Three months after it hit 1 billion mark in value of trades in September 2014, NASD OTC market has recorded over 2 billion in trade value. The mark is a cumulative effect of and increasing preference investors have for transparency and participating institutions recognition of the liquidity the market affords.
This number is significant because it represents deals that hitherto would not have been captured by SEC, tax authorities, economic planners and analysts. The NASD OTC market is therefore creating an opportunity for both institutional and individual investors to accept and use the same data and get a clearer perspective of the investment terrain.
“NASD OTC recognises the indispensable contributions of participating Institutions, registrars, custodians and all other operators who have started the development of this market. Some contributed directly by trading through the system and a great many have been invaluable in testing, fine tuning and advertising the market,” NASD said in a statement.
“We appreciate all players in the OTC market and look forward to more liquidity and transparency in the OTC market in Nigeria.”
NASD has also welcomed 10 new participating institutions to the OTC market enabling them to transparently represent the interest of their clients. This brings the total number of participants on the OTC market to 87 broker/dealers and 23 Issuing houses.
Participating institutions are operators who are licensed to trade on and introduce securities to the OTC market. These firms have undertaken to operate in the best interest of their clients and are subject to the rules of the market.
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