A derivatives market at an inflection.
NSE NEXT (the derivatives segment of the Nairobi Securities Exchange) launched in July 2019 with index futures on the NSE 25 and Single Stock Futures on five of the most liquid names. In February 2026 it printed its strongest month on record, nearly three times the previous high, and open interest doubled over the first quarter, the clearest signal yet that appetite for listed derivatives in East Africa is real.
The latest chapter is Options on Single Stock Futures, which began trading on 19 June 2026 on futures for Safaricom, KCB, Equity, Co-operative Bank, I&M and KenGen. CMA Kenya has approved the product set and NSE Clear has the margining methodology in place.
The SSF book on NSE NEXT has a designated market maker in place today. Options are a different problem: a vol surface, full Greeks lifecycle, hedging across the futures leg. Building the infrastructure to do that well is what we’re here for.
Every market, its own models.
A real derivatives venue.
NSE NEXT launched in July 2019 with index futures on the NSE 25 and Single Stock Futures on five of the most liquid names. Options on Single Stock Futures began trading on 19 June 2026, extending that foundation. The options book is where our Kenyan derivatives work is focused, within our active pilot programme with the NSE.
One of the broadest product shelves in East Africa.
Cash equities, government and corporate bonds, listed funds spanning ETFs and REITs, and NSE NEXT futures and options all trade on one exchange group. That breadth is what makes Nairobi one of the most dynamic markets in the region, and it is where our multi-asset ambition runs widest.
Nairobi gets its own models.
Our Nairobi work is built on models for the NSE’s own microstructure, not hand-me-downs from the DSE book. What carries across markets is the standard: the same research discipline and the same bar behind every quote.
Pricing infrastructure for a real options book.
Black-76 pricing
Options on Single Stock Futures are priced under the Black-76 model, the right framework for futures-style options. Not Black-Scholes adapted post-hoc.
SVI vol surface
Stochastic Volatility Inspired parameterization with online SGD calibration. Stable across sparse strikes, no-arbitrage by construction.
Greeks lifecycle
Delta, gamma, vega, theta, rho, managed continuously across the book. Risk limits applied per underlying, per expiry, per Greek.
Online learning
Hierarchical River models for regime detection in thin markets. The system updates with every tick rather than relying on batch retraining.
Options and futures. Both first-class asset classes.
The OSF book is our near-term focus, since options on NSE NEXT only began trading in June 2026 and the book is still young. Single Stock Futures sit alongside as a first-class derivative product in our operating model, built to be priced, risk-managed, and quoted continuously under the same standard. As the venue’s market-maker programme evolves, the SSF book is an asset class we are positioned to deepen our role in.
Nairobi, where East African capital markets meet global standards.
Built for Kenyan market structure.
We adapt models, connectivity, and risk frameworks to NSE protocols, not the other way around.
That means engineering for the venue as it actually is: its session structure, its contract specifications, its market conventions. Markets earn liquidity when providers commit to their structure, and that commitment is what we bring to Nairobi.
Working with the NSE, in the open.
Shabba is currently taking part in an active pilot programme with the Nairobi Securities Exchange. We will share more as the pilot develops.
Active pilot programme with the NSE. This page describes the operating model we are building toward.