Transcript 1 (Developing Exchanges) - MASTER

BUILDING AFRICAN FINANCIAL MARKETS
Country’s eco-system & its impact on the development of its exchange
Nomura Research Institute Financial Technologies India
September 2015
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1
About Nomura Research Institute

Nomura Research Institute Limited is a leading provider of consulting service &
system solutions, founded in 1965.

Headquartered in Tokyo, NRI provides innovative, cross-asset, front-end financial
consultancy and IT solutions for investment banks, asset managers, banks and
insurance providers.

The company has been listed on the Japan Stock Exchange since 2001 and has
a current market cap of over USD 8.8 billion (JPY 1055.25 billion)

Consecutively for four years ranked in top 10 by the American Banker FinTech100

Nomura Research Institute Financial Technologies India Private Limited is a
wholly owned subsidiary of NRI Group
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Leading and Transforming Capital Markets
NRI is the backbone of capital market in Japan. We support significant part of securities processing and management at various financial firms.
Not only financial solutions but also NRI proposes opinions to regulatory offices and capital markets’ participants as a thought leader.
NRI’s solutions have
been chosen by
50 ~70%
of the Japanese capital
markets’ participants
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NRI’s solutions are
processing and
supporting about
80%
NRI solutions are
managing about
50%
of the Japanese mutual
funds
of Tokyo Stock
Exchange’s trading
volume.
(T-STAR & BESTWAY)
(STAR& I-STAR)
Theme of the presentation
This presentation is divided 3 phases.
Phase I
Phase II
Phase III
The impact of Macro
Economic Policy on
Market Micro Structure.
Gap Analysis of few
sample African Countries
Prescription to bridge the
Gaps.
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Market Micro Structure
Macro Economic Policy
Efficient
transmission
mechanism
Market microstructure
studies the process by which
investors'
latent demands
Market
microstructure
studies the process
are ultimately translated into
by which investors' latent demands are
prices and volumes.
“Market microstructure is the study of
the process and outcomes of
exchanging assets under explicit trading
rules.”
ultimately translated into prices and volumes
-- Maureen O’Hara, former President of the
American Finance Association
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Market Micro Structure
Market microstructure
studies the process by which
investors' latent demands
are ultimately translated into
prices and volumes.
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Interlinkage between policy measures and capital market
Fiscal
measures
Executive
measures
Prudential
measures
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Instruments
Types
Market
Association
Liquidity
Exchanges
Volume
Clearing
Entities
Service
providers
IMPACTS
Exchange
rate policy
measures
Regulatory
measures
IMPACTS
Monetary
measures
Market
measures
Regulatory
Body
Listings
Transparency
Buy Side Firm
Participation
Sell Side Firm
Hedging Risk
Technology
Information
Economic Development
Greater macro-economic stability
More stable financial sector
Better developed manufacturing and service
sectors
Increased productivity and capital growth
Lower unemployment rates with higher real wage
growth
Micro-economic effects
Macro-economic effects
Valuable effects of Developed Capital Markets
Easier and cheaper access to long-term capital
Flexible financing for enterprises
Improved governance structures
Higher research & development power
Increased mergers & acquisition power
Increased “entrepreneurial spirit”
Wealth creation for private investors
Poverty reduction
A reliable, efficient, liquid and safe capital market is essential to provide African companies with an additional access to
finance
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Levers for development and effective functioning of Capital Market
• The regulator and securities enforcement,
• Adequacy of judicial system,
• Accounting and auditing standards,
• Corporate Governance (CG),
For effective functioning
and development of
capital market key
constituents required are:
• Efficient fund transfer system,
• Bankruptcy and insolvency law,
• Political and macroeconomic stability,
• Active and well developed domestic investor base;
• Electronic trading and settlement infrastructure;
• Real-time availability of market information; and
• Transparency (including accounting, auditing, corporate
governance, etc.)
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Regulation
Common Securities
Regulator with explicit
authority
Modern Legal Framework
Effective Enforcement
Accounting rules and
principles aligned to global
standards
Settlement guarantee
mechanism with
appropriate risk
Adopt market-based due
management framework
diligence system
and risk-based capital
Free Trade in Securities
Tax Measures to Facilitate
Access to Global Capital
Markets
Deeper and Broader
Domestic Markets
Innovative Research
Improving Investor Base &
Information
Based Securities
Sound Governance with
Creating Greater
Opportunity
Proportionate, Principles -
Strong Market Integrity
Enhanced Regulatory
Efficiency
Building an Efficient Capital Market Ecosystem for Africa
Developing a sound
institutional investor base
Financial Literacy
Modernizing market
infrastructure
KYC obligation on FI’s
Effective Disclosure
framework
Competitive Capital Markets
Increased Investment
Employment
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Income
Prosperity
Theme of the presentation
Phase II
Gap Analysis of few
sample African
Countries
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Methodology for selection of Market Systems
We have created a case analysis of 9 market systems which includes 1 Developed
market and 8 markets in different stages of development; and one of such market is a
Financial Centre / Tax Haven country.
South Africa
Egypt
Kenya
Nigeria
Angola
Ethiopia
Ghana
Morocco
Mauritius
Assessment of the above-mentioned countries is on the following parameters:

