Speaking on the development, the company’s Managing Director
& Chief Executive Officer, Mr. Tapas Das, said: “We are very excited about
this deal, as the deployment of the technology platform puts us in a position
to commence operations as soon as we receive final approval from the SEC. The
technology platform will support the clearing and settlement of derivative
instruments across various asset classes i.e., futures and options contracts on
indices, equity shares, commodities, currency, rates etc.
“Mantissa’s vast experience and end-to-end capability in
providing a suite of bespoke technology solutions to leading exchanges and
clearing houses in India comes in very handy, having provided both the trading
and the clearing & settlement software for 14 years to the National
Multi-Commodity Exchange of India Limited (NMCEIL), which was the first
national level commodity exchange in India, until NMCEIL was merged with Indian
Commodity Exchange Limited (ICEX) in 2018.
“Mantissa’s broad experience from providing its technology
service to various market infrastructure, including NMCEIL, Metropolitan Stock
Exchange of India Limited (MSE), Metropolitan Clearing Corporation of India
Limited (MCCIL) and ICEX, has been beneficial in the development of the state
of the art technology and we expect that our stakeholders will find the
technology very versatile and useful.”
NG Clearing Limited is promoted by The Nigerian Stock
Exchange and Central Securities Clearing System Plc along with key stakeholders
like the Nigeria Sovereign Investment Authority, Access Bank Plc, Consonance
Kuramo Special Opportunities, Coronation Merchant Bank Limited, Greenwich
Merchant Bank Limited, Union Bank of Nigeria Plc, United Bank for Africa Plc
and Association of Securities Dealing Houses in Nigeria.
NG Clearing was established to support growth and
development in the Nigerian Capital Market, as the gateway to African Markets.
We deliver best-in-class post-trade services that manage counterparty credit
risks and reduce systemic risks, by guaranteeing the settlement of trades. Our
quest is to pave the way for a smooth introduction of exchange-traded
derivatives and other financial instruments to the Nigerian and African
markets, thus, facilitating the availability of alternative investment options
for knowledgeable local and foreign investors who seek a diversified portfolio
within our markets.
NG Clearing has operational resources in place to ensure
that it can continue to operate at all times necessary to support the
functioning of the markets that we support and the settlement of the contracts
effected on those markets. The company will deploy a competitive low-cost
clearing fee regime for members, and provide members access to a wide range of
financial reports, that equip them with extensive knowledge and enable them to
make informed decisions.
We will optimize the deployment of our resources to achieve
long-term value creation for our stakeholders using a state-of-the-art risk
management framework, which complies with global best practices for mitigating
settlement risk. We have sufficient financial resources, including a settlement
guarantee fund, to cover participants’ risk exposures, and our risk-based
additional collateral requirement will ensure that capital deployed by clearing
members is always optimal.
Stay Connected with NG Clearing on LinkedIn, Twitter,
Instagram, and Facebook and visit NG Clearing’s website via www.ngclearing.com
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