OTC Market: UBA, Other Settlement Banks Sign Agreement With CSCS

United Bank for Africa (UBA) Plc in conjunction with other settlement banks appointed by the National Association of Securities Dealers (NASD) on Monday, June 10, 2013 signed an agreement with Central Securities Clearing System (CSCS) preparatory to the commencement of operations in July.

Directors of CSCS, The NASD and four settlement banks including UBA Plc, Guaranty Trust Bank Plc, Access Bank Plc, and Sterling Bank Plc signed the agreement for the CSCS to act as clearing and depository for NASD trades. Treasurer, UBA Plc, Mr. Emmanuel Onokpasa signed the agreement on behalf of UBA at a ceremony which held at the office of NASD located on the 9th floor of UBA House in Lagos.

 The objective of the NASD Limited is to facilitate the secondary market trading of all non-quoted securities in the West African region and also in the process stimulate capital market growth. The company brings together issuers, investors, accredited dealers, stockbrokers, banks, central clearing systems, private equity and venture capital firms and depositories with a view to increasing liquidity in the non-quoted segment of the long term funding market.

 The NASD is approved by the Securities and Exchange Commission (SEC) to operate an over-the-counter (OTC) in Nigeria, which investors in unlisted companies can trade their securities.

 With operations in 19 African countries and presence in New York, London and Paris, UBA provides banking services to over 7 million customers through expansive retail distribution outlets. Its ability to deliver tailored financial solutions based on high-value customized products and services sets it apart from peers.

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