The Ghana Fixed Income Market Governing Committee (GFIMGC) announces for the information of the general public, the launch of the Bloomberg E-Bond trading and market surveillance system, a new electronic trading system, for Ghanaian fixed income securities. The new system commenced operations on Monday, August 17, 2015. The GFIM, a market operating under the securities market licence of the Ghana Stock Exchange (GSE), acts as the sponsor of the Bloomberg E-Bond system.
The Ghana Fixed Income Market’s key stakeholders involved in the setting up of the market are the Bank of Ghana, the Ghana Stock Exchange (GSE), the Central Securities Depository Ghana Ltd (CSD), the Ghana Association of Bankers, Licensed Dealing Members (LDMs) of the GSE, ACI Ghana and the Ministry of Finance. The Governing Committee of GFIM comprises representatives of these stakeholders.
The Bloomberg E-Bond system provides electronic trading and market surveillance tools for participants in Ghana’s US$ 7.7 billion (GHS 28.9 billion) fixed income securities market. The system will be the primary execution platform for the secondary trading of all fixed income securities under the newly-established market, GFIM.
“The Ghana Fixed Income Market shared vision is to create a liquid, more transparent and efficient market for all Ghanaian fixed income securities,” says Mr. Millison Narh, Deputy Governor of the Central Bank in Ghana and Chairman of the GFIM Governing Committee. “The introduction of the Bloomberg E-Bond system is a significant step towards realising that vision and establishing a more credible and globally competitive secondary debt market in Ghana.”
“We are delighted to work together with the GFIMGC to build a more transparent, liquid and efficient bond market in Ghana. This is the second African market, together with Nigeria, in which we have collaborated with the local market community to develop and successfully implement the Bloomberg E-Bond system, demonstrating our expertise in providing technical infrastructure and solutions to improve the functioning of capital markets across Africa”, says David Tamburelli, Bloomberg’s Head of Emerging Markets Product.
The Bloomberg E-Bond system provides a complete, consolidated marketplace for Ghanaian fixed income securities, offering market participants a robust and flexible set of tools supporting the full trade workflow. This includes pre-trade price discovery and analytical tools, the ability to handle both multi-dealer request-for-quote (RFQ) and order trading, straight-through processing (STP) functionality and integrated trade capture and reporting tools. In addition, market oversight entities and regulators can use the system to review market activity and audit transactions.
Available to subscribers of the Bloomberg Professional service at EBND, the trading system is fully integrated with Bloomberg’s data, news, analytics and communications tools to provide clients active in the Ghanaian debt market with a single, comprehensive solution.
GFIM is a secondary market for all fixed income securities. All fixed income securities of the Government of Ghana (including treasury bills, notes and bonds) and Bank of Ghana money market instruments when issued shall be automatically admitted and traded on the GFIM. GFIM will thus be the only secondary market for all such local currency-denominated fixed income securities. In addition, quasi-Government of Ghana institutions’ money market instruments, notes and bonds; corporate notes and bonds; local government authorities bonds; supra-national bonds; and other fixed income or money market securities, when issued, may be admitted and traded on the GFIM.
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Issued in Accra, this 18th day of September, 2015