Uganda’s repo market has been in rapid development across the past few years. Achievements include the full review of the legal & regulatory framework relative to GMRA enforceability, with recommendations now being implemented together with the central bank and the market’s stakeholders. This is a solid backdrop against which the Bank of Uganda is supporting the introduction of buy/sell-backs in the sector with the main objective of managing Counterparty credit within the banking sector. The Bank of Uganda signed an MOU with Frontclear in which the Umbrella Guarantee Facility (Tradeclear) product is being introduced into the market with the objective of improving access to liquidity through mitigating credit risk, effectively enhancing banking relationships and the overall market’s liquidity and shock resilience.
Speakers in this live event detailed these developments and the expectations for the near future, also within the context of the COVID-19 pandemic.
Ingrid Hagen, Vice-President Strategic Projects, Frontclear
Opening remarks: Michael Atingi-Ego, Deputy Governor, Bank of Uganda
Moderator: Lisa Cleary, Senior Director, Associate Counsel, ICMA
Arnold Bagubwagye, Deputy Director Financial Markets, Bank of Uganda
Philip Buyskes, Chief Executive Officer, Frontclear
Phillip Karugaba, Head of ENSafrica Advocates, Uganda
Ronald Muyanja, Head of Trading | Global Markets, Corporate and Investment Banking, Stanbic Bank Uganda Ltd
Martin Scheck, Chief Executive, ICMA