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The Nigerian Stock Exchange (NSE) has announced that it will continue to leverage Nasdaq’s matching engine technology for its equities and fixed income markets for an additional five years. The NSE has been a client of Nasdaq, a leading global provider of securities trading, clearing and exchange technology, since 1997.

“Adopting best-in-class technology is vital for running our modern and competitive market as well as allowing us to stay agile in the face of an evolving ecosystem,” said Oscar Onyema, CEO of the Nigerian Stock Exchange. “The Exchange intends to remain at the forefront of innovation and will actively seek ways to leverage new technologies to drive the growth and development of our market. We are delighted to extend our matching technology contract with Nasdaq.”

He added that the NSE will also continue to utilize Nasdaq’s SMARTS Market Surveillance technology to monitor its market for manipulation, including spoofing and layering.

On July 17, 2017, the NSE announced the launch of the market surveillance platform powered by SMARTS, which is Nasdaq’s flagship surveillance solution. The technology enables the NSE to gather intelligence, carry out traders’ monitoring and analysis, conduct multi-asset and cross-market surveillance and execute risk-based supervision of flagged participants.

“By continuing to utilize the Nasdaq Matching Engine, (the) NSE is supporting African investors in creating durable wealth in the Nigerian market while providing seamless market access to international investors by leveraging our technology’s industry-standard connectivity protocols,” said Paul McKeown, Senior Vice President of Market Technology at Nasdaq.

Currently, Nasdaq’s market technology powers more than 250 of the world’s market infrastructure organisations and market participants, including broker-dealers, exchanges, clearinghouses, central securities depositories and regulators, across 50 countries.