Central Securities Depositories (CSDs) form the backbone of financial market infrastructure by registering securities, settling trades, distributing cash flows, and managing collateral. While often regarded as mere financial “plumbing,” they in fact underpin strategic objectives such as advancing the Savings and Investment Union, curbing tax evasion, and reinforcing Europe’s geopolitical stance. 

From the outset of its “special military operation” (SVO) against Ukraine on February 24, 2022, Russia, which possesses one of the world’s largest nuclear arsenals, has adopted aggressive deterrence measures and a resolutely menacing rhetorical stance.

This study analyses the emergence of so-called “populist” political tendencies in three East African countries: Kenya, Uganda and Tanzania. It builds its analysis on a wider discussion of the term “populism”, its use and applicability in (eastern) African settings before going on to examine the drivers of three cases of populism: William Ruto’s 2022 election victory in Kenya and the “Hustler Nation”; Bobi Wine’s opposition to Yoweri Museveni in Uganda; and John Magufuli highly personal style of government in Tanzania.