Nigeria’s Exchange Partners NASDAQ To Check Market Manipulations

In its continued determination to rid the nation’s bourse of any remaining vestige of manipulation, the management of the Nigerian Stock Exchange (NSE) on Monday announced the launch of a new market surveillance platform in conjunction with U.S. and world’s second largest stock market by capitalization- NASDAQ (National Association of Securities Dealers Automated Quotations).
The platform, powered by SMARTS, Nasdaq’s flagship surveillance solution, according to a joint statement by both exchanges, will “enable NSE to proactively monitor market manipulation (including spoofing and layering).
It would also help in the detection and deterring of “manipulative tendencies, gather intelligence, carry out traders’ monitoring and analysis, conduct multi-asset and cross-market surveillance, and execute risk-based supervision of flagged participants.”
The statement quoted Tinuade Awe, General Counsel and Head of Regulation, NSE as saying with the entry of the Nigerian bourse into “the growth phase of the development of our market, including the introduction of new asset classes such as derivatives, there will be the imperative of processing significant volumes of market information in real-time to detect anomalies.
“The SMARTS technology, which we have successfully deployed, allows our team to
proactively analyze patterns and trends to make sense of the vast amounts of data for investigative purposes and protection of investors, while strengthening the integrity of our market.”
Also commenting on the deal, Tony Sio, Head of Exchange & Regulator Surveillance, Market Technology at Nasdaq noted that “through SMARTS, NSE is leveraging the latest in surveillance technology and demonstrating its commitment to fostering a strong marketplace.
“SMARTS performs universal surveillance of all asset classes and provides a strong platform for NSE to develop new products such as derivatives. We look forward to
a long partnership with the NSE as the Nigerian markets evolve,” he added.
Nasdaq SMARTS Surveillance solutions have been the industry benchmark for real-time, cross-market, cross-asset surveillance for over 22 years and has been deployed by over 3,500 compliance professionals around the world and currently powers surveillance at 47 marketplaces, 17 regulators and more than 140 market participants across 65 countries.

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