Regulatory & Policy Environment

Political Environment & Development Framework

Financial Inclusion

Capital Markets

Products Available
Thereafter, a few structural and regulatory gaps have been identified which can be
resolved through policy enablers, thus opening the floodgates for development and
growth
For this purpose, we have considered the South African market system as a benchmark
since South Africa is the most developed market in Africa
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State of the World – South Africa
Parameter
Description

Regulatory & Policy
Environment



National Treasury revised its budget deficit target for 2015-16 to 3.9% of GDP from 3.6%. Treasury still expects the debt/GDP ratio to rise in
the medium term to 47.6% of GDP from 46.2% in 2014-15
Easing of exchange controls on domestic investors, institutional investors and larger allowances for individuals. Exchange restrictions can be
eased for non-residents as well. South Africa has tax-treaties with many countries and investors enjoy reduction in withholding taxes due to
such tax-treaties
The Rand is the signalling/pegging currency for many South African nations
Multi-party state; Very stable – but concerns on the nationalisation of mines and its effect may pose a challenge in political stability thus
leading to negative impact on capital inflows
National Development Plan implemented with emphasis on structural reforms in Public Private Partnerships, consistent monetary policy,
relaxation of trade barriers and promoting conducive investment environment
Political Environment &
Development Framework

Financial Inclusion

IMF GlobalFindex – 54% of adults formally banked; 98% of SME are banked (as of 2012)




Unique “twin-peaks” regulatory regime; significantly high equity capitalisation-to-GDP ratio; co-location services, data centre services and
lowest latency connectivity
Assess migration to T+2 settlement system for bonds & equity from present T+3
Bond market predominantly OTC; Qualified CCP status – only country in Africa to be awarded QCCP
Well developed commodity derivative markets and warehousing infrastructure



Equity segment – equities, warrants & exchange-traded instruments, ETFs
Derivatives segment – equity & equity-linked, commodities, currency and interest rates.
Interest rate segment also trades spot products
Capital Markets
Products Available
Gaps
 Liquidity predominated by extraction companies and agri-commodities – needs to broad-base to attract other sectors as well
 Encourage Public Private Partnerships for introduction of FMIs, SME platform; capital markets outreach and capacity building
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 Futures market sizeable – Options market relatively smaller – illiquidity a major concern for option writers
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 Need for structural reforms for introduction of Trade Data Repository and Designated Swap Dealers
State of the World – Nigeria
Parameter
Description

Regulatory & Policy
Environment


CBN’s budget deficit target for 2015-16 is 0.8% versus 1. 2% last year – revision desired at current oil prices. Significant borrowing strength
as external debt is only around 11% of GDP.
CBN operates a managed floating exchange rate regime; currency may be further devalued owing to oil price
Foreign ownership allowed except oil companies & defense – approval laws apply on mines, banks, insurance etc
Political Environment &
Development Framework


Multi-party state; Generally stable with exception of terrorist activities in certain parts of country
“Vision 20:2020” aims at addressing constraints to growth, competitiveness, structural transformations and creating conducive environment
that enables growth and development
Financial Inclusion

IMF GlobalFindex – 30% of adults formally banked (as of 2012)


Equity market 3rd largest in Africa by market capitalisation – aims to achieve USD1tn in market cap
FX Forwards not really liquid (T+2/T+Tenor settlement) & Options are not allowed – hedging positions are entered offshore due to lack of
domestic legal and contractual frameworks
T-Bills and bonds are very liquid with PD & market-maker participation; very few corporate & muni bonds - illiquid market; State government
and supranational bonds very popular
Popular destination for issuance of Euro-bond and Dollar-bonds; however, very high transaction cost market –brokerage plus SEC levy,
stamp duty & VAT – detrimental for launching new products, SBLO & short-selling
Capital Markets


