The Nigerian Stock Exchange is to adopt Nasdaq’s SMARTS Market Surveillance platform to power its compliance programme. The technology will provide it 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, says the official announcement. The NSE also uses Nasdaq’s X-Stream trading platform as its trading engine.
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.”