The Ethiopian Commodity Exchange (ECX) is a recent set up in Ethiopia. The vision of ECX is to revolutionalize Ethiopia’s tradition bound agriculture through creating a new market place that serves all market actors, from small holder farmers to traders, possessors, exporters and consumers. The ECX is a unique partnership of different market actors, members of the exchange and the main promoter, the government of Ethiopia. ECX creates opportunities for un paralleled growth in the commodity sector and linked industries, such as transport, and logistics, banking and financial services and others. ECX assures all commodity market players the security they need in the market through providing a secure and reliable End-to End system for handling grading and storing commodities, matching offers and bids for commodity transactions, while serving all fairly and efficiently. ECX creates trust and transparency through aggressive market data dissemination to all market actors, through clearly defined rules of trading, warehousing, payment and delivery; and business conduct and through an internal dispute settlement mechanisms. ECX provides market integrity at three important levels, the integrity of the product itself, the integrity of the transaction and the integrity of market actors. ECX Management: The Proclamation governing the exchange states that its management will operate on an independent and professional basis, on commercial terms. The senior management of the ECX will be composed of a Chief Executive Officer and Officers in different fields of specialization. In order to enhance the success of this new and strategic initiative ECX was being managed by a team of internationally recruited top caliber professionals, with deep domain of knowledge with experience of working conditions in Ethiopia The government of Ethiopia has committed to an ECX transition plan in which an international management team and consultants to be deployed with the support of UNDP, will work closely with a pool of national experts with a view of transferring functions over a period of time. |
Duties and Responsibilities |
Objective of the Assignment: - To provide technical support to ECX in reviewing and re-drafting Exchange Rules and Internal Compliance Monitoring Processes and Procedures, and in designing capacity building plan for national regulators.
The main deliverables under this objective will include: - Formulate and amend the Rules of the Exchange and By-Laws
- Review the Exchange Authority Directives
- Develop internal compliance procedures and review standards
- Design audit trail system and accounting requirements
- Review Membership requirements and due diligence standards
In order to deliver on the above results, Under the direct supervision of the Chief Technical Advisor, the consultant is excepted to: - Manage team to monitor Compliance to rules at all levels of the Exchange enterprise, such as rules governing the Exchange itself, the Membership, Clearing and Settlement, Warehousing and Delivery, financial audit and accounting and other rules.
- Manage team to conduct investigations
- Exercise sound judgment and professionalism in determining needed disciplinary actions by the Exchange
- Manage the operations of the Exchange Arbitration Tribunal, in the settlement of the commercial disputes between Members, and between Members and the Exchange.
- Coordinate closely and operate in parallel with the Exchange General Counsel, the Risk Management department, and the Internal Auditor and Operations Comptroller of the Exchange.
- Formally interact and liaise with the Exchange Authority
- Liaise with other relevant regulatory bodies: central bank, government ministries, Auditor General, Federal High Court, among others.
Methodology: - This assignment will include desk review of relevant documents, close engagement with staff and partners and drafting and finalization of deliverables during which consultant will be located full time at ECX and will work closely with the Policies and Strategies Department, Under the direct supervision of the Chief Technical Advisor . The consultant will also ensure regular communication of the mission progress to UNDP, through the Chief Technical Advisor.
Timelines: - The consultancy will be for a total of 90 working days (about 4 months) fully in the country with a minimum of 5 working days, starting July 25, 2011.
Management Arrangements: - UNDP will be responsible for the recruitment of the consultant and management of the assignment. Once these Terms of Reference are signed, they are considering binding and will be annexed to the Special Service Agreement signed by the consultant. UNDP and the consultant may agree to amend the Terms of Reference, in which case the amended version will be signed accordingly
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Competencies |
Communication: - Ability present information clearly and persuasively.
- Seeks out the ideas and views of others.
- Adaptable, professional, concise, and engaging.
- Ensures that messages are understood and that input from others has been heard.
Results / Quality Orientation: - Sets high standards and maintains the commitment, motivation, and energy to achieve them.
- Ensures and maintains high quality of programmes and services.
Decision Making: - Confidence in personal capabilities, makes sound judgments.
- Ascertains the risks and makes sound decisions, while being cognizant of his/her responsibilities.
Problem Analysis: - Identifies, defines, and analyzes operational problems and situations, and anticipates potential roadblocks.
- Simplifies complex problems, sees causal links, and generates solutions to problems based on sound judgment and awareness of the potential implications of these solutions; generates original ideas, and/or utilizes existing solutions/ideas in new and innovative ways.
Adaptability / Behavioral Flexibility: - Makes decisions in sometimes ambiguous circumstances; tailors procedures to different people, situations, and issues.
- Adjusts strategies and behaviors as new information becomes available and as priorities change.
Team Work: - Works collaboratively with others.
- Demonstrates commitment to achieve group objectives.
- Understands the needs and goals of others and adapts own views and behavior when appropriate.
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Required Skills and Experience |
| Education: Experience: -
Minimum 10 years of progressively responsible work experience in securities or corporate finance law, regulation, audit standards enforcement and related areas, with a thorough understanding of international trade and finance regulatory principles, securities and commodity exchanges.
Language: DOCUMENTS TO BE INCLUDED WHEN SUBMITTING THE PROPOSAL
Interested individual consultants must submit the following documents/information to demonstrate their qualifications: -
Proposal: (not more than 450 words)
(i) Explaining why they are the most suitable for the work
(ii) Provide a brief methodology on how they will approach and conduct the work (if applicable) -
Financial proposal: indicate monthly fee -
Personal CV including past experience in similar projects and at least 3 references
FINANCIAL PROPOSAL - Contracts based on monthly fee. Individual consultants will be evaluated based on the following methodologies: -
Cumulative analysis
The award of the contract shall be made to the individual consultant whose offer has been evaluated and determined as:
a) responsive/compliant/acceptable, and
b) Having received the highest score out of a pre-determined set of weighted technical and financial criteria specific to the solicitation.
* Technical Criteria weight; 70%
* Financial Criteria weight; 30%
Only candidates obtaining a minimum of 49 point and above would be considered for the Financial Evaluation
| Criteria | Weight | Max. Point | | Technical (based on CV, Proposal or Interview) | | | | Minimum educational background and work experience (CV) | 10% | 10 | | Understanding of scope of work and methodology (From Proposal) | 20% | 20 | | Individual Competencies (Desk review or Interview) | 40% | 40 | | Financial | 30% | 30 | |
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| UNDP is committed to achieving workforce diversity in terms of gender, nationality and culture. Individuals from minority groups, indigenous groups and persons with disabilities are equally encouraged to apply. All applications will be treated with the strictest confidence. |
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