Eligibility

  1. Trading on the GFIM shall be limited to only GFIM Dealing Members.
  2. The entities that are eligible to be admitted as GFIM Dealing Members, shall be:
    1. licensed by the Securities and Exchange Commission of Ghana to deal in securities and authorized by the Bank of Ghana as a primary dealer (PD); or
    2. a non-PD bank licensed by the Securities and Exchange Commission of Ghana to deal in securities; or
    3. a Licensed Dealing Member (LDM) of the Ghana Stock Exchange.
  3. Any other entity must trade through one of the above mentioned dealing members.
  4. The Bank of Ghana, for monetary policy purposes, shall be permitted to deal in Government of Ghana or Bank of Ghana securities listed on the GFIM.
  5. Non-resident foreign entities shall not be eligible to trade on the GFIM.
  6. A PD, non-PD bank and an LDMs shall apply to become a member of GFIM in the form containing the particulars specified from time to time and pay the relevant fees.
  7. A prospective GFIM Dealing Member shall be in full compliance with the requirements set forth by its regulator.
  8. A prospective GFIM Dealing Member shall not be in violation of any rules and regulations of its regulator.

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Obligations or Responsibilities

  1. All prospective GFIM Dealing Members shall furnish the GFIM with a completed admission form indicating the names and contact details of their Traders.
  2. A GFIM Dealing Member:
    1. where it is a PD, shall provide two-way quotes for all agreed benchmarked securities listed; and
    2. where it is a not a PD, is not required but may provide two-way quotes for all agreed benchmarked securities listed; and
  3. A registered trader of a GFIM Dealing Member, must:
    1. be a person designated by his institution to do secondary market transactions in securities listed on the GFIM;
    2. be a full time employee of that institution;
    3. possess the relevant qualification required by the regulator from time to time; and
    4. on continuing basis, avail him or herself of relevant continuing professional development workshops organized by regulators, ACI Ghana,
      GSIA, GFIM or similar bodies.
  4. A GFIM Dealing Member shall be responsible for:
    1. clearly written internal controls procedures with regard to the personal conduct of its registered GFIM traders;
    2. the segregation of duties within their operations;
    3. the establishment of adequate risk management and control measures in their organization;
    4. security measures covering dealing room equipment, personnel, etc.;
    5. adequate safeguards to prevent abuse where dealing for personal accounts is allowed;
    6. the mode of record keeping, access to records and how long records are kept;
    7. recording of voice transactions; and
    8. adequate fidelity insurance cover for its operations.
  1. A GFIM Dealing Member shall be responsible for the settlement of all transactions executed by their traders in accordance with the requirements of the CSD.
  2. It is the responsibility of a GFIM Dealing Member to ensure that its registered trader‟s activities are within the roles and responsibilities set out by the Dealer which shall include:
    1. instruments to be dealt in;
    2. traders transactional limits; and
    3. reporting procedure.
  3. A GFIM Dealing Member shall notify the GFIM of changes in particulars of its traders including changes in contact details, resignations and any other form of disengagements.
  4. A GFIM Dealing Member shall ensure, for the purposes of trading on the GFIM, that it has the following:
    1. requisite office infrastructure;
    2. a terminal or a platform that the GFIM may approve from time to time;
    3. communication system;
    4. trained and certified personnel (holding ACI or ADO certification and any other certification that may be approved by GFIM and SEC); and
    5. risk management system in place such as trading limits, approval limits and segregation of duties between trading desk and back office.
  5. Know Your Client – An authorized dealer shall use due care and skill to obtain the basic know your client (KYC) information including the following:-
    1. Completed KYC information, which provides for the name, age, investment knowledge, investment objectives, risk profile and contact information of the client.
    2. Source of client‟s funds.
    3. The legal responsibility for trading decisions and guarantees of payment and settlement.
    4. Client account documentation signed by the client, the trader and the trader‟s supervisor.
    5. Signed client‟s account management agreement with clients who require such service.
    6. Material changes to the client‟s profile and investment objective.

Code of Conduct

  1. Applicability of Code of Conduct – In order to maintain an orderly and efficient market in securities on the GFIM, GFIM Dealing Members and their registered traders must comply with the Code of Conduct as prescribed by GFIM from time to time.
  2. Market Integrity – GFIM Dealing Members shall observe the general principles of market integrity.
  3. ) GFIM Dealing Members shall not disclose client information to any third party unless required by regulators or by a court.
  4. Client Records – A GFIM Dealing Members shall render proper accounts to its clients for monies received for purchases, transactions executed, funds due for securities sold and charges.
  5. Insider Dealing – No GFIM Dealing Member shall, engage in insider dealing in accordance with the Securities Industry Laws.
  6. Not to Profit from Confidential Information – GFIM Dealing Members and their registered traders should not with intent or through negligence profit from or seek to profit from or assist others to profit from confidential information.
  1. A GFIM Dealing Member shall be required to conduct due diligence reviews of its clients including filling “Know Your Customer” (KYC) forms
  2. False Trading – A GFIM Dealing Member shall not engage in a false trading.
  3. Misleading Information – A GFIM Dealing Member shall not provide misleading or false information in accordance with the Securities Industry Laws
  4. Manipulative Acts – A GFIM Dealing Member shall not engage in manipulative acts. Manipulative market acts include the following:
    1. placing an order with the knowledge that an opposite order of substantially the same value at substantially the same price and at about the same time exists with the intention to create the appearance of active trading;
    2. an order at or near the close of the market with the aim of changing or maintaining the closing price;
    3. an order and subsequent cancellation of same to induce demand or supply of a security; and
    4. an order that will not lead to a change in beneficial ownership (or wash trade).