Nigerian Stock Exchange Takes Smarts for Surveillance

The African exchange has deployed Nasdaq technology to introduce the first surveillance platform in the country.

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The new platform will address national regulatory requirements in Nigeria.

The Nigerian Stock Exchange (NSE) has unveiled the country’s first market surveillance platform, using Nasdaq’s flagship surveillance solution, in an effort to reduce fraud in the Nigerian market, one of the largest in Africa.

The platform will enable NSE to monitor market manipulation, detect and deter manipulative tendencies and gather intelligence. 

The exchange also aims to enhance trade monitoring, conduct multi-asset and cross-market surveillance, and execute risk-based supervision of flagged participants.

Bimbola Babalola, head of market surveillance at NSE, said in a Q&A with Nasdaq that the tool will enhance Nigeria’s proactive approach to detecting and deterring abusive tendencies on a real-time basis. “The new system will also equip our surveillance team in profiling investment trends across listed securities,” he said.

The new solution will also allow NSE to comply with the emerging regulatory landscape in Nigeria. Babalola explained that in recent years, Lagos had been transformed from an equities-only market to multi-asset, hence the increase in the regulatory framework. 

The platform will address the main regulatory requirements, especially ensuring compliance with the insider dealing and front-running rule. 

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