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NSE joins International Surveillance Group

30 January 2014, 14:01

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

NSE said in a statement in Lagos that 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 market.

Tinuade Awe, Head of Legal and Regulation Division of NSE, said it was a thing of pride that NSE would be the first African Stock Exchange to become a member.

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

-    NAN


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