The Nigerian Stock Exchange (NGSE) is the latest bourse to be admitted by the Intermarket Surveillance Group (ISG) as the alliance recently informed The NGSE that its application to join the ISG was successful after a rigorous review process.
The admission of the NGSE to the ISG is an indication that the NGSE’s surveillance capacity is of international standard and will contribute to raising investor confidence in the Nigerian capital markets.
Ms. Tinuade Awe, Head of the Legal and Regulation Division of The Exchange noted that it is a thing of pride that The NGSE is the first African Stock Exchange to become a member of the ISG. “Membership of the ISG will enable The NGSE to exchange market surveillance information with other ISG members and strengthen its capacity in this area” said Awe.
Shedding more light on the development, the Head of Market Surveillance at The NGSE, Mr. Abimbola Babalola shared “The Nigerian bourse looks forward to sharing best practices with other ISG members, benchmarking our surveillance program against best markets worldwide and taking appropriate steps to ensure that our market is well monitored with infractions at a minimal level.”
Membership of the ISG is open to all securities exchange and capital market regulators that meet the qualifying criteria with respect to market surveillance capacity, right to information arrangements, and freedom of sharing information with other members.
About the ISG
The ISG is an international group comprised of securities exchanges, market centres and market regulators that perform front-line market surveillance in their respective jurisdictions.
Established in the 1980s, the ISG aims to provide coordination and development of programs and procedures to identify possible fraudulent and manipulative activities and to provide an avenue for information sharing among its members.
Currently, the ISG has fifty-two members, including the New York Stock Exchange (NYSE), NASDAQ, London Stock Exchange, and FINRA.
