February 4, 2016

Nigerian Stock Exchange said it has bought Nasdaq’s SMARTS Market Surveillance platform to power its compliance program and protect investors from market spoofing.

The technology will provide the NSE, which serves Africa’s largest economy, with the surveillance expertise needed to expand its market and provide the surveillance tools necessary to monitor for market manipulation, including spoofing and layering.

The move is the latest initiative of the exchange, which in recent months announced plans to forge partnerships with other African exchanges in Kenya and South Africa- to establish a cross- listing exchange traded funds platform with the aim of providing investors with exposure to a diverse range of top performing indices from the three exchanges as well as improving the liquidity of the exchanges.

Tinuade Awe, Head of Regulation and General Counsel at the NSE said the latest development affirms the exchange’s continuous commitment to creating an equitable and orderly market for its investors as well as protecting them from market manipulation.

“As we introduce new asset classes to grow our market, the deployment of a robust, integrated and efficient solution to monitor the increasing complexity of trading activities is imperative. Regulatory and compliance issues continue to be a primary focus in our quest to become Africa’s foremost securities exchange and we are pleased to be leveraging Nasdaq’s global leadership in the development of capital market surveillance systems,” said Awe.

NSE already uses Nasdaq’s X-Stream trading platform as its trading engine.

Last October, the NSE and Movement for the Enterprises of France – the French Chamber of Commerce- formed a new partnership to help strengthen and create more opportunities for the Nigeria’s economy and the stock market. The partnership, NSE said, will strengthen both the economy and Nigeria Stock market.

The French delegate, led by Pierre Gattaz,President of MEDEF, and Denys Guer, France Ambassador to Nigeria, comprises of public and private sectors, including French 50 companies, expressed excitement at the promising business environment in Nigeria.

“Nigeria is the first African country to be visited by the MEDEF in their quest to ensuring the fulfillment of their ambition to winning new markets worldwide and creating one million jobs in five years,”said Gattaz.

We are thrilled to partner with an innovative forward looking exchange such as NSE,” said
Tony Sio, head of SMARTS market Surveillance, at Nasdaq.

“NSE has a tremendous growth potential and as the volumes and products expand the sophistication and impact of manipulative practices also increase. By detecting activities such as sporting and layering as soon as they occur, the exchange is signaling to the market how seriously it is in promoting a fair market,” he said


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