Regulatory Alerts2016-10-21 | 1328537517Banking Circular No 2 of 2013 - KES1 Page on Reuters 3000 Extra
The Central Bank of Kenya is reminding commercial banks that contributors to the KES1 page on Reuters 3000 Xtra must update their trading levels promptly to reflect their positions and that of the market. Failure to do so may be considered deliberate manipulation of the market. The Bank also emphasizes that dealers should be ready to deal at the rates displayed on this page when the Central Bank of Kenya is in the market to sell or buy foreign exchange.
BANKI KUU YA BANK OF KENYA KENYA Haile Selassie Avenue P. O. Box 60000 - 00200 Nairobi, Kenya Telephone: 2860000, Fax: 340192 January 24, 2013 BANKING CIRCULAR NO. 02 OF 2013 CHIEF EXECUTIVE OFFICERS OF COMMERCIAL BANKS TO: KES1 PAGE ON REUTERS 3000 XTRA Your attention is drawn to our letter dated October 19, 2011 to all Treasury Managers on the above subject matter.
The Bank has observed that most contributors to the KES1 page on Reuters 3000 Xtra fail to update their trading levels posted on the page. The delay in updating the screens distorts the true trading level of the entire market and sends misleading signals.
The Bank wishes to point out that as market makers all contributors to this page are expected to update their trading levels promptly to reflect their positions and that of the market for as long as the market is active. We advise that whenever the Central Bank of Kenya is in the market to sell/buy foreign exchange, it will expect that all dealers are ready to deal at the rates displayed on this page. Any departure from this may be viewed as deliberate manipulation of the market contrary to the prudential guidelines in force.
NYAOMA DIRECTOR, FINANCIAL MARKETS DEPARTMENT