Algorithmic market-making across listed fixed-income instruments in the markets we operate in. Government and corporate bonds on the Dar es Salaam Stock Exchange and the Nairobi Securities Exchange, engaged on each venue’s licensing pathway for the product class.
Fixed income market-making is structurally different from cash equity. Yields move in basis points, not percentages. The price–yield relationship is nonlinear, with convexity that has to be priced into every quote. Coupon flows accrue on every position carried overnight. Inventory cycles run on weeks rather than hours. The operating discipline is the same, but the parameter set is its own.
The pricing engine handles bond pricing from market yield curves, with credit spreads applied per issuer where the venue lists corporates alongside sovereigns. Risk infrastructure tracks DV01 and convexity per position and aggregates against portfolio limits in the same framework the equity book uses. Hedging runs through related-tenor instruments where they exist; cross-tenor and curve-shape risk are carried as a managed residual otherwise.
Operations follow each venue’s authorization for the asset class. Engagement is underway with the relevant regulators in Tanzania and Kenya. The deeper venue detail lives on the Markets pages.