By Eyo Nsima

The Securities and Exchange Commission (SEC) has approved NG Clearing Limited (NG Clearing) registration to perform the function of a Central Counterparty (CCP) from June 7, 2021.

Speaking on the issuance of the license, the Chairman of NG Clearing, Mr. Oscar Onyema, said: “NG Clearing will deliver an unparalleled CCP experience for the Nigerian financial and capital markets and will optimize the deployment of its resources to achieve long-term value creation for its stakeholders using a state-of-the-art risk management framework, which complies with global best practices for mitigating settlement risk”.

Similarly, Managing Director, NG Clearing, Mr. Tapas Das, said “NG Clearing shall be playing a key role in the financial market ecosystem in the region, upholding stability and safety of the marketplace, through efficient and timely settlement of derivative trades. The aim is to strengthen the country’s investment environment through solutions that systematically reduce risks, enhance operating efficiency, and minimize costs for all market participants, thereby serving as a catalyst to national development.”