All equity and fixed-income trades on BODIVA must be executed through a licensed securities broker – either a Sociedade Corretora de Valores Mobiliarios (SCVM) or a Sociedade Distribuidora de Valores Mobiliarios (SDVM). With five listed equities, a growing fixed-income market, and over 58,000 custody accounts on CEVAMA, the broker network is the primary access point for both retail and institutional investors in Angola’s capital markets.
Broker Types
The Comissao do Mercado de Capitais (CMC) licenses two categories of securities intermediaries under the Angola Securities Code (Codigo dos Valores Mobiliarios, Lei 22/15):
| Type | Portuguese Name | Scope |
|---|---|---|
| SCVM | Sociedade Corretora de Valores Mobiliarios | Full brokerage: order execution, own-account trading, underwriting, advisory |
| SDVM | Sociedade Distribuidora de Valores Mobiliarios | Distribution only: order execution on behalf of clients; no own-account trading |
SCVMs have broader licenses and can act as lead managers for IPOs and bond issuances, trade on their own account (operacoes por conta propria), and provide investment advisory services. SDVMs are limited to client-facing order execution, making them the equivalent of agency-only brokers.
Licensed Brokers Directory
| Entity | Type | Parent / Affiliation | Services |
|---|---|---|---|
| BAI Capital Markets | SCVM | Banco Angolano de Investimentos (BAI) | Full-service brokerage, IPO lead management |
| BFA Investimentos | SCVM | Banco de Fomento Angola (BFA) | Equity and fixed-income brokerage |
| Standard Bank Angola | SCVM | Standard Bank Group (South Africa) | Cross-border brokerage, institutional services |
| Finstar - Sociedade Corretora | SCVM | Independent | Equity and bond brokerage |
| Valor Mais - SDVM | SDVM | Independent | Retail and institutional order execution |
| BNI - Corretora | SCVM | Banco de Negocios Internacional | Brokerage and advisory |
| Atlas Investimentos | SDVM | Independent | Retail-focused distribution |
Source: CMC licensed entity register. This list is indicative and may not reflect the most recent licensing changes. Verify current status with the CMC.
Licensing Requirements
CMC imposes stringent conditions for broker licensing:
- Minimum capital: SCVMs and SDVMs must maintain minimum capital levels set by CMC regulation, typically in the range of Kz 50-100 million depending on license scope
- Fit-and-proper tests: Directors and key personnel must pass CMC character and competence assessments (idoneidade e qualificacao)
- Compliance infrastructure: Licensed brokers must maintain internal compliance functions, client money segregation, and regular reporting to the CMC
- Ongoing obligations: Annual financial reporting, client complaint procedures, and participation in BODIVA’s surveillance framework
How Brokers Operate on BODIVA
Brokers submit buy and sell orders through BODIVA’s electronic trading system SETIC on behalf of their clients. The order matching engine pairs orders based on price-time priority. Once executed, trades are confirmed by BODIVA and forwarded to CEVAMA for settlement on a T+3 basis.
Brokers charge commissions (comissoes de corretagem) that typically range from 0.25% to 1.00% of trade value, depending on trade size, instrument type, and client relationship. For a detailed breakdown, see Trading Fees & Commissions.
Selecting a Broker
Key considerations for investors choosing a broker:
- Execution capability: Does the broker have a SETIC trading terminal and experienced execution staff?
- Custody integration: Some brokers are affiliated with custodian banks, enabling integrated account management
- Research coverage: A small but growing number of brokers provide equity research on BODIVA-listed names
- Foreign investor support: Not all brokers have the infrastructure to onboard non-resident clients; confirm BNA reporting capabilities before engaging
- Fee structure: Commission rates vary; request a fee schedule before opening an account
Regulatory Oversight
All licensed brokers are supervised by the CMC and subject to the Angola Securities Code (Lei 22/15). BODIVA maintains a market surveillance function that monitors trading activity for irregular patterns. Brokers found in violation of market rules face sanctions including fines, license suspension, or revocation.
For account opening, see How to Open a BODIVA Custody Account. For custodian selection, see Custodian Banks.