores Mobiliarios de Angola)
- Settlement Cycle: T+2 (equities), T+0 to T+1 (government bonds)
- Access: Licensed intermediaries only (SCVM and SDVM firms)
Architecture and Operations
SETIC handles the full trade lifecycle from order entry to post-trade processing. Licensed brokerages – both Sociedades Corretoras de Valores Mobiliarios (SCVMs) and Sociedades Distribuidoras de Valores Mobiliarios (SDVMs) – connect to the system to submit buy and sell orders on behalf of clients. The platform operates a continuous order book during trading hours, matching orders on a price-time priority basis consistent with international exchange conventions. Once a trade is matched, SETIC transmits the transaction details to CEVAMA for clearing and settlement, where ownership transfers are recorded in the central registry.
Beyond equity trading, SETIC serves as the auction platform for government debt securities. The Banco Nacional de Angola (BNA) and the Ministerio das Financas (MINFIN) conduct regular auctions of Bilhetes do Tesouro (91-, 182-, and 364-day treasury bills) and Obrigacoes do Tesouro (treasury bonds in both fixed-rate OTNR and FX-indexed OTX formats) through the system. These auctions represent the largest volume of activity on the platform, with the government bond market significantly larger than the equity segment.
As BODIVA’s listing pipeline expands – with five equities now traded (BAI, BFA, BCGA, ENSA, and BODIVA itself) and further listings anticipated through the ProPriv programme, including Unitel and Sonangol subsidiaries – SETIC’s capacity and reliability become increasingly critical. The system also disseminates real-time market data, including prices, volumes, and auction results, providing transparency to market participants and supporting price discovery in a market that is still building liquidity and depth.