Standard Chartered Bank has been awarded as the Best Performing Primary Dealer Market Maker (PDMM) in the Government Securities Government Securities Market during the Period October 2020 – September 2021.
The Bank was recognized during the 1st Annual Award Event organized by Bank of Uganda.
Speaking at the annual award event for the best performing Primary Dealer Market Maker, the Deputy Governor, Michael Atingi-Ego said:”I applaud the contribution of all the commercial banks towards the development of the Government securities market. The PDMMs mobilized over Shs 12.0 trillion in the scheduled calendar auctions, in the primary market, during the period October 2020 to September 2021. Also, an additional Shs 1.4 trillion was raised through private placement auctions. In the secondary market, I applaud all the banks and market players because Shs 42.71 trillion was transacted during the same period, compared to UGX 10.9 trillion before the PDMM system. This is an increase of 288.9%.”
Mr. Atingi-Ego also said that BOU established a system that evaluates the performance of each PDMM bank based on various criteria, with the objective of identifying the best PDMM and facilitating competition among the PDMM banks.
“It is from this background that I wish to acknowledge the role that the PDMM of the year award winner has played. I am therefore pleased to announce Standard Chartered Bank Uganda Limited as the best performing PDMM in Uganda Government securities during the period October 2020 to September 2021.”
While receiving the award, the CEO, Standard Chartered Bank Albert Saltson said: “We are extremely humbled and grateful because this award is vindication of the collective effort that the team, cross cutting from Retail Wealth team, Corporate Relationship Managers and Risk team, Financial Markets Sales team, the Traders, the settlement team, the Securities services/custody team and the Research teams, have all put throughout the year to ensure that we are consistently at hand to meet our clients’ needs (both on and offshore) in the primary and secondary markets. Much as this award is for our performance over the course of last year 2021, it is also an inspiration for us to continuously innovate and improve our government securities value proposition to our clients to ease purchases and sales, sharpen pricing, quicken settlements and ease access to valuations of their positions among other things. Basically, this award has only fuelled our desire to do more.”
Standard Chartered Bank Uganda was appointed by Bank of Uganda as one of seven Primary Dealer Market Maker (PDMM) for Ugandan government securities in October 2020.
As a PDMM Investors can submit through us. While all Commercial Banks can access the primary market for non-competitive bids (below Shs 200 million), for competitive bids (those above Shs 200 million), Non-Primary Dealer Banks can access government securities from the Primary Dealer Banks like ours in the secondary market. Since as a Bank we continue to access the primary markets, our clients can expect very competitive pricing across all government securities.
A Primary Dealer is any financial intermediary that has signed the Memorandum of Understanding with Bank of Uganda to participate as a counter-party in auctions of monetary policy instruments like treasury bills and treasury bonds, to make available information on the status of the market to the Bank of Uganda on a timely basis and to provide the public with prices or yields that they will buy and sell Uganda Government securities.
