Thomson Reuters (NYSE:TRI) has unveiled a new foreign exchange (FX) Central Limit Order Book (CLOB) in Nigeria, helping bolster access to liquidity in the country’s financial market – the move will also help provide the Central Bank of Nigeria (CBN) with more latitude to help police and manage its domestic markets, according to a Thomson Reuters report.
The launch of Thomson Reuters’ CLOB in Nigeria helps drive one of the fastest growing markets on the African continent, which will also strengthen the country’s financial solutions. In particular, the move will look to augment liquidity access in Nigeria’s FX market, which will also see Thomson Reuters working closely with the CBN and FMDQ OTC Securities Exchange, Nigeria’s paramount debt capital and FX securities exchange.
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The collective goal of the launch and collaboration will be to create a cohesive and comprehensive framework for the Nigerian FX market – additionally, the CLOB will also look to improve immediate trade reporting for on-shore entities to both the CBN and FMDQ.
According to Philip Weisberg, Global Head of FX, Rates and Credit at Thomson Reuters, in a recent statement on the launch, “Having an effective global FX trading network requires presence, not just in major, established trading locations, but also in smaller, emerging markets. Thomson Reuters is committed to further adding liquidity, transparency and seamless trading in the FX market by taking its market-leading FX trading and research capabilities and growing them across Africa and other emerging regions.”
“Working constructively with local financial regulators and other market participants, as well as having a strong understanding of local regulations and customs, is crucial to growth in emerging economies such as Nigeria. Thomson Reuters was able to draw upon its deep understanding of the local market to work with the CBN and FMDQ in establishing the CLOB at a pivotal time in the country’s economic cycle,” reiterated Kevin Gallagher, Head of Africa Financial & Risk Business division for Thomson Reuters.