Barclays Banks of Kenya has today launched its stock brokerage subsidiary Barclays Financial Services Ltd (BFSL). It will be offering cash equity trading services, fixed income and bond trading and derivatives . They also have plans to launch Exchange Traded Funds (EFTs) which is a marketable security that tracks an index, a commodity or bonds.
The brokerage firm will be offering a key research portal ‘ Barclays Live’ which will provide world class global research, indices, data & analytical tools and client sector based research across agriculture, business services, commodities, financial institutions, global development organizations, healthcare manufacturing, transport and logistics.
As a wholly owned Barclays subsidiary, BFSL will stand on solid ground as brokerage with assured healthy corporate governance as well as active foreign desks in 9 African countries. These countries include Botswana, Ghana, Mauritius, Mozambique, Seychelles, South Africa, Tanzania, Uganda and Zambia. The BFSL team in Kenya is headed by experienced personnel that includes Anthony Kirui, Head of Markets who has over 14 years of extensive banking experience, Anthony Wangari who is the Senior Equity Trader and Tito Namu the Senior Equity Sales Trader. Anthony and Tito have between them, 26 years of professional experience in the Kenyan capital market regulatory and investment industry having worked with the local and multinational players.
At the moment, Kenya is the third largest stock market hub in Africa after South Africa’s JSE and Nigeria’s SEC. However, this move into ETFs is poised to make it an even more competitive investment hub.
BFSL is an investment bank licensed by the Capital Markets Authority and was admitted as a trading participant of the NSE in 2015. As such it is authorized to undertake brokerage activities in the NSE.