Products Available
Gaps



Equity segment – equities, warrants, Exchange Traded Funds, REITs
FX – only spot; Forwards not liquid; Options not allowed
Rates – normal as well as Shari'áh; traded OTC as well as on exchange
Secondary market – illiquid – high transaction cost is a deterrent – amendments necessary for the uniformity and reduction
Derivatives – no exchange traded, FX relatively illiquid; Restructuring of the commodity markets; corporate bond markets revival
Policy level encouragement for the Public Private Partnership in development of FMIs, products, capacity building etc. Strengthening of
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infrastructure for combatting terrorism financing and AML
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 No CCP – need for structural reforms for introduction of CCP & Trade Data Repository



State of the World – Egypt
Parameter
Description

Regulatory & Policy
Environment


CBE revised budget deficit target for 2015-16 at 11.5% of GDP from 12%. Treasury still expects the debt/GDP ratio to rise in the medium
term to 47.6% of GDP from 46.2% in 2014-15
Exchange controls tightened on account of prevention of FX speculation; restrictions imposed on any bank’s FX positions – long & short –
may hamper dynamic risk management
Currency depreciated by CBE on account of EUR weakening; further depreciation expected due to large external imbalances
Political Environment &
Development Framework


Multi-party state; Transitional state;
“Egypt: Vision 2030” aims at achieving average GDP growth of 7% y-o-y, reducing inflation within 3-5% from 9-10%, lowering unemployment
to 5%, easing fiscal deficit to 5% of GDP
Financial Inclusion

IMF GlobalFindex – 10% of adults formally banked (as of 2012)
Capital Markets



Equity market 2nd largest in Africa by market capitalisation
FX Forwards are restricted unless approved by CBE & Options are banned – both poses significant risk for bank
T-Bills and bonds auctioned only through PDs, but not incentivised with market making schemes; Euro-bonds & Dollar-bonds released only
to local banks & FIIs; Sovereign bonds market moderately liquid– mostly HTM portfolio; very few corporate bonds & illiquid market
“Egyptian Exchange Proposed Strategy 2013-2017” identifies structural weaknesses, legislative rigidity, a dearth of market instruments,
modest liquidity and a weak secondary bond market

Products Available



Secondary market – highly illiquid – trading often limited to select stocks representing bulk of market capitalisation; turnover ratios also very
low; corporate bond market almost non-existent – activity is also impeded by payment and settlement systems; FMIs to adopt international
best practices
 Scope for policy reforms and incentives for increasing role of private sector in financial institutions, markets and instruments
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Researchbrokerages
Institute, Ltd. – consolidation to lead to capital infusion & bigger market participation – liquidity through prop trading
 Large
of small
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 No CCP – need for structural reforms for introduction of CCP & Trade Data Repository

Gaps
Equity segment – equities, warrants
FX – only spot; Forwards halted; Options not permitted
Commodity – only spot; policy guidelines for derivatives – no markets as yet
State of the World – Kenya
Parameter
Regulatory & Policy
Environment
Description



CBK’s budget deficit target for 2015-16 is 7.3% of GDP.
CBK operates a managed floating exchange rate regime; accumulating FX reserve against short-term shocks, but the Shilling likely to
remain under pressure as a result of a stronger USD and weaker tourism & exports
Repatriation allowed freely with nominal withholding tax
Political Environment &
Development Framework


Multi-party state; Stable with exception of terrorist activities – leading to severe impact on tourism
“Vision 2030” aims at addressing constraints to growth, competitiveness, structural transformations and to help mitigate the impact of
potential exogenous shocks
Financial Inclusion

IMF GlobalFindex – 42% of adults formally banked; 88% of SME are banked (as of 2012)




Markets are the largest in East Africa; equities and bond market mostly mature
Capital Markets Master Plan (2014-23) outlines strategy for short-term & long-term growth – including new products, Shari'ah products,
self-listing, abolishing caps on foreign portfolio investment, implementation of GEMS SME platform for medium/small companies
T-Bills are illiquid but bonds are relatively liquid; very few corporate bonds & illiquid market
Part of the regional integration through cross listing at East & Southern Africa based exchanges




