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Kenya's CDSC Completes Assessment with Thomas Murray

Central Depository and Settlement Corporation (CDSC) Concludes Independent Validation of its CPMI-IOSCO PFMIs Level of Observance with Thomas Murray
Thomas Murray | London | 15 Junio 2020

Thomas Murray has provided an independent third-party view of Kenya’s Central Depository and Settlement Corporation (CDSC’s) level of observance of the CPMI-IOSCO Principles for Financial Market Infrastructures (PFMI). FMIs are expected to undertake regular self-assessments in order to establish their degree of observance of the PFMI, using the Disclosure Framework and Assessment Methodology published in 2012

The results of the 2019 analysis show that CDSC is ‘broadly’ observant overall for the CPMI-IOSCO PFMIs. Of the 24 Principles, CDSC ‘fully’ observes 3, ‘broadly’ observes 9, ‘partly’ observes 3, ‘does not’ observe 1 and there are 8 Principles not applicable to CDSC’s operations [1].


Nkoregamba Mwebesa, Chief Executive Officer of CDSC:

"We are pleased to announce the conclusion of the assessment of our compliance with the PFMIs. This is an important milestone for CDSC and our observance level is a testament to the maturity of the infrastructure in the Kenyan capital market, which speaks to our positioning as the investment destination of choice in Eastern Africa. We are grateful to Thomas Murray for working with us on this very detailed and extensive assessment, their experience in the area of CSDs across the globe has given us a remarkable opportunity to learn and share in their knowledge and expertise during the process.”

Jim Micklethwaite, Director, Head of Operations for Thomas Murray:

"We are delighted to have worked with CDSC on this first time PFMI assessment and would like to thank them for their positive and open engagement throughout the process. The use of a third party such as Thomas Murray to conduct the assessment incorporates the benefits of having an independent opinion based on the standards and the experience the advisory firm has after conducting similar exercises with other FMIs in different countries. Thomas Murray’s analysis shows that CDSC already has plans in place to further increase the levels of observance and we expect further developments as CDSC continues to implement its strategy over the next few years."

[1] CPMI-IOSCO Principles include standards and recommendations for all types of financial infrastructure. During validation of CDSC Thomas Murray used principles applicable for CSDs, and Securities Settlement System (SSS) only.


Financial market infrastructures (FMIs) that facilitate the clearing, settlement, and recording of monetary and other financial transactions play a critical role in fostering financial stability. However, if not properly managed, they can pose significant risks to the financial system and be a potential source of contagion, particularly in periods of market stress. Although FMIs performed well during the recent financial crisis, events highlighted important lessons for effective risk management. These lessons, along with the experience of implementing the existing international standards, led the Committee on Payment and Market Infrastructures (CPMI) and the Technical Committee of the International Organisation of Securities Commissions (IOSCO) to review and update the standards for FMIs. All CPMI and IOSCO members intend to adopt and apply the updated standards to the relevant FMIs in their jurisdictions to the fullest extent possible.

The Committee on Payment and Market Infrastructure (CPMI) is a part of the Bank for International Settlements (BIS). The CPMI is a standard setting body for payment, clearing and securities settlement systems. It also serves as a forum for central banks to monitor and analyse developments in domestic payment, clearing and settlement systems as well as in cross-border and multicurrency settlement schemes.

The International Organisation of Securities Commissions (IOSCO) develops, implements, and promotes adherence to internationally recognised standards for securities regulation, and is working intensively with the G20 and the Financial Stability Board (FSB) on the global regulatory reform agenda. IOSCO’s membership regulates more than 95% of the world’s securities markets.


For further information contact: 

Jim Micklethwaite 
Head of Operations 
Thomas Murray Network Management Ltd.

Tel: +44 (0) 20 8600 2300 

Nkoregamba Mwebesa 
Chief Executive Officer 
Central Depository and Settlement Corporation (CDSC)

Tel: +254 (020) 2912000


About Thomas Murray Ltd.

Thomas Murray is a specialist Market Data, Counterparty Monitoring and Risk Analytics firm specialising in the global securities services industry. Thomas Murray was established in 1994. The Company monitors and analyses over 300 custodians globally and evaluates the risk of over 140 CSDs, 30 CCPs and over 100 capital market infrastructures. The company has a strong position as a provider of public and private risk assessments on global custodians, domestic custodian banks and capital market infrastructures.

For further information about Thomas Murray, please visit


About Central Depository and Securities Corporation (CDSC)

The Central Depository & Settlement Corporation Limited (CDSC) is a limited liability Company, operating on a for-profit basis, incorporated in March 1999 under the Companies Act and commenced operations in November 2004. CDSC operates under the provisions of the Companies Act, the Central Depositories Act 2000 and the Central Depositories (Regulation of Central Depositories) Rules 2004.

CDSC is responsible for providing central clearing, settlement and depository services in respect of equities and corporate bond transactions carried out at the Nairobi Stock Exchange (NSE). CDSC provides a centralised system for the transfer and registration of securities in electronic form, with no physical securities held under CDSC’s custody.

For further information about CDSC, please visit