Uganda Securities Exchange

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Uganda Securities Exchange

Name Uganda Securities Exchange
Country Uganda
Number of listed companies 10
Domestic market capitalization 2347 million US$
SSE Partner Exchange Yes
Has annual sustainability report No
ESG reporting required as a listing rule No
Has written guidance on ESG reporting No
Offers ESG related training No
Market covered by sustainability-related index No
Has sustainability bond listing segment No
Has SME listing platform Yes
Women on boards mandatory minimum rule No
Additional information
  • The Exchange has three segments which can be utilized by investors to raise capital:
  • EQUITIES
    • i. Growth Enterprise Market Segment (GEMS) which aims at small and medium sized enterprises.
    • ii. Main Investment Market Segment (MIMS) is main market segment and attracts stringent eligibility, listing and disclosure requirements.
  • FIXED INCOME
    • iii. Fixed Income Securities Market Segment which provides a separate market for government bonds, corporate bonds, commercial paper, preference shares, debenture stocks and any other fixed income instruments.

 

Organizational model of stock exchange
  • Demutualised entity
Regulatory bodies

Regulatory model
  • The CMA, established by an Act of Parliament, has overall supervisory powers over the capital markets industry. Its powers include licensing all market intermediaries and stock exchanges as well as approving all new issues and corporate actions.
  • The USE  is a “first tier regulator”, having direct oversight over the listed entities and member firms, on behalf of the CMA as a self regulatory organization.
  • Pursuant to that, the USE enacts its own regulation that governs listing of securities and membership of brokerage firms as well as conduct of trading through its automated trading system.

 

About the stock exchange

Location: Kampala, Uganda

  • The Uganda Securities Exchange (USE) was established in 1997 as a company limited by guarantee, and was licensed in 1998 by the Capital Markets Authority to operate as an approved securities exchange. The Exchange is a central place for trading of securities by licensed brokers/dealers. It provides a credible platform for raising of capital; through the issuance of appropriate debt, equity and other instruments to the investing public. In this way, the Exchange provides essential facilities for the private sector and government to raise money for business expansion and enables the public to own shares in companies listed on the Exchange.
  • In 2017, the Exchange demutualised and became a public company limited by shares. The Exchange is governed by a Board of Directors that includes representatives of listed entities, representatives of brokerage firms as well as independent non executive directors. The Exchange also has a securities central depository that is responsible for settlement of all trades as well as custody of securities. It also provides registry services to companies. There are plans underway to self list the Exchange in the next few years and open up its ownership to other interested parties and investors.

 

Ownership of Exchange (Shares >4% only) Share
African Alliance Uganda Ltd 14.29%
Baroda Capital Markets Ltd 14.29%
Crane Financial Services Ltd 14.29%
Crested Stocks and Securities Ltd 14.29%
Dyer & Blair Ltd 14.29%
Equity Stock Brokers Ltd 14.29%
UAP Financial Services Ltd 14.29%

Criteria for Stock Exchange Database

The SSE maintains a database of sustainability activities for all stock exchanges that are either members of the SSE initiative and/or members of the World Federation of Exchanges. This database is the most comprehensive database of stock exchanges worldwide and contains data on all main stock exchanges. The information in this database is intended to inform investors and other stakeholders on the work stock exchanges are undertaking to advance sustainability in their respective markets.

The information provided in this database is based on publicly available information prepared by the SSE Secretariat with input from stock exchanges in most instances. Sources and explanatory notes on sustainability information have been included in individual Stock Exchange Fact Sheets. The criteria for each category can be found below.

While every effort is made to keep the information in this database up to date, please be aware that certain factors change frequently and therefore may not be exact, such as the number of listed companies or market cap.

Field

Criteria Considered
Country Country of primary residence or registration
Has signed the SSE Commitment Letter? To be considered an SSE Partner Exchange, the CEO or Chairperson of the exchange must sign an SSE commitment letter. Contact the SSE for more information if your exchange would like to join.
Has annual sustainability report? For a yes, stock exchanges must report, either in a stand alone report or integrated into their financial report, on their environmental and social impact and corporate governance.
ESG reporting required as a listing rule? For a yes, all three factors have been considered (environmental, social and governance) within the listing rules for some or all listed companies. This requirement may come from the regulatory authority or the exchange, depending on the market.
Offers written guidance on ESG reporting? For a yes, all three factors have been considered (environmental, social and governance). The SSE has developed a model guidance that all exchanges can use to develop their own guidance to issuers. For more details, click here.
Offers ESG related training? For a yes, training must have taken place in the previous 12 months, and must be interactive. The topic of the training must be on some area of sustainability.
Market covered by sustainability-related index? Sustainability-related indices may include environmental or social  indices, or ESG indices. This could include specific themes, such as low carbon indices, or general sustainability indices. The index must be specific to the market the exchange operates in (a region or world index is not included).
Has sustainability bond listing segment? For a yes, the exchange has developed the rules and regulations allowing for sustainability bonds to be listed, and provides a separate segment for listing making the bonds easy to find and identify.
Has an SME listing platform? For a yes, the exchange offers a listing platform specifically for Small-and-Medium sized enterprises.
Additional Information Additional Information captures exchanges’: sustainability section of websites,  sustainability products not captured under indices; information on future sustainability commitments and other information on the exchange
Organizational model of stock exchange Whether the exchange is listed or not, and when it was demutualized
Regulatory bodies The regulatory authority that sets listing requirements and capital market regulation for the exchange's market
Regulatory model

The extent to which exchanges have regulatory authority in their market. This may include:

  • Limited exchange SRO
  • Strong exchange SRO
  • Independent member SRO
  • Government (Statutory)
  • Non-SRO
About the stock exchange The location of the headquarters of the exchange, and any additional details about the stock exchange.