NSE makes history, becomes first African stock exchange to join Intermarket Surveillance Group

The Nigerian Stock Exchange (NSE) on Wednesday became the first African stock exchange to join the Intermarket Surveillance Group (ISG).

NSE in a statement in Lagos said its admission into the group was a product of a rigorous review process.

ISG is an international group comprising securities exchanges, market centers and market regulators that perform front-line market surveillance within their respective jurisdictions.

It was established in the 1980s to provide coordination and development of programmes and procedures to identify possible fraudulent and manipulative activities.

It also offers an avenue for information sharing among members.

Currently, the ISG has 52 members, including the New York Stock Exchange (NYSE), NASDAQ and London Stock Exchange, among others.

The statement said that admission of NSE was an indication that its surveillance capacity was in line with international standard.

It said that the admission would boost investor confidence in the Nigerian capital markets.

The Head, Legal and Regulation Division, NSE, Ms Tinuade Awe, said 'it is a thing of pride that NSE is the first African Stock Exchange to become a member of the ISG.”

Awe said in her reaction to the development that membership of the group would enable NSE exchange market surveillance information with other ISG members and to strengthen its capacity.

Also speaking, Mr Abimbola Babalola, NSE Head, Market Surveillance, said that the nation’s bourse would benchmark its surveillance programme against the best markets in the world.

Babalola said the exchange would map out appropriate steps to ensure that “the market is well monitored with infractions at a minimal level.”

ISG membership is open to all securities exchange and capital market regulators that meet the qualifying criteria with respect to market surveillance capacity.