Market Infrastucture and Technology

Terms of reference


1. Examine and provide a comprehensive report on the current state of the market infrastructure and technology employed in the Nigerian Capital market.

· Provide suggestions on how to adapt internationally accepted infrastructure and technology to Nigerian conditions or where appropriate suggest methods of training or retraining market participants to enable them effectively utilize the infrastructure and technology

· Research on and proffer ways (in terms of change in infrastructure and technology) by which the Nigerian Market can avoid the recent Nigerian capital market crisis, increase transparency, reduce systemic risk and drive down the cost of trading, centralized clearing, automation of trading, and new trade reporting regime.

· Automation of pre- and post – trading services. Examine and suggest the technology and infrastructure for centralized clearing, automation of trading, and new trade reporting regimes.

· Addressing connectivity challenges of market operators.

2. To create awareness among capital market operators on information technology security issues as they occur within and outside our jurisdiction.

· To benchmark information technology security practices obtainable in the Nigerian capital market against best practice to improve the control, management, and security of information technology assets by market operators.

· To make recommendations on information security best practice for the market.

3. To provide guidance to the Commission on the establishment of an improvement in Disaster Recovery/Business Continuity Planning by the SEC and market operators

4. Review and recommend minimum infrastructural and capacity requirements for market operators, and also enhance capacity in the industry

5. Recommend minimum standards for information technology, security and infrastructure for the OTC market.

6. Explore the development of shared services to reduce cost of doing business in the capital market.

7. To advise on critical infrastructure for the surveillance of the market

8. Other terms that the CMC may delegate to the sub-Committee to work on to develop the capital market using IT