In the next five years to come, the Nigerian Stock Exchange (NSE) will continue to use Nasdaq’s matching engine technology for all its equities and fixed income operations.
This is part of the entailment of a renewed partnership between the two companies, which will also see the NSE continue to use Nasdaq’s SMARTS Market Surveillance technology to monitor its market for manipulation, spoofing, and layering.
The NSE, which is the bourse in charge of one of Africa’s top economies — Nigeria, has been a client of Nasdaq since 1997. Nasdaq, on the other hand, is a global provider of trading, clearing, exchange technology, listing, information and public company services.
Meanwhile, reacting to this development, the NSE’s Chief Executive Officer, Oscar Onyema, said the renewal will enable the Nigerian bourse to remain innovative.
“We are delighted to extend our matching engine technology contract with Nasdaq. Adopting best in class technology is vital for running our modern and competitive market as well as allowing us to stay agile in the face of an evolving ecosystem. The Exchange intends to remain at the forefront of innovation and will actively seek ways to leverage new technologies to drive the growth and development of our market.” – Onyema
Nasdaq’s Senior VP on Market Technology, Mr Paul McKeown, also noted that the NSE has come a long way in the course of their years-long business relationship. He also commended the NSE for its “significant strides in innovation and revolutionising Africa’s capital markets.”
About the NSE and Nasdaq
Founded in 1960, the NSE is one of Africa’s largest bourses which serves the Nigerian market and champions financial development in the region. Some of the services it offers include listing and trading services, licensing services, market data solutions, ancillary technology services and more. The activities of the NSE is regulated by the Securities and Exchange Commission, SEC.
Nasdaq, on the other hand, which stands for the National Associations of Securities Dealers Automated Quotations, was founded in 1971 by America’s National Association of Security Dealers (NASD). Just like the NSE, Nasdaq is regulated by the Securities and Exchange Commission (SEC) in the USA.