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How the Algiers Stock Exchange works
Short explainers for the words and concepts you'll hit on every screen. Tap one to read; each card links to related ones at the bottom.
Market structure
Fixing — one price per session
The SGBV is a fixing market. Orders aren't matched continuously through the day like on the NYSE or Euronext. Instead, the exchange collects buy and sell orders during a pre-fix window, then strikes a single clearing price that maximises the volume that can trade. Every order that executes that session executes at that single price.
DZAIRINDEX — the SGBV's main index
DZAIRINDEX is the value-weighted index of the SGBV's main equity compartment. It started at 1 000 on 3 January 2008 — its base date — and is recomputed at every fixing. Reading the index level on its own says nothing; reading the % change vs the base, or vs the start of the year, is what tells the story of the market.
Compartments — Main, SME, and the debt rooms
The SGBV splits its instruments into six compartments. Each compartment has its own listing requirements, disclosure burden, and trading calendar.
Instruments
OAT — Algerian Treasury Bonds
OAT stands for Obligations Assimilables du Trésor — fungible treasury bonds issued by the Algerian government. They're priced in percentage of par (face value) rather than in DZD, because a bond's face value is fixed and what varies is the discount the market applies to it.
Coupon rate vs yield
A bond has two interest numbers and they're not the same.
Free float
Free float is the portion of a company's shares that's actually available for trading on the market — as opposed to held by founders, the state, or strategic blocks. A small free float means most of the shares never move; transactions hit only the visible slice and prices can swing more on small order flow.
Corporate actions
Regulation
COSOB — the Algerian market regulator
COSOB (Commission d'Organisation et de Surveillance des Opérations de Bourse) is Algeria's stock-market regulator. Operating since 1996 under Décret législatif 93-10, it issues visas for prospectuses, supervises the SGBV, licenses brokers (IOBs), and rules on market conduct.
Official rate vs parallel rate
Algeria runs two FX worlds in parallel.