Economy
THE Securities and Exchange Commission (SEC) has granted NG Clearing Ltd. registration to perform the function of a Central CounterParty (CCP) effective June 7.
Mr Oscar Onyema, Chairman of NG Clearing, disclosed this in a statement made available to the News Agency of Nigeria (NAN) on Tuesday in Lagos.
Onyema said the registration permits NG Clearing to clear and settle Exchange traded derivative products – making NG Clearing the first CCP in Nigeria.
Onyema said NG Clearing would deliver an unparalleled CCP experience for the Nigerian financial and capital markets.
“NG Clearing will deliver an unparalleled CCP experience for the Nigerian financial and capital markets and will optimise the deployment of its resources to achieve long-term value creation for its stakeholders.
“With the use of a state-of-the-art risk management framework, which complies with global best practices for mitigating settlement risk,” he said.
Onyema said the company would improve the soundness and safety of the Nigerian financial market by delivering best-in-class post-trade services.
Onyema quoted NG Clearing Managing Director, Mr Tapas Das, as saying that the company would uphold stability and safety of the marketplace, through efficient and timely settlement of derivative trades.
“NG Clearing shall be playing a key role in the financial market ecosystem in the region, upholding stability and safety of the marketplace, through efficient and timely settlement of derivative trades.
“The aim is to strengthen the country’s investment environment through solutions that systematically reduce risks, enhance operating efficiency, and minimise costs for all market participants,” Das said.
He noted that members would have access to a wide range of financial reports that equip them with extensive knowledge and enable them make informed decisions
NG Clearing – Nigeria’s premier CCP – was incorporated on May 24, 2016 to facilitate derivatives trading in the Nigerian capital market.
The company is promoted by the Nigerian Exchange Group Plc and the Central Securities Clearing System Plc (CSCS) with other key stakeholders. (NAN)
– June 15, 2021 @ 17:58 GMT |
Tags: NG Clearing emerges Nigeria’s premier central counterparty
