Nigeria securities regulator invites bids for a real-time surveillance system
The Nigerian Securities and Exchange Commission (SEC) invites bids for the supply, installation, and deployment of an automated real-time surveillance system for securities markets.
Specific goals: The Nigerian SEC is looking for a surveillance solution that covers market monitoring across all existing and future trading platforms and all tradable securities and products.
The problem in question: The current absence of real-time monitoring of trading activities makes exchanges and trading platforms susceptible to infractions when it comes to the trading of securities.
Broader context: The invitation for bids comes as the SEC undergoes a wider project of digital transformation, seeking to improve efficiency of surveillance, boost investor confidence, and increase the competitiveness of Nigerian capital markets.
The relevant criteria: Eligible bidders must fulfill various criteria that, among other things, demonstrate the firm is sufficiently embedded in the African market and has carried out similar projects successfully in the past. Bids must be received by October 17, 2023.
Closely related: The Nigerian SEC recently proposed an expanded definition of an inter-dealer broker to include financial intermediaries that operate in exchange-traded derivatives markets. This comes in addition to the current definition that covers intermediaries in over-the-counter derivatives and bond markets. This change in scope aims to deepen market liquidity and sophistication.
Bloomberg
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