Nigeria’s Premier Central Counterparty, NG Clearing Limited, Acquires Clearing, Settlement Technology for its Operations

Jan 19, 2021 | News & Announcements

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Following the receipt of an approval in principle from the Securities and Exchange
Commission (SEC) in September 2020, to clear and settle exchange traded derivatives
instruments, Nigeria’s premier central counterparty, NG Clearing Limited, today announced
that it has signed an agreement with a leading software development firm, Mantissa Infotech
Private Limited, for the development, implementation and maintenance of bespoke clearing
and settlement technology for its operations.

Speaking on the development, the company’s Managing Director & Chief Executive Officer,
Mr. Tapas Das, said: “We are very excited about this deal, as the deployment of the
technology platform puts us in a position to commence operations as soon as we receive final
approval from the SEC. The technology platform will support the clearing and settlement of
derivative instruments across various asset classes i.e., futures and options contracts on
indices, equity shares, commodities, currency, rates etc.

“Mantissa’s vast experience and end-to-end capability in providing a suite of bespoke
technology solutions to leading exchanges and clearing houses in India comes in very handy,
having provided both the trading and the clearing & settlement software for 14 years to the
National Multi-Commodity Exchange of India Limited (NMCEIL), which was the first national
level commodity exchange in India, until NMCEIL was merged with Indian Commodity
Exchange Limited (ICEX) in 2018.

“Mantissa’s broad experience from providing its technology service to various market
infrastructure, including NMCEIL, Metropolitan Stock Exchange of India Limited (MSE),
Metropolitan Clearing Corporation of India Limited (MCCIL) and ICEX, has been beneficial in
the development of the state of the art technology and we expect that our stakeholders will
find the technology very versatile and useful.”

NG Clearing Limited is promoted by The Nigerian Stock Exchange and Central Securities
Clearing System Plc along with key stakeholders like the Nigeria Sovereign Investment
Authority, Access Bank Plc, Consonance Kuramo Special Opportunities, Coronation Merchant
Bank Limited, Greenwich Merchant Bank Limited, Union Bank of Nigeria Plc, United Bank for
Africa Plc and Association of Securities Dealing Houses in Nigeria.

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