The major activity of SML was secondary market trading in Government of Malawi securities namely; Treasury Bills and Local Registered Stocks. The listing of NICO in 1996 brought to fruition equity trading. The MSE later separated from SML and the rest is history.
The Fed is insulated from short-term political pressures—what is often referred to as our “independence.” Congress chose to insulate the Fed this way because it had seen the damage that often arises when policy bends to short-term political interests. Central banks in major democracies around the world have similar independence.