I&M Bank Uganda signs onto Tradeclear
KAMPALA, JUNE 16, 2022 | I&M Bank Uganda joined 14 other banks to sign onto Tradeclear, an interbank trading platform at the Sheraton Kampala Hotel on Wednesday, 15th June 2022.
Frontclear, the organisation running the Tradeclear platform guarantees counterparty risk on all trades done through the program thus mitigating credit risk exposure.
“TradeClear Uganda is expected to dislodge the logjam of market segmentation in the interbank money market. This umbrella guarantee facility will cover the risk of interbank defaults. If a borrowing bank fails to pay the lender in a secured transaction, Frontclear will stand ready to pay back the funds advanced by the lender,” Deputy Governor Michael Atingi-Ego said while officiating at the signing ceremony.
Commenting on the developments, I&M Bank Uganda’s Executive Director and Chief Operations Officer, Sam Ntulume, said banks will offer more competitive pricing and product solutions to their clients.
“Our customers will benefit from more specialised treasury solutions for their investments,” he said.
I&M Bank Uganda’s Head of Treasury, Denis Damba, signed on behalf of the bank.
