The Nigerian Exchange Limited (NGX) operates an Automated Trading System (ATS) platform with a central order book that allows Trading License Holders to participate on equal terms, competing on the hierarchical basis of Price, Cross and Time priority. NGX runs a hybrid market, allowing Trading License Holders to submit orders and Market Makers to submit two-sided quotes into the order book.
Market hours: 9.00 to 4.00
| SESSION | TIME | PARTICIPANT | ORDER TYPE | ACTIVITIES | ORDER DURATION | PRICE LIMIT |
|---|---|---|---|---|---|---|
| Pre-Open | 9:00am | Limit |
Order Entry/Amendment/Withdrawal Calculate TOP/TOV (visible to Market Control) |
Good Till Open | +/-10% | |
| Quotes |
Imbalance Publish TOP/TOV/Order Imbalance IO Order Entry IO Order Amendment (on imbalance side) Price Improvement One side MM orders |
Good Till Date Day Session |
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| Pre-Open IO | 9:25am | Limit | Order Entry/Amendment/Matching | Immediate | ||
| Continuous Trading | 9:30am | MM, Traders | Market | Order Entry | Day | |
| Crossing | Good Till Date | |||||
|
Negotiated Private FAK FOK AON |
Pre-close | |||||
| Quotes | ||||||
| Market | Good Till Close | |||||
| Pre-Close | 3:50pm |
Limit Quotes |
Calculate TCP/TOV (visible to Market Control) |
Good Till Date Day |
||
| Pre-Close IO | 3:55pm | Imbalance |
Publish TOP/TOV/Order Imbalance IO Order Entry IO Order Amendment (on imbalance side) Price Improvement One side MM orders |
Session | ||
| Close | 4:00pm | – | – | – |
| FEES TYPE | BUY SIDE | SELL SIDE |
|---|---|---|
| NGX FEE | – | 0.3% |
| CSCS FEE | – | 0.3% |
| TRADE ALERT FEE | N4.00 | N4.00 |
| SEC FEE | 0.3% | – |
| STAMP DUTY | 0.08% | 0.08% |
| OTHERS: BROKERAGE COMMISSION | 0.75 – 1.35% | 0.75 – 1.35% |
| VAT | (7.5% of Brokerage and SEC Fees) | (7.5% of NGX + CSCS + Brokerage Fees) |