Membership is granted to broker-dealers to enable them use the services of the Nigerian Stock Exchange (NSE). Broker-dealers must meet specific requirements set by the NSE to receive a dealing member license.
These requirements are detailed in the Application Requirements for Dealing Membership License document which is available from the Legal department
Upon approval of a dealing member's application, they are required to satisfy other requirements detailed in the Post-License Requirements document, also available from Legal.
Once these requirements are met, the dealing member is issued a ‘unique identification code’ by the Market Operations department which enables them trade on the NSE's platform.
As a provision of membership, each firm is charged annual fees which include (a) insurance and maintenance of trading terminal dues, (b) dues for rented "space" on the trading floor, (c) dealing member dues, (d) authorized clerkship (broker) dues for each broker they employ, and (e) a subscription to the NSE's Daily Official List.
Dealing members rely on authorized clerks (brokers) to service their clients (investors). These brokers can only execute trades using the member identification code issued the dealing firm by which they are employed.
Eligibility and Admission
To be eligible for admission, the individual must:
- Have passed an appropriate professional
examination as prescribed by law;
- Have qualifications and has undergone
training recognized and prescribed by The Exchange;
- Be registered with The Nigerian Stock
- Not be less than 21 years old and of good
character and integrity;
- Have agreed to comply with such other
requirements for membership as Council may prescribe from time to time; and
- Be recommended by a Dealing Member who will
be liable for all transactions made on its behalf on The Exchange by the