NG Clearing Limited acquires clearing, settlement technology for Exchange Traded Derivatives operations

Nigeria’s premier central counterparty, NG Clearing Limited has signed an agreement with a leading software development firm, Mantissa Infotech Private Limited, for the development, implementation and maintenance of bespoke clearing and settlement technology for its operations.

This development comes on the heels of receipt of an Approval-In-Principle from the Securities and Exchange Commission (SEC) in September 2020, to clear and settle exchange-traded derivatives instruments.

NG Clearing Limited is promoted by The Nigerian Stock Exchange and Central Securities Clearing System Plc along with key stakeholders like the Nigeria Sovereign Investment Authority, Access Bank Plc, Consonance Kuramo Special Opportunities, Coronation Merchant Bank Limited, Greenwich Merchant Bank Limited, Union Bank of Nigeria Plc, United Bank for Africa Plc and Association of Securities Dealing Houses in Nigeria.

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NG Clearing was established to support growth and development in the Nigerian Capital Market, as the gateway to African Markets.

Speaking on the development, the company’s Managing Director & Chief Executive Officer, Tapas Das, said: “We are very excited about this deal, as 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’s vast experience and end-to-end capability in providing a suite of bespoke technology solutions to leading exchanges and clearing houses in India come in very handy, having provided both the trading and the clearing & settlement software for 14 years to the National Multi-Commodity Exchange of India Limited (NMCEIL), which was the first national-level commodity exchange in India until NMCEIL was merged with Indian Commodity Exchange Limited (ICEX) in 2018.

“Mantissa’s broad experience from providing its technology service to various market infrastructure, including NMCEIL, Metropolitan Stock Exchange of India Limited (MSE), Metropolitan Clearing Corporation of India Limited (MCCIL) and ICEX, has been beneficial in the development of the state of the art technology and we expect that our stakeholders will find the technology very versatile and useful.”

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.