No viable derivatives market without regulatory, stakeholders’ capacity - SEC

Nigeria will not have a viable derivatives market without building the capacity of the regulator and other stakeholders, said Mary Uduk, Acting Director General, Securities and Exchange Commission (SEC).

Uduk made this remark on Wednesday 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 Securities and Exchange Commission.

“The Knowledge Sharing Programme represents what Korea has to offer the world. Once a povertystricken-country, the Korean people have built one of the most thriving market economies. Korea now also boasts the 11th largest economic growth country in the world”, Intae Lee, Ambassador of the Republic of Korea said at the seminar.

He expressed confidence that the launching of the first KSP project will serve as a cornerstone for the bolstered economic cooperation between the two countries in the future.

The Ambassador said the programme envisages the bright future that the two great nations will continue to build together, particularly in the area of economic and developmental cooperation. With that vision in mind, he said Korea has abundant developmental knowledge and experiences to share with Nigeria.

The KSP which is on “Capacity Building on Operation and Regulation of Financial Derivatives Markets in Nigeria” is based on the following topic areas: Development of Nigerian Derivatives Market, Operation, Surveillance, and Supervision on the Derivatives Market, Monitoring and Surveillance on Derivatives Market of Nigeria and Establishment of ICT infrastructure for Financial Derivatives Market.

Through the KSP, Korea shares with Nigeria the recipes for the success of its derivatives market. Through the KSP, Korea offers the secrets behind her success to Nigeria so as to walk together the paths toward greater prosperity, affluence, and success.

Speaking further at the seminar, the Acting DG disclosed that the Commission will welcome any collaboration with the Republic of Korea to digitalise operations in the Commission and the market.

“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,” She added.