Business
Exchange Transfers Market Liquidity To 10 Operators
The Nigerian Stock Exchange (NSE) on Thursday approved 10 market makers to provide liquidity in the market.
A market maker is a brokerage firm that accepts the risk of holding certain number of shares to facilitate trading in the security.
The newly approved market makers are Stanbic IBTC, Renaissance Capital, Future View Securities, Vetiva Capital and ESS/DunnLoren Merrifield.
Others include WSTC, Capital Bancorp, FBN Securities, Greenwich Securities and CSL.
The market makers were selected from 20 firms that applied to the NSE for the business.
Reports say that the Securities and Exchange Commission (SEC) and NSE emphasised the need for market makers following failed attempts to address the crisis in the market which started in 2008.
Mr Oscar Onyema, the Chief Executive Officer of NSE, said in a statement that the market markers would bring back liquidity and depth into the capital market.
He said that the selected companies went through rigorous processes which included meeting the minimum net capital requirement of N750 million.
Onyema said that their compliance history and operational capabilities were also taken into consideration before their appointment.
“The selected firms were taken through training and debated the appropriate market structure to be used.
“The Exchange further went through the approval of the Securities and Exchange Commission (SEC) in the selection process,’’ he said.
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