3.1: Alignment with NIFC
Development of a self-assessment tool for the purpose of achieving the MSCI ranking has been initiated.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 benchmarks 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 was ranked position 92 in 2017 up from position 113 in 2016.
The NIFC Act provides for CMA to be a member of the Steering Committee. In addition, the Nairobi International Financial Act, was developed and gazetted on 3rd August 2017.