Nasdaq nets new Nigerian trading tech deal
The Nigerian Stock Exchange (NSE) has signed up for an additional five years with Nasdaq’s matching engine technology for its equities and fixed income markets.
Along with that, NSE will also continue using Nasdaq’s Smarts Market Surveillance technology to monitor its market for manipulation, including spoofing and layering. NSE has been a Nasdaq client since 1997.
Paul McKeown, SVP, market technology, Nasdaq, says: “NSE is supporting African investors in creating durable wealth in the Nigerian market, while providing seamless market access to international investors by leveraging our technology’s industry standard connectivity protocols.”
Nasdaq says it powers more than 250 market infrastructure organisations and market participants, including broker-dealers, exchanges, clearing houses, central securities depositories and regulators, in over 50 countries.
NSE was established in 1960 as the Lagos Stock Exchange. In 1977 it became the Nigerian Stock Exchange. As of May 2018, it has 169 listed companies with a total market capitalisation of NGN 13.8 trillion ($37.8 billion).
Last month, the UK’s Competition and Markets Authority (CMA) was looking into Nasdaq’s $190 million all cash offer for Swedish trading tech firm Cinnober.