24 December 2018

Nigeria: Nasdaq, NSE Sign New Trading Technology Agreement

THE Nigerian Stock Exchange, NSE has announced it will continue leveraging Nasdaq's matching engine technology for its equities and fixed income markets for an additional five years.

Further, NSE will also continue utilizing Nasdaq's SMARTS Market Surveillance technology to monitor its market for manipulation, including spoofing and layering. NSE has been a Nasdaq client since 1997.

"We are delighted to extend our matching engine technology contract with Nasdaq", said Oscar N. Onyema, Chief Executive Officer, NSE.

"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".

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"Over the course of our relationship, NSE has made - and continues to make - significant strides in innovation and revolutionizing Africa's capital markets," said Paul McKeown, Senior Vice President, Market Technology, Nasdaq.

Continuing, he said: "By continuing to utilize the Nasdaq Matching Engine, NSE is operating on the most widely-used matching engine in the world that combines extraordinary performance with extensive functionality to meet current and future business and performance requirements. We look forward to supporting NSE in the years ahead."

Nasdaq's world-leading market technology powers more than 250 of the world's market infrastructure organizations and market participants, including broker-dealers, exchanges, clearinghouses, central securities depositories and regulators, in over 50 countries with end-to-end, mission-critical technology solutions.

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