JP Morgan Chase to Help Develop Derivatives Market in Nigeria

Ricardo Esteves

Ricardo Esteves has seen business and economics through many lenses. He joined the Financial Services Industry in 2009, and has been a financial journalist since 2011. He holds a degree in Business Administration and has experience producing real-time news, from both buy-side and sell-side, as well as for retail traders, brokers and service providers. Esteves' work has appeared in a variety of online publications including FX Street and FinanceFeeds.

JP Morgan Chase

JP Morgan Chase to Help Develop Derivatives Market in Nigeria

August 23, 2019

JP Morgan ChaseJP Morgan Chase is collaborating with the Nigerian Stock Exchange in order to promote the development of derivatives in Nigeria by helping to bridge the knowledge gap on derivatives investments and trading strategies, through knowledge transfer.

The sixth-largest bank in the world by total assets as of 2018 will facilitate in-depth capacity building programme in what is expected to deepen the derivatives market, enhance liquidity and help mitigate against price, duration and other financial risks that may arise from sophisticated financial transactional activities.

Following a market-wide feasibility study concluded in 2014, which pointed to prospects for product creation in the equity, debt, currency, energy and commodity markets in Nigeria, the exchange started the derivatives project in 2015.

On Wednesday, a team from JP Morgan Chase led by Leenart Sjoerd, Global Head of Corporate Bank & Head, CEEMEA, visited the Exchange and were honoured with a Closing Gong ceremony.

In 2018, NSE signed an agreement with Nasdaq in order to utilize its matching engine technology for its equity and fixed income market for an additional five years.  NASDAQ’s SMARTS Market Surveillance allows exchanges to monitor market manipulation including spoofing and layering.

Nigeria Stock Exchange was founded in 1960 and services the largest economy of the African continent. The exchange has been a client of NASDAQ since 1997.

The operator has recently launched an artificial intelligence (AI)-powered chatbot that responds directly and automatically to inquiries through Facebook Messenger. The bot is the first African
securities exchange Chatbot designed to provide market participants with convenient, faster, and real-time access to data and information from the operator. The introduction of X-Bot is in line with the NSE’s drive to improve market participation through greater access to market information.

JP Morgan Chase & Co has recently opened a flagship branch in Midtown Manhattan, New York City. This is the first of many more similar branches to come in the near future, as the bank is now modernizing and expanding its banking network across the US from the age-old brick and mortar – teller stations behind glass plate system.

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