By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange (NSE) Thursday said it’s seeking for proposals for feasibility study on the introduction of Exchange Traded Derivatives (ETDs) on its Bourse.

According to the NSE, copies of the detailed Request for Proposals (RFP), including a description of the requirements to be provided by respondents, the minimum content of responses, and the factors to be used to evaluate the responses, can be obtained by contacting the Executive Director Business Development Division of the Exchange.

The NSE said it has decided to increase its product offering to five asset classes in five years. “This warrants that an initial study be conducted for the development of derivative products in our capital markets based on the international experience of developed and emerging capital markets,” the NSE said.

The NSE further affirmed that all responses in respect of the proposals for feasibility study on the introduction of ETDs must be submitted by 15:00 hours on Friday October 18 2013.

This is coming on the heels of the presentation of a memorandum to the Senate Committee on Capital Markets to replace the Chartered Institute of Stockbrokers (CIS) Act 2004 with the Chartered Institute of Securities and Investment Bill 2013 (CISI).

According to the NSE, apart from replacing the CIS Act 2004 with the CISI bill 2013, the new bill seeks to modernize and broaden the scope of operations of the Institute to include Securities and Investments which otherwise is restricted to traditional stockbroking activities or buying and selling of stocks.