Nigerian CCP NG Clearing has signed an agreement with software development firm Mantissa Infotech for the development, implementation and maintenance of bespoke clearing and settlement technology for its operations. This follows preliminary approvals from Nigeria’s financial regulator to clear and settle exchange-traded derivatives instruments.
NG Clearing CEO, Tapas Das, said in a statement: “The deployment of the technology platform puts us in a position to commence operations as soon as we receive final approval from the SEC. The technology platform will support the clearing and settlement of derivative instruments across various asset classes i.e., futures and options contracts on indices, equity shares, commodities, currency, rates etc.”
Mantissa provides technology solutions to exchanges and clearing houses in India including software to the National Multi-Commodity Exchange of India Limited (NMCEIL), Metropolitan Stock Exchange of India (MSE), Metropolitan Clearing Corporation of India Limited (MCCIL) and ICEX. NG Clearing is promoted by The Nigerian Stock Exchange and Central Securities Clearing System along with key stakeholders like the Nigeria Sovereign Investment Authority, Access Bank, Union Bank of Nigeria and Association of Securities Dealing Houses in Nigeria.