The Barbados Stock Exchange Inc (BSE) today announced that it had signed a Memorandum of Cooperation (MOC) with the Nairobi Securities Exchange PLC (NSE) in Kenya on December 10, 2019.
“This represents a significant development, towards the collaboration of the two exchanges. Not only will this help to facilitate an official channel of communication between both exchanges; it also serves as a foundational prerequisite for nurturing the development of a continuing relationship,” the BSE wrote in a notice on its website.
“This is envisioned to redound to the inordinate benefit of the financial services industries in Kenya and Barbados,” the notice continued.
The ratification of the MOC took place on the sidelines of the 9th African Caribbean Partnership (ACP) Summit in the presence of both parties. The theme of the summit, hosted by the Kenyan Government on December 9-10, 2020, was “A Transformed ACP: Committed to Multilateralism”.
According to Marlon Yarde, managing director of the BSE, “The signing of this MOC establishes a bridge, a point of crossing for the BSE over to the African continent with a reciprocal opportunity for the NSE to access Latin America and the Caribbean (LAC) through Barbados.”
“I believe this MoC will pave a gainful pathway to both listings and cross-listings for our two exchanges. We will be able to share information about our exchanges, information about our markets, within a structured framework that is fit for purpose,” he continued.
Yarde also noted that the agreement created collaborative opportunities not only for the exchanges but could also deepen bilateral relations between the Bajan and Kenyan governments.
For his part, Chief Executive Officer of the NSE Geoffrey Odundo underscored the importance of bridging the gap between both capital markets and, indeed, both countries.
“The partnership between BSE and NSE is quite timely as it comes at a time the exchange is embarking on a new 54-year corporate strategic era which positions strategic partnerships as a key pillar towards the achievement of the NSE’s objectives,” he noted.
“This collaboration also complements the national efforts made towards connecting the two markets. Therefore, we look forward to [advancing] the NSE-BSE partnership as well as delivering tangible results to both parties,” he added.