Equity segment – equities; Exchange Traded Funds & REITs (to be launched)
FX – Forwards liquid; Options allowed but moderately liquidity
Rates – normal as well as Shari'áh; traded OTC as well as on exchange
Derivatives – OTC & exchange traded
Capital Markets
Products Available
Gaps
 Secondary bond market – illiquid and corporate bond market almost non-existent
 Multiple supervisors for financial markets – amendments for consolidation & formation of Super Regulator
 New products need to be developed and introduced including Shari'ah compliant products
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Commodity derivatives market along with the warehousing infrastructure needs to be developed
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 No CCP – need for structural reforms for introduction of CCP & Trade Data Repository
State of the World – Ghana
Parameter
Description

Economic growth slowed markedly in 2014

Bank of Ghana’s (BoG) main policy objective is to ensure price stability, which is determined by the government’s inflation target. Sharp
currency depreciation pushed inflation to well above the target range by end 2014 when it reached 17.0% y/y. Expected downward
trend inflation may result in policy easing in H215. Ghana maintains a managed floating exchange rate regime.

Ghana’s fiscal strategy is based on its three-year Medium Term Development Plans, which have been developed using the Ghana
Shared Growth and Development Agenda II, (2014-2017).

Constitutional democracy; Ghana remains one of Africa’s most stable democratic states following several successful and peaceful
transitions in power.

Economy highly dependent on Cocoa production and export

In the industrial space, investment into roads, rail, electricity, renewable energy and telecoms has been planned.

IMF Global Findex – 29% of adults formally banked; 82% of SME are banked (as of 2012)

Capital markets have a moribund corporate debt market, though the government bond market is more active
Capital Markets

Foreign investors in listed stocks and all fixed income instruments with an original tenor of three years or more can remit capital, profits
and related income freely. Interest on government bonds is exempt from withholding tax.
Products Available

Equity, Treasury Bills, Treasury Notes, Treasury Bonds
Regulatory & Policy
Environment
Political Environment
Development Framework
Financial Inclusion
Gaps
 Secondary markets – illiquid; corporate bond, commodity derivatives, FX derivatives market – non-existent
 Inadequate financial literacy;
 Scope for policy reforms and incentives for increasing role of private sector in financial institutions, markets, instruments and
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demutualisation of exchanges
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 Commodity exchange yet to begin its operation – likely to commence in June 2016.
State of the World – Morocco
Parameter
Description

Fiscal consolidation remains on track with the budget deficit falling to 5% of GDP in 2014 against 5.5% in 2013. It should narrow slightly
further in 2015

The main objective of the Bank Al Maghrib’s (BAM) monetary policy is to ensure price stability. To that effect, the BAM adopted a multicriteria approach as a framework for assessing inflationary risks.

Morocco’s fiscal policy is enshrined in the country’s annual budget law. The fiscal deficit declined in 2014 to 4.9% of GDP, down from 5.2%
of GDP in 2013, reaching the authorities’ objective.

Exchange controls are being administered by The Foreign Exchange Office

Parliamentary constitutional monarchy; Following the constitutional amendments of July 2011, the prime minister is selected from the party
that receives the most votes in elections, rather than chosen by the king.
Political Environment
Development Framework

Morocco’s Mission 2030 initiative is in the process of being prepared and is at the stage of scenario planning, according to the Higher
Planning Commission (HCP). The Government's strategic priorities mirror the principles, changes, and actions prescribed by the new
Constitution.
Financial Inclusion

IMF Global Findex – 39% of adults formally banked; 86% of SME are banked (as of 2012)

Morocco currently has five outstanding Eurobonds, the USD750mn 2042 and the USD1.5bn 2022, both issued in December 2012, the
EUR1.0bn 2020 issued in 2010, the EUR1.0bn 2024 issued in 2014, and the rarely traded EUR500mn 2017, issued in 2007.

Equity

Bond, Corporate bond, commodity derivatives, FX derivatives market – non-existent
incentives for increasing role of private sector in financial institutions, markets, instruments and
demutualisation of exchanges; financial inclusion; capacity building etc
Regulatory & Policy
Environment
Capital Markets
Products Available
Gaps
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Scope for policy reforms and
State of the World – Ethiopia
Parameter
Regulatory & Policy
Environment
Description




Political Environment
Development Framework
Financial Inclusion
Capital Markets
Products Available
Gaps
Economic growth amongst the highest in Africa – 10% p.a. over past decade
Objectives of the National Bank of Ethiopia’s (NBE) monetary policy is the maintenance of price and exchange rate stability; has a
history of currency devaluations, with four devaluations since 2009. Also, has a history of high inflation though tight monetary policy has
succeeded in reducing it to single digit. Local market is characterised by a large current account deficit and low FX reserves.
Fiscal Policy - largely driven by The Growth and Transformation Plan (GTP). objective of being a middle-income country by 2025.

