Market Surveillance

MARKET SURVEILLANCE

The Nigerian Stock Exchange is committed to maintaining a fair and orderly market. The Market Surveillance and Investigation Department is a key department within the Regulation Division and its mission is to protect the integrity of the capital market from fraud, manipulation and abusive practices in ensuring fair and orderly market and investors protection. The Market Surveillance & Investigations team closely monitors all market activity on The Exchange to cultivate an open, competitive, transparent, and financially sound market.

NSE utilizes a robust surveillance system in identifying and investigating potential market abuse and infractions on NSE rules and securities laws.

Areas of focus include:

Inside trading
Market manipulation
Pump and dump
False press release
Investors abuse
Deceptive media campaigns, paid promotions or analyst recommendation
Churning
Circular or triangular trade
Front running
Violations of securities trading rules governing members, etc

In supporting the global cooperation against market abuse, The Nigerian Stock Exchange joined the Inter-market Surveillance Group (ISG) in 2013. ISG is an international group comprising of securities exchanges, market centers and market regulators that perform front-line market surveillance within their respective jurisdictions. The NSE's membership validates its strong commitment to operating at high standards.

In 2014, NSE launched X-Whistle, a Whistleblowing portal for secure and effective submission of information relating to violations of rules and regulations in the Nigerian capital market. The NSE whistleblowing portal (X-Whistle) allows any person, on an anonymous basis, to raise genuine concerns about unethical or unlawful conduct by market participants with the objective of protecting market integrity.

As the market continues to evolve, with the introduction of new asset classes such as derivatives, increasing number of participants and trade channels, NSE recognized the need to upgrade its surveillance tools. The NSE has launched a market surveillance platform powered by SMARTS, Nasdaq's flagship surveillance solution. A world-class market surveillance technology to proactively monitor market manipulation (including spoofing and layering), detect and deter manipulative tendencies, gather intelligence, carry out traders’ monitoring and analysis, conduct multi-asset and cross-market surveillance, and execute risk-based supervision of flagged participants.

If you have any further questions, please contact us on:

Market Surveillance Department
The Nigerian Stock Exchange
2-4 Customs Street, Lagos
Tel: +234-1-4638333-5
Call Center: 0700CALLNSE (07002255673)
Email: Market_Surveillance@nse.com.ng or contactcenter@nse.com.ng