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.”
