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OTC FAQ

Over-the-counter (OTC) securities are securities that are not listed on a major exchange in Nigeria and are instead traded via a broker-dealer network, usually because many are smaller companies and do not meet the requirements to be listed on a formal exchange.

  • About the NASD OTC Platform
How will trade on NASD OTC market be settled?

All trades will be settled through Central Securities Clearing System [“CSCS”] on T+3 basis (that is, Transaction date plus three days).

What are the official trading hours on the NASD OTC market?

Trades can be executed on NASD OTC market between the hours of 9.30 a.m. and 3.30 p.m. on weekdays (with the exception of public holidays)

Who are the regulators and operators in the NASD OTC market?

REGULATORS

  • The NASD Securities Exchange is regulated by the Commission and it is also a Self-Regulatory Organization [“SRO”].

OPERATORS

  • Broker/Dealers registered with NASD introduce securities and make market (either buy or sell).
  • Accredited Issuing Houses are licensed with NASD to provide financial and Investment advice to Issuers about participating on the OTC market.
  • 6 Settlement banks act on behalf of the Broker/ Dealers to ensure that all deals are settled and paid for on the appropriate transaction date.
  • Central Securities Clearing System [“CSCS”] is the central depository for NASD OTC market and ensures completion of delivery of transactions A list of all participants is available on our website
What is the NASD OTC platform?

The NASD OTC platform is an electronic inter-dealer quotation system that displays historical price data, current price quotes, and market depth information on all long-term securities registered by the Securities and Exchange Commission but not listed on any other exchange in Nigeria. The platform provides an avenue for securities to be traded without the issuer being listed thereby providing more transparency and ultimately liquidity to the shareholder and the capital market in general.

NASD facilitates internet trading. It has encrypted login access, security certificates, clustering and replication of environment for continuous market availability.

What is the ownership structure of NASD?

NASD is currently owned by fifty-nine (59) capital market operators in Nigeria and has an authorised Share Capital of N500 Million. Being a public company however, the shares are freely transferable to any interested investor and may be bought on the OTC market when available.