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{
    "id": 17365,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/17365/?format=api",
    "text_counter": 501,
    "type": "speech",
    "speaker_name": "Mr. Kimunya",
    "speaker_title": "The Minister for Transport",
    "speaker": {
        "id": 174,
        "legal_name": "Amos Muhinga Kimunya",
        "slug": "amos-kimunya"
    },
    "content": " Mr. Temporary Deputy Speaker, Sir, I beg to second this very important amendment to the Central Depositories Act, which was passed about ten years ago and has served us rather well. It created the Central Clearing House as well as facilitated the trading within the CMA and within our stock exchange by providing a kind of a central register of all the securities that are going to be transacted. It has worked well. When you look at the working relationship between the Central Depository System Corporation (CDSC), the Nairobi Stock Exchange and the CMA, it has been more on the basis of the understanding that the three bodies need to work together in good faith, because they all targeting the same people. Unless that working relationship is backed up by some formal legal framework, the fact that they are all working together now and there are individuals working under those organizations that understand one another, cannot be guaranteed in the future. I believe the amendments go towards ensuring predictability in terms of how the Central Depository and Settlement Corporation, Nairobi Stock Exchange, Over-the- Counter (OTC) market and the futures market work. More importantly also, the fact that we are a growing market, it is meant to open up for other players. It opens up the monopoly which is almost self-evident within the Act; let other organizations come into play. Allowing choice brings some competitiveness, market growth, variety and innovation as people want to be different from the other existing Central Depository and Settlement Corporations. I believe all these things are very important for purposes of ensuring that we deepen further our capital markets to grow and broaden the scope. Mr. Temporary Deputy Speaker, Sir, again the beauty is that all these three are inter-related. I am very happy that we have been able to tackle them all although they are appearing in different Bills. They could well have come in one Bill; the Capital Markets (Amendment) Bill plus the Central Depositories (Amendment) Bill which all target the same market. Mr. Temporary Deputy Speaker, Sir, because these matters are so clear, I just want to add that we move with speed and encourage this deepening. We look forward to the time when we will not just be looking at these markets within Nairobi. We look forward to a time when the County of Meru, the County of Nyandarua, the County of Homa Bay and all the others, including the County of Busia will have their markets. I am sure Mr. K. Kilonzo would like to see us have the basis for future trading with the County of Busia on the commodities from those areas. So, I do not want to spend much time on this and beg to support."
}