![]() Speaking of NG Clearing’s role as a CCP, the company’s Chief Executive Officer, Mr Tapas Das, noted that “across the world, CCPs have emerged to strengthen financial markets, propelling them to growth and reinforcing existing layers of market safety. Recently, as an affirmation of the company’s global outlook, NG Clearing joined CCP12, the global association of central counterparties.Ĭhairman of the board of the firm, Mr Oscar Onyema, enthused that NG Clearing’s emergence as “a CCP in Nigeria and the first out of West Africa is an epochal achievement, one that all stakeholders should be proud of as it represents the maturity and transition of the Nigerian capital market to a new era of clear possibilities.” NG Clearing also obtained approval from the Securities and Exchange Commission (SEC) to provide CCP services in Nigeria. A major milestone is the development of a world-class clearing and settlement system to enable the seamless and safe clearing of derivatives across multiple asset classes and trading venues. Since its incorporation in 2016, NG Clearing has achieved many first-of-its-kind milestones. The launch of NG Clearing precedes the trading of the first exchange-traded derivatives in the Nigerian capital market and opens new opportunities for investors, stakeholders, and other players in Nigeria’s capital market.Īs the premier CCP in Nigeria, NG Clearing will facilitate the clearing and settlement of exchange-traded derivatives, manage counterparty risk, reduce systemic risk, and promote the safety and integrity of Nigeria’s capital market. ![]() This development is already causing a frenzy in the Nigerian financial services sector as the various stakeholders are anticipating this day because of the transformation it would bring to the ecosystem. All is now set for the formal launch of NG Clearing Limited, the first central counterparty (CCP) in West Africa, on Thursday, December 9, 2021.
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