The Nigerian Stock Exchange and NASDAQ have both announced a deal that will see the latter sell its
SMARTS Market Surveillance platform to power the NSE’s compliance program.
The technology will provide NSE with the surveillance expertise needed to grow and expand the market and equip the exchange with the surveillance tools necessary to monitor for market manipulation, including spoofing and layering. NSE also uses Nasdaq’s X-Stream trading platform as its trading engine.
Commenting on the implementation, Tinuade Awe, General Counsel and Head of Regulation at the NSE said, “This development affirms our continuous commitment to protecting investors by creating a fair and orderly market. As we introduce new asset classes to grow our market, the deployment of a robust, integrated and efficient solution to monitor the increasing complexity of trading activities is imperative. Regulatory and compliance issues continue to be a primary focus in our quest to become Africa’s foremost securities exchange and we are pleased to be leveraging Nasdaq’s global leadership in the development of capital market surveillance systems.”
Both parties did not disclose the cost of the platform.