THE NIGERIAN STOCK EXCHANGE AND THE CENTRAL SECURITIES CLEARING SYSTEM PLC FORMULATE NEW REGIME ON TRANSACTION CHARGES RECEIVED FROM STOCK BROKING FIRMS
Please be informed of the introduction of a new remittance regime for transaction charges being made to the Nigerian Stock Exchange ('NSE') and the Central Securities Clearing System PLC ('CSCS') in respect to trades consummated on the floor of The Exchange.
This new regime has become necessary owing to the current length of time taken before Stock Broking Firms meet their financial obligations to the NSE and CSCS.
Under the new regime, CSCS shall be mandated to immediately credit commissions for the NSE and CSCS to designated Special Purpose Accounts on behalf of both entities whilst giving the Stock Broking Firms a 5(five) day period at the end of each month to enable them carry out their reconciliation of transactions made.
A commencement date for this regime shall be communicated soon after same has been determined by The Exchange.
- Signed by Management of NSE and CSCS -