Federal Republic type of Govt.; Ethiopia has a very active political environment though it stabilised after the 2005 elections, which was
marred by post-election violence.
Long-term development framework is underpinned by GTP, which is a five year ongoing development plan with the aim to improve
growth and preserve macroeconomic stability.
In the industrial space, investment into roads, rail, electricity, renewable energy and telecoms has been planned.

Global Findex – 22% have account (bank/mobile); 14% formal savings; 7% have formal borrowing



Issued its maiden Eurobond worth USD1bn at the end of 2014 - earmarked for infrastructure spending
At present has no Capital Market to transact stocks (equity) and bonds (debt instruments) in secondary markets.
strong indication for the establishment of stock market in Ethiopia is the recent privatization of public enterprises, where the
government’s Privatization



Commodity spot markets
Equity – no products available yet
FX – interbank market exists

 Equity, corporate bond, commodity derivatives, FX derivatives market – non-existent
 Lack of adequate financial literacy;
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Scope for development of equity and debt market instruments in secondary market;
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 Ranks relatively low at Mo Ibrahim Index of African Governance at 32 out of 52.
State of the World – Angola
Parameter
Description

Economy depends heavily on Oil; accounts for over 98% of total exports – low oil prices in 2015 a concern.

Inflation prospects are clouded by the depreciation pressure on the currency as a result of low oil prices

Fiscal Policy - main source of revenues remains oil though there are attempts to diversify the revenues stream

National Bank of Angola manages and supervises exchange controls.

Despite growing discontent about poverty, unemployment and corruption, there is a political stability.
Political Environment
Development Framework

Angola is still recovering from its 27-year civil war with the government gradually rebuilding infrastructure. In 2012, the Govt. adopted a
medium-term National Development Plan (2013-2017), which focuses on support for trade by developing basic infrastructure, poverty
reduction, promoting entrepreneurship and economic diversification, and better access to education (World Bank).
Financial Inclusion

IMF Global Findex – 39% of adults formally banked; 86% of SME are banked (as of 2012)

Angola plans to start the Angola Stock Exchange trading in 2016.
Capital Markets

BODIVA (Angola Securities and Debt Stock Exchange, in English) received the secondary public debt market and it is expected to start
the corporate debt market by 2015
Products Available

Govt. and corporate bonds
Regulatory & Policy
Environment
Gaps
 Ranks quite low at Mo Ibrahim Index of African Governance at 44 out of 52;
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economy
highly
dependent
on oil exports;
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 Angola yet to commence stock and debt instrument trading; yet to develop FX market
State of the World – Mauritius
Parameter
Regulatory & Policy
Environment
Political Environment
Development Framework
Financial Inclusion
Capital Markets
Products Available
Gaps
Description

Economy continues to disappoint amid still weak demand from Europe.

BoM primary goals are to maintain price stability and promote orderly and balanced economic development. In the implementation of its
monetary policy, the BoM relies on a ‘hybrid inflation-targeting’ approach.

BoM operates a managed-float regime, intervening in the foreign exchange rate market intermittently.

Annual budget is formulated on a medium-term expenditure framework. The three-year framework envisages a gradual narrowing in the
fiscal deficit from an estimated 3.5% of GDP in 2013 to 2.5% by 2016.

Republic Govt.; Mauritius ranks as among Africa’s most stable and vibrant democracies and has topped the rankings of the Ibrahim Index of
African Governance for the past few years. Also, known for its shifting political landscape.

Economic Reconstruction and Competitiveness Programme which aims to reduce vulnerability to Europe by diversifying the economy.

IMF Global Findex – 80% of adults formally banked; 97% of SME are banked (as of 2012)

FX Forwards – moderately liquid, Options are illiquid; FX Swap markets are growing

Bonds - fairly liquid primary issuance market; liquidity in secondary market remains a challenge; demand for corporate bonds growing

Commodity derivative markets exist – underlying markets do not exist (market paradox!)

