Focusing on smoother, faster trading on USE

By Patrick Kagenda

Joseph Kitamirike is the New Chief Executive at the Uganda Securities Exchange (USE), The Independent`s Patrick Kagenda spoke to him

When do you start your day?

I rise at 5:30 am every working day and I leave home an hour later in order to beat the traffic and avoid the attendant stresses of driving on congested roads at the beginning of my workday.

You inherited a bearish bourse, how do you intend to turn it around and make it bullish?

Uganda Securities Exchange is the market where the mood is reported. However, the bullishness or bearishness comes from those who trade and their reading of the economic conditions in which they trade. Our role here is to facilitate the exchange process but we don’t determine the mood that much. The contribution we can make is to build the structures that enable smoother and faster trading and access to a broad range of securities. We also facilitate investors to learn about the securities business, open brokerage accounts and participate in the market activity. Further we educate promoters of companies about the benefits of raising capital from the securities markets.

You have a bigger experience in the construction industry, how can you translate this to benefit the stocks market?

I ran a large business in the construction sector that required financial inputs akin to what we see traded here. I expect that my experience and ability in growing that business will be handy and applicable at the Uganda Securities Exchange (USE).

What impact will the East African Community Common Market have on the Uganda Securities Exchange?

The East African Community Common Market opens the way for us to build a seamless infrastructure to facilitate trading of securities across the borders of the five member countries. The opportunities for people to participate in the securities sector will increase, enabling us to grow the size of our offering and the economic impact of the securities sector on the broader economy.

What new innovations are coming up at the Uganda Securities Exchange?

We have plans in place to enable electronic trading at the USE. This process has three major building blocks. The implementation of the securities depository was the first, the second stage will enable electronic clearing and settlement and the final stage will be automated trading. For us to employ this infrastructure optimally, we shall need to have more listings on the exchange and more investors participating in the opportunities available on the exchange.

What is your style to successful management and who are your mentors to successful management practices?

I believe I manage by delegation. The keys to successful delegation are trusting the delegate can deliver, even if they might need a little help and empowerment. I grew up living and observing delegation at work. My years as a professional have reinforced the belief that a delegative style works best for me.