-by our correspondent.
Nigeria’s premier central counterparty, NG Clearing Limited, has signed an agreement with a leading software development firm, Mantissa Info-tech Private Limited, for the development, implementation and maintenance of bespoke clearing and settlement technology for its operations.
The deal is coming on the heels of the receipt of an approval in principle from the Securities and Exchange Commission (SEC) in September 2020, authorizing the company to clear and settle exchange traded derivatives instruments to support growth and development in the Nigerian Capital Market, as the gateway to African Markets.
In a statement, the company’s Managing Director & Chief Executive Officer, Tapas Das, said the deployment of the technology platform puts NG Clearing Limited in a position to commence operations as soon as the final approval is received from the SEC. The technology platform is expected to support the clearing and settlement of derivative instruments across various asset including; futures and options contracts on indices, equity shares, commodities, currency and rates among others.
“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.” The statement read.
NG Clearing Limited is promoted by The Nigerian Stock Exchange and Central Securities Clearing System Plc along with key stakeholders including; 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.