Equity, Treasury Bills, Treasury Bonds, Corporate Bonds, Commodity Futures, Currency Futures
Financial derivatives non existent; Secondary markets – illiquid
No explicit deposit insurance scheme – no public safety net; though generally strong rule of law, legal proceedings can take an extended
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period
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 Scope for policy level initiatives for development of underlying as well as derivative markets


Summary of Gaps
• Liquidity : Not Broad
base in some country
and in some not
there.
• Government Security
Market: in primary
market , needs to put
effort to develop
secondary market
• Needs to develop
credit market and
corporate bond
market
• Commodity
derivatives market
along with the
warehousing
infrastructure needs
to be developed
1
2
3
• Encourage Public
Private Partnerships
for introduction of
FMIs, SME platform;
capital markets
outreach & capacity
building
• No CCP – need for
structural reforms for
introduction of CCP
& Trade Data
Repository
• Large no. of small
brokerages – need
consolidation to lead
to capital infusion &
bigger market
participation
6
7
8
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• Need proper
regulation and
control for Risk
management
Products
4
• More financial and
regulatory reforms
required…and also
integration of
regulatory reforms
across the continent .
9
5
• Enhance Financial
Inclusion
10
Theme of the presentation
Phase III
Prescription to bridge
the Gaps.
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Bridging the Gap – The Way Forward

Regulatory agencies to develop a STRATEGY ROADMAP keeping in mind the policy, resources and economic needs

A suitable roadmap should include at minimum:
 Design an appropriate regulatory framework aligning market segments with aspirations of the regional infrastructure, resources and
economic growth needs.
 Setting up of a suitable policy and regulatory framework for setting up of the exchange, corporate governance regime, capitalisation, its
rules-by laws-regulations, risk management framework, etc.
 Designing appropriate and suitable enablers for functional supervision of OTC spot as well as derivative markets
 Availability of suitable derivative contracts encompassing different products for the purpose of effective price signalling and price risk
management.
 Suitable changes in regulations/policies in migrating markets from shorter-end contracts to longer horizon contracts.
 Setting up of a suitable clearing, settlement and delivery regime for both the spot and the derivative markets (if applicable).
 Aligning exchange operations with that of warehousing and delivery infrastructure operators.
 Suitable business development and outreach strategy to reach out to all the regional stakeholders to make spot & derivative exchange a
widely participated price discovery platform.
 And finally, a robust financial inclusion programme jumpstarts the development of a market system and in the long-run guarantees its
success.
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Cause-Effect Linkages & Sequences –
Robust
accounting,
auditing and
tax collection
systems
Efficient debt
management &
optimal debt
issuance
policies
High
confidence in
the judicial
system
Reliable
disclosure
system
Optimal
reserve
management
structure,
fledging
monetary
policy
framework &
sound bank
supervision
Comprehensive
regulatory &
supervisory
framework
Optimal
trading,
settlement
custody &
registrar systems
Efficient and
effective
regulation
Complete
equitization
process
Effective
Regulation
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Regular
distribution of
Government
Securities
in the primary
market
Vibrant Repo
market
Robust
interbank
market &
even
distribution
of banking
liquidity
Issue of all
duration papers
within structured
primary market
Many listed
companies
Active and
sizable
Derivative
market
Efficient
secondary
market of Govt
securities
High confidence
in issuers &
high risk
premium
Incentives
available for
financing in the
regulated
capital
market
Negligible
counterparty
credit risk
Liquid market
and
effective price
discovery
Developed Capital Markets (Money, Govt Debt,
Corporate/Subnational debt, Equity, etc.)
Coherent structure design of the financial industry at MOF, Central
Bank and Market Regulator
Sufficient financial statistics and information sharing among
policymakers
Adequate technical (and financial) resources
Policy, Ecosystem & Capital Markets
Coherent
research with
wide coverage
Competitive
domestic
production
and strong
export
Effective
monetary
policies
Substantial
medium- and
long-term risk
capital raising
Well-traded
and reliable
yield curve
More and more
IPOs &
fresh listings
Efficient
transmission
mechanism
Availability of
long-term
Investment
instruments
Effective and
prudent fiscal
policies
Efficient
reallocation of
resources in
the economy
Growing
foreign
investment and
foreign reserve
Contact
Name
Dr. Chiragra Chakrabarty
Designation
Chief Executive Officer
Financial Consultancy & Technology
Tel:
+91 98214 02036
Email
[email protected]
Address
401, 4th Floor, Gladdiola Building,
Plot No.5, Hanuman Road, Vile Parle
(East)
Mumbai – 400 057, INDIA
http://www.nrifintech.com/
Copyright © 2015 Nomura Research Institute, Ltd.
All rights reserved.
http://fis.nri.co.jp/en/index.html
www.nrifintech.com
Copyright © 2015 Nomura Research Institute, Ltd.
All rights reserved.