Press Release January 25 2013

In the Nigerian Stock Exchange’s quest to further deepen the capital market and its focus on product diversity, the management of The Exchange has concluded plans to introduce Market Making Initiative for the fixed income securities on The Exchange as a follow up to the successful introduction of market making on equities.

As part of activities heralding the kick-off of the Fixed Income Market Making (FIMM) programme on The Exchange, a market-wide workshop has been slated for January 29, 2013 to intimate market stakeholders with the rules and operational guidelines of FIMM.

According to the Head, Product Management of the NSE, Mr Dipo Omotoso, the workshop will bring together experts in Fixed Income Market Making with other key capital market participants such as broker/dealers, settlement banks, Pension Fund Administrators, Insurance companies and regulatoryauthorities. About 400 participants are expected to take part in the workshop.

Offering an insight on the initiatives, Omotoso said that The NSE FIMM programme will operate a ‘hybrid’ market which will allow Fixed Income Market Makers to provide two way quotes and licensed broker/dealers of The Exchange to submit orders as it is currently done. “These quotes and orders interact on the order book to “discover’ the best price for a security”.

He explained further that The Exchange is introducing FIMM programme to enable   flexibility and ease of trading; transparency; diversification; additional income stream as well as improved liquidity in retail side of bond market.

Wole Tokede                                                                      

Head | Media Relations

The Nigerian Stock Exchange

Stock Exchange House | 2-4 Customs Street | Lagos| Nigeria

Tel: +234-1-4485851 | Mobile: +234 (0) 803 318 1574  

Email: wtokede@nse.com.ng

Visit our Website –http://www.nse.com.ng