The Nigerian Exchange (NGX) Limited has announced has received approval for seven derivatives contracts from the Securities and Exchange Commission (SEC) on June 28.
The NGX Chief Executive Officer, Mr Temi Popoola, said on Friday in Lagos that the approved contracts were Access Bank Plc Stock Futures, Dangote Cement Plc Stock Futures, Guaranty Trust Bank Plc Stock Futures, MTN Nigeria Communications Plc Stock Futures, Zenith Bank Plc Stock Futures, NGX 30 Index Futures, and NGX Pension Index Futures.
He noted that the announcement followed the successful registration of NG Clearing by SEC, as a premier Central Counterparty, effective June 7.
According to him, with these approvals, NGX is inching closer to launch West-Africa\u2019s first Exchange Traded Derivatives (ETDs) supported by NG Clearing in the risk management process.
\u201cThe launch of the derivatives market aligns with our commitment to build a market that thrives on innovation and responds to the needs of stakeholders in accessing and using capital.
\u201cWe are, therefore, excited about the prospects of deepening Africa\u2019s position in the global financial markets through ETDs.
\u201cAs well as enhancing liquidity and mitigating against price, duration and other financial risks that may arise from sophisticated financial transactional activities,\u201d he said..<\/p>\n\n\n\n