Capital Markets

NSE sixth African exchange to join global federation

NSE chief executive Geoffrey Odundo. FILE PHOTO | NMG
NSE chief executive Geoffrey Odundo. FILE PHOTO | NMG 

Nairobi Securities Exchange (NSE) at the weekend became the sixth African country to become a full member of the World Federation of Exchanges (WFE).

NSE chief executive Geoffrey Odundo said this would help the bourse fast-track its integration into global financial markets, boosting confidence and attracting foreign investors.

“NSE admission is a major milestone that affirms our commitment to fulfilling our strategy to make the bourse a world-class vibrant capital market. This is a positive step towards our integration with global financial markets and reflects the exchange’s commitment to implementing the highest standards of international best practices,” he said.

The disclosure was made after the federation’s board meeting in Frankfurt, Germany, unanimously approved NSE’s application.

This followed a rigorous evaluation process conducted by a specialist audit team from WFE culminating in an onsite-inspection visit by its chief executive Nandini Sukumar last year.

Ms Sukumar’s team met key players in the Kenya capital markets ecosystem including stockbrokers, investment banks, large issuers and Capital Markets Authority senior officials.

The NSE’s new position enables it to participate in major decision-making forums on policy and regulatory matters pertaining to the global capital markets.

Among members of WEF are the Intercontinental Exchange, the London Stock Exchange Group and the Australian Securities Exchange.

Mr Odundo said inclusion in WEF would also help NSE gain knowledge, promote its business and operations.