Entry Instance

HTTP 200 OK
Allow: GET, PUT, PATCH, DELETE, HEAD, OPTIONS
Content-Type: application/json
Vary: Accept

{
    "id": 374886,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/374886/?format=api",
    "text_counter": 586,
    "type": "other",
    "speaker_name": "",
    "speaker_title": "",
    "speaker": null,
    "content": "it is about time we told people that some of the phones we are using currently are like computers and so I do not understand the big issue. As it is at the moment it is possible to even transact in the stock exchange using the mobile phone. These are some of the things the Jubilee Government would like to take forward. I want to support this Bill because for one having interacted with most of the investors I think Nairobi is one of the investment destinations. It is in fact one of the sub Saharan financial hub. One of the things that most investors look at is how deep your financial market is and how liquid the market is for you to put your money in. The other major thing that investors look at is the micro-economic environment, the infrastructure, demographic issues, GDP growth and political stability. So, when we try to reform our markets and establish a futures market--- It is a welcome thing although we need to come up with a few amendments. As you are aware, the NSE has been in existence since 1954. It was only in 1994 that we had the CMA. This tells you that the markets and products precede regulation. Therefore, I support the Bill but I would urge the CMA to consult seriously with the relevant practitioners, so that they do not come up with regulations that do not support product innovation. Since we are talking about achieving Vision 2030, which is about transforming ourselves to a medium-income country by 2030, capital market future commodities is the way to go but we need to come up with products. My feeling is that the proposed futures market should have been captured as a product of an existing establishment like the current Nairobi Stock Exchange (NSE), which has new infrastructure and secretariat, so that we can be able to take off. Therefore, one of the things that I am going to urge the CMA to do, having done a very good job, is that we need to start like yesterday to be able to move forward and establish the proposed market to allow the NSE to roll it out since they have bought the system. The NSE has the infrastructure required for offering this one as a product alongside others. That way, we will be able to take off almost immediately. As hon. Sakaja said, the futures market is very important because one can be able to have some level of probability, if you want to predict on some of your financing. I realise that so many people do not understand these terms but it is simply predictability on some inputs if you are, for example, looking at getting some kind of financing in the future."
}