Nigerian Exchange Limited (NGX) offers its Trading License Holders an efficient, transparent and well-regulated marketplace for the execution of trades in securities listed on NGX. It provides an opportunity for the Trading License Holders to connect their clients to exciting investment options in the Capital Market.
As a Trading License Holder, you will benefit from NGX’s high-performance, robust and scalable, multi-asset, multi-market matching trading engine (X-GEN), while enjoying first-class services combined with superior support.
All Trading License Holders of NGX are governed by the Rules and Regulations Governing Trading License Holders and compliance to the rules are paramount.
How To Become A Member
Trading in securities listed on The Nigerian Exchange (NGX) is executed through Trading License Holders of NGX. To be eligible for membership, Broker-Dealers must meet specific requirements set by NGX. These requirements are stated in the Rules for Registration as a Trading License Holder of The Nigerian Exchange.
Upon approval of a prospective Trading License Holder’s application, and fulfilment of the requirements for commencement of operations as a Trading License Holder (including but not limited to the requirements of the Minimum Operating Standards, a Trading License Holdership License will be granted to the firm.
As a provision of membership, each Trading License Holder is charged an annual fee which covers (a) maintenance of trading terminals (b) rented “space” on the trading floor, (c) Trading License Holdership fee and (d) Authorized Clerkship subscription per Authorized Trading Clerk.
To be eligible for admission as an Authorized Trading Clerk, the individual must:
- have the relevant qualifications and have undergone training recognized and prescribed by NGX;
- be registered with NGX;
- not be less than twenty-one (21) years old;
- be of good character and integrity;
- agree to comply with such other requirements for membership as Council may prescribe from time to time;
- be recommended by a Trading License Holder who will be liable for all transactions made on its behalf on NGX by the Authorized Clerk;
- be registered as a market operator under the Investment and Securities Act, 2007.
A “Sub-Broker” is any entity registered by the Securities and Exchange Commission (SEC) as a Sub-Broker; and acts on behalf of a Trading License Holder as its agent for assisting investors in buying, selling or trading in securities through such Trading License Holder. Learn more
| Product/Transaction Type | Basis of Computation | Charge (Naira) | |
|---|---|---|---|
| Trading License Holdership Fee | Annual | 40,000 | |
| Designated Adviser Application Fee | One off | 50,000 | |
| Designated Adviser Accreditation Fee | Biennial | 150,000 | |
| Trading License Transfer Fee | 6% of purchase consideration | ||
| Rent of Trading Floor | Annual | 35,000 | |
| Authorized Clerkship | Annual | 20,000 | |
| ATS Training Fee | Annual | 55,000 | |
| ATS Maintenance Fee | Annual | 200,000 | |
| Stock Market Report | Monthly subscription | 15,000 | |
| Trainee Clerkship Induction | Event | 35,000 | |
| Continuous Professional Development | Event | 30,000 | |
| Brokers Uniforms | Unit | 1,500 | |
| Brokers Badge | Unit | 2,000 | |
| Nominal Transfer Fee | 0.3% of value | ||
| Transaction Fees | Bond | N5 per million on buy side only | |
| Exchange Traded Fund | 0.3% of consideration on the SELL side | ||
| Equity | 0.3% of consideration on the SELL side | ||
| Training Fee | Depending on the Module | ||
| Investigation Panel Fee | Per Appearance | 100,000 | |