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Monday, October 06, 2014

NSE to Launch DMA in Nigerian Capital Market!!!

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In furtherance of the plans by the West African Capital Market Integration (WACMI) to integrate stock markets in West Africa, the Nigerian Stock Exchange (NSE ) has said it plans to support Direct Market Access (DMA) as an interim step to the implementation of Sponsored Access in West African stock market.
According to a statement by the NSE, in Phase 1, brokers in WACMI member countries will now be able to trade securities and settle in markets other than theirs through local brokers in those domestic markets.
The NSE said the main objective of Phase 1 is to enable brokers that are not registered market operators in Nigeria to participate in the market by granting them remote access to the NSE’s trading facility through a local Dealing Member Firm.
According to the NSE, “With DMA, a Dealing Member Firm (Sponsoring Member or SM) can allow a Sponsored Participant (SP) to submit an order to the trading system under the member firm’s trading codes via the member firm’s order management systems (OMS). In the next sub-phase, Sponsored Access, unlike DMA, will allow a Sponsored Participant to submit orders under a Dealing Member Firm’s trading codes to the trading system without passing through a member firm’s order management systems; instead their orders pass through a series of validation checks provided by The Exchange and the orders are monitored by the member firm in real-time (i.e. Exchange’s infrastructure).

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