The Securities and Exchange Commission (SEC), has approved the guidelines on trade execution on manually negotiated deal for fixed income securities by the Nigerian Exchange Limited (NGX).
The Fixed Income (FI) market provides access to both retail and institutional investors to trade fixed income securities listed by the Federal Government of Nigeria, the States, Corporates, as well as Supranational issuers on The Exchange.
The FI adopts an integrated straight-through trading and settlement process using best in class market infrastructure without trade failures known as NGX On-Manual Negotiated Deal.
NGX further stated: “These Guidelines on Trade Execution via NGX On-Manual Negotiated Deal Window for Fixed Income Securities provide guidance to approved Trading License Holders for the use of the Neg-Deal Window to execute their trades on bilateral pre-agreed terms; and shall be read in conjunction with The Rules of The Exchange, and such other Rules or Guidelines as the Securities & Exchange Commission (SEC), NGX and other relevant regulatory authorities may introduce to regulate the fixed income securities market from time to time.’’