HomeLocal NewsNGX launches West Africa’s first exchange traded derivatives market

NGX launches West Africa’s first exchange traded derivatives market

Date:

Related stories

I’ll never leave my wife, even if she cheats – Peter Obi

Peter Obi, the Labour Party's presidential candidate in Nigeria's...

Gov. Yusuf avoids direct contact with Kwankwaso

Tensions are mounting in Kano's political sphere as Governor...

NASU, SSANU suspend strike following FG’s commitment to pay

The Joint Action Committee (JAC) of the Non-Academic Staff...

Kano begins registration of foreign residents

The Kano State Government has launched a comprehensive verification...

Decomposed body retrieved from well in Kano

The Kano State Fire Service has retrieved the lifeless...
spot_img

Nigerian Exchange Limited (NGX) yesterday announced the launch of West Africa’s first Exchange Traded Derivatives (ETD) market with Equity Index Futures Contracts.

This, according to the Exchange, is consistent with its commitment to develop the Nigerian capital market by providing a market that thrives on innovation and responds to the needs of stakeholders in accessing and using capital.

The launch of NGX ETD market saw the listing of two Equity Index Futures Contracts, NGX 30 Index Futures and NGX Pension Index Futures, with more securities to be added in the future.

Naira closes at 417.50/dollar at investors and exporters window

Kanu sues FG, insists on wearing Igbo attire, Isi-Agu to court for trial

The Exchange said that to promote clearing efficiency, stability, and confidence, it has collaborated with a premier Central Counterparty (CCP) in Nigeria, NG Clearing Limited, to provide the clearing infrastructure for NGX derivatives market and its clearing members – Access Bank and Zenith Bank.

The ETDs market will commence with trading activities by the first three trading license holders – CardinalStone Securities Limited, Meristem Securities Limited and APT Securities and Funds Limited – which have been cleared by NGX Regulation Limited to facilitate transactions on behalf of investors on the NGX derivatives market.

ETDs are standardised, highly regulated, and transparent financial contracts listed and traded on a securities exchange, and guaranteed against default through the clearing house of the derivatives exchange.

Commenting on the launch, Chief Executive Officer (CEO), NGX, Mr. Temi Popoola, commended the efforts of stakeholders who have successfully driven the completion of the derivatives market since 2014.

“I would like to specially acknowledge the work that was done under the previous management of the Exchange, led by Mr. Oscar Onyema, whose contributions have formed the foundation of our present gains and accomplishments made manifest through the launch of NGX ETDs market.”

Subscribe

Latest stories