Trading in securities listed on The Nigerian Stock Exchange (“The Exchange”) is executed through Dealing Members of The Exchange. To be eligible for membership, Broker-Dealers must meet specific requirements set by The Exchange. These requirements are stated in the Rules for Registration as a Dealing Member of The Nigerian Stock Exchange.

Upon approval of a prospective Dealing Member's application, and fulfilment of the requirements for commencement of operations as a Dealing Member (including but not limited to the requirements of the Minimum Operating Standards​, a Dealing Membership License will be granted to the firm. 

As a provision of membership, each Dealing Member is charged an annual fee which covers (a) maintenance of trading terminals (b) rented "space" on the trading floor, (c) Dealing Membership fee and (d) Authorized Clerkship subscription per Authorized Dealing Clerk.

Authorized Dealing Clerks (Stockbrokers)
Dealing Members require the services of Authorized Dealing Clerks to access The Exchange’s trading terminals. These stockbrokers act on behalf of Dealing Members to access the market and assist investors in buying, selling or dealing in securities. The stockbrokers can only execute trades on The Exchange using the unique identification code assigned to them.

To be eligible for admission as an Authorized Dealing Clerk, the individual must:
  • have the relevant qualifications and have undergone training recognized and prescribed by The Exchange;
  • be registered with The Exchange;
  • not be less than twenty-one (21) years old;
  • be of good character and integrity;
  • agree to comply with such other requirements for membership as Council may prescribe from time to time;
  • be recommended by a Dealing Member who will be liable for all transactions made on its behalf on The Exchange by the Authorized Clerk; 
  • be registered as a market operator under the Investment and Securities Act, 2007.

Sub Broker Model
A “Sub-Broker” is any entity registered by the Securities and Exchange Commission (SEC) as a Sub-Broker; and acts on behalf of a dealing member as its agent for assisting investors in buying, selling or dealing in securities through such Dealing Member.​ Learn more​