ICMA working to develop African repo markets

From ICMA’s Quarterly Report, Third Quarter 2016
Repo in Africa
ICMA has been working with a number of jurisdictions worldwide to assist in the development of their respective repo markets. ICMA’s focus has been on providing training of regulators and market participants to give a better understanding of the repo market and the GMRA. Richard Comotto, of the ICMA Centre, the author of the ICMA biannual repo survey and several other papers on the repo and collateral market commissioned by ICMA, has been delivering the training.
In addition to working with central banks and authorities in Eastern Europe and across Southeast Asia, ICMA has been active in its support of the Kenyan and Nigeria markets.
In Kenya, ICMA has established a cooperation with Frontclear, a development nance company, focused on catalysing stable and inclusive access to interbank markets for local nancial institutions in emerging markets and developing countries. Frontclear has so far sponsored two ICMA workshops in Nairobi, one was delivered for the domestic commercial banks and the other for the Kenyan Capital Market Authority, the Central Bank of Kenya, the National Treasury and domestic commercial banks. The latter of the workshops, which was held in June, was organised by the International Finance Corporation. There is currently no true repo market in Kenya.
In Nigeria, FMDQ is the main debt capital securities exchange of the country and combines the functions of an exchange and an SRO. FMDQ has been tasked to lead the structural reforms to further develop the Nigerian repo market, which currently remains as a wholesale market dominated by banks and discount houses and practically inaccessible to other nancial market participants. ICMA has been providing technical assistance to FMDQ and a training workshop is being scheduled to take place later in the year. FMDQ is a member of ICMA.

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