3.1: Alignment with NIFC
Development of a self-assessment tool for the purpose of achieving the MSCI ranking has been done. Tracking the progress towards attainment of MSCI emerging market status has been done on a yearly basis. There are various work stream areas that are perceived not to meet international standards. Kenya's rating on the ABSA Financial market index has also been reviewed. In 2018, it was ranked third in Africa up from position five (5) in 2017.
Shadow ranking indices identified, Barclays index, JP Morgan index and Islamic Finance Index.The JP Morgan Emerging Market Bond Index (EMBI) that is widely used and comprehensive emerging market sovereign debt benchmarks. It is a benchmark index for measuring the total return performance of international government bonds issued by emerging market countries that are considered sovereign (issued in something other than local currency) and that meet specific liquidity and structural requirements.Bloomberg Barclays Global Aggregate index is a flagship measure of global investment grade debt from 24 local currency markets. This multi-currency benchmark includes treasury, government-related, corporate and securitized fixed-rate bonds from both developed and emerging markets issuers. The indices are complementary to each other. The Authority has also been participating in the process of enhancing Kenya Doing Business Ranking. Kenya has consistently improved in its ease of doing business. The 2019 World Bank ease of doing business report ranked Kenya at position 61 globally. This is an improvement from positions 80, 92 and 113 in 2018, 2017 and 2016 respectively.
The Nairobi International Financial Act was developed and gazetted on 3 August 2017.The Act provides for CMA to be a member of the Steering Committee.