The Securities and Exchange Commission (SEC), the regulator, has granted NG Clearing Limited, the registration to perform the function of a central counterparty (CCP) effective June 7, 2021.
The registration now permits NG Clearing to clear and settle Exchange-traded derivative products – making NG Clearing the first CCP in Nigeria.
- World Bank counters FG, says 7m Nigerians plunged into poverty
- How Kaduna girls fight ‘period poverty’ with reusable pads
Chairman of NG Clearing, Mr. Oscar Onyema, said, “NG Clearing will deliver an unparalleled CCP experience for the Nigerian financial and capital markets and will optimize the deployment of its resources to achieve long-term value creation for its stakeholders using a state-of-the-art risk management framework, which complies with global best practices for mitigating settlement risk.”
He added that the company’s main role is to improve the soundness and safety of the Nigerian financial market by delivering best-in-class post-trade services that manage counterparty credit risk and reduce systemic risk.
The Managing Director of NG Clearing, Mr. Tapas Das said, “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.”
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 Central Securities Clearing System Plc (CSCS) along with key stakeholders including Nigeria Sovereign Investment Authority (NSIA), Access Bank Plc, Consonance Kuramo Special Opportunities Fund I, Coronation Merchant Bank Limited, Greenwich Merchant Bank Limited, Union Bank of Nigeria Plc (Union Bank), United Bank for Africa Plc (UBA) and Association of Securities Dealing Houses of Nigeria (ASHON).
Join Daily Trust WhatsApp Community For Quick Access To News and Happenings Around You.
