Nigeria

NG Clearing acquires clearing, settlement technology for its operations

Nigerian Stock Exchange, NSE

Nigerian Stock Exchange, NSE

Following the receipt of an approval in principle from the Securities and Exchange Commission (SEC) in September 2020, to clear and settle exchange traded derivatives instruments, Nigeria’s premier central counterparty, NG Clearing Limited, said it has signed an agreement with a leading software development firm, Mantissa Infotech Private Limited, for the development, implementation and maintenance of bespoke clearing and settlement technology for its operations.

Speaking on the development, Mr. Tapas Das, Managing Director/CEO, NG Clearing, 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, inluding futures and options contracts on indices, equity shares, commodities, currency, rates.

“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.”

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