SEC DG harps on condition for a viable derivatives market

The Securities and Exchange Commission, SEC, said that the country will not have a viable derivatives market without building the capacity of regulators and stakeholders.

While expressing appreciation to the Republic of Korea on its pledge to assist in developing Nigeria’s derivatives market through a knowledge sharing programe, Acting Director General of SEC, Mary Uduk, said the Commission will welcome any collaboration with the Koreans in digitalizing operations in the Commission and the market.

She stated: “The entire capital market is embracing financial technology and here at the SEC we are working on automating our processes to improve our regulatory work and we are open to collaborations to make this happen.’’

In a goodwill message at the official opening of a Seminar on the Operations and Regulations on Derivatives Market in Nigeria under the Knowledge Sharing Programme, KSP, held at the Head office of the SEC in Abuja, Ambassador of the Republic of Korea, Mr. Intae Lee, pledged his country’s continued and effective collaboration with Nigeria to ensure the nation attains its economic development goals.