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    Friday, April 15, 2022

    NGX Launches West Africa’s First Exchange Traded Derivatives Market

    Nigerian Exchange Limited (NGX) yesterday announced the launch of West Africa’s first exchange traded derivatives market with Equity Index Futures Contracts.

    This is consistent with the Exchange’s commitment to developing 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.

    To promote clearing efficiency, stability, and confidence, the Exchange 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 – Cardinal Stone 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 NGX Derivatives Market.

    Commenting on the launch, the 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.

    “NGX remains committed to building an exchange that can cater to the increasingly sophisticated needs of domestic and foreign investors.

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