Hard-sell: Why stockbrokers oppose Kenya’s bond market reforms

A turf war has erupted in Kenya between stockbrokers and investment banks over bond market reforms proposed by the central bank, advised by the World Bank and IMF. The reform plan aims to break the traditional monopoly of the Nairobi Securities Exchange (NSE) in bond trading by allowing commercial banks to become primary market makers in government bond trading. Stockbrokers are strongly opposing these changes.