Substantive reading on the work.
Long-form analysis on market structure, derivatives, regulation, and the operational reality of running serious liquidity infrastructure across East African capital markets.
Inside CDSC's SLB Risk Framework: Six Pillars and Their Mitigations
CDSC's SLB risk framework is built on six pillars: credit, liquidity, operational, market, custody, settlement, and legal/compliance. A working tour through what each pillar protects against and the residual risks participants still need to carry.
Single Stock Futures on NSE NEXT: The Foundation Beneath Everything Else
Single Stock Futures are the original product set on NSE NEXT and the foundation that every later derivative on the venue builds against. What an SSF actually is, how the Kenyan contracts work, and why they matter for market-makers operating across the full Nairobi asset-class set.
The Economics of Securities Lending in Kenya: Who Pays What, Who Earns What
A worked tour through how SLB fees on the NSE actually flow. The lending-fee formula, the gross-to-net calculation for a lender, the borrower’s full cost stack, and where each line on the fee schedule ends up. With concrete numbers.
Securities Lending and Borrowing on the NSE: What It Unlocks for Market-Makers
SLB is the piece of infrastructure that lets institutional market-making actually work. A working tour through the Kenyan SLB framework on CDSC, what the screen-based model enables, and why the product matters for cash-equity, ETF, and derivatives makers operating on the NSE.
Cash Equity Microstructure Across East African Markets
A multi-market algorithmic equity operation runs the same engine across venues, but each venue requires its own calibration. A working tour through the microstructure differences between the DSE and the NSE, and what those differences mean operationally.
NSE NEXT at Six: From SSFs to Options
Kenya's derivatives venue launched in 2019 as a Single Stock Futures market with one appointed market maker. Six years in, it is on the cusp of becoming an options market. A look at how NSE NEXT got here and what the OSF inflection actually changes.
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