Nasdaq, an American stock exchange and financial technology provider, and the Nigerian Stock Exchange (NSE) announced this Thursday that they have once again signed a new technology agreement, which will allow the NSE to continue to utilize Nasdaq’s matching engine technology for its equities and fixed income markets for an additional five years.

Under the agreement, NSE, which services the largest economy in Africa, will also continue to leverage Nasdaq’s SMARTS Market Surveillance technology. This allows the exchange to monitor market manipulation, including spoofing and layering, the statement said.

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Commenting on the announcement, Oscar Onyema, OON, the Chief Executive Officer of NSE said: “We are delighted to extend our matching engine technology contract with Nasdaq.

“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. 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”.

Nasdaq Client Since 1997

NSE was founded in 1960 and is licensed under the Investments and Securities Act (ISA) and is regulated by the Securities and Exchange Commission (SEC) of Nigeria. The exchange has been a client of Nasdaq since 1997. One of its recent achievements was admitting the country’s first foreign exchange denominated bonds in March 2017.

“Over the course of our relationship, NSE has made—and continues to make—significant strides in innovation and revolutionizing Africa’s capital markets,” added Paul McKeown, Senior Vice President, Market Technology, Nasdaq.

“By continuing to utilize the Nasdaq Matching Engine, 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. We look forward to partnering with NSE in the years ahead.”