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Plans to make Nairobi Securities Exchange (NSE) the second bourse in sub-Saharan Africa to trade in financial instruments that hedge against risk remains on course after six banks committed to offer clearing services. The six members-all banks- include Barclays Bank of Kenya, Co-operative Bank of Kenya, CFC Stanbic Bank, NIC Bank, Chase Bank and CBA Bank.
NSE said that more banks are slated to sign up in the near future. The clearing members will, by performing the central tasks of clearing and settling transactions, bolster the NSE’s capabilities to start the trading of derivatives. For a start, the derivative instruments will be limited to stock index and currency futures.
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