Business

BADeX seeks partners

NKOLE MULAMBIA, Ndola
THE Bonds and Derivative Exchange (BADeX) is seeking a local and foreign strategic financial partner to invest in long-term finance in the exchange.
Newly-appointed BADeX chief executive officer Peter Sitamulaho said the partner is key, as the investment will be used to expand the activities of the exchange.
“We are now entering phase two of our strategic plan [and] we expect to attract liquidity from the financial markets,  as more Zambian companies see the need to hedge their risks.
“As part of our strategic plan, we are actively seeking a strategic financial partner to invest long-term in the exchange,” he said in an interview on Friday.
Mr Sitamulaho said while BADeX owns a bond futures trading module, it plans to operationalise the bond market in phase two.
This will require preparation of listing requirements, employment of staff, and deployment of market infrastructure, marketing, signing up of an increased number of trading members and entering into strategic partnerships with offshore players.
Mr Sitamulaho said the BADeX plans to establish the first commodity futures market in Zambia as it owns a commodity futures trading system.
He, however, said this will require preparation of additional trading rules, employment of staff, marketing and entering into strategic alliances with players in the agriculture and commodities sector.
Meanwhile, BADeX board of directors have made operational changes at senior management level with Allan Thomson, the chief executive officer (CEO) becoming an advisor to BADeX and Mr Sitamulaho who was the deputy CEO becoming the new CEO.
He said this is in line with the BADeX strategic plan to transfer skills and empower to Zambians.



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