UNITED Bank of Africa (UBA) Plc and Stanbic IBTC Plc have been appointed securities lending agents for equities and bond transactions at the Nigeria Stock Exchange (NSE).

An investigation by the News Agency of Nigeria (NAN) showed that the two banks emerged tops from the five commercial banks that submitted applica-tions for the scheduled market making activities.

Management sources at the Securities and Exchange Commission (SEC) and the NSE confirmed the appoint-ments to NAN, saying other banks would soon get license.

The source said the commission had reques-ted interested companies and firms to forward their operating credentials and formal applications for evaluation and subse-quent approval.

On market making, he said that the commission was scrutinising market making rules submitted by the NSE for regulatory due diligence and wide acceptance.

Confirming the licen-sing of UBA and Stanbic IBTC, another manage-ment source at the NSE said the two banks would quicken the take-off of market making activities.

According to him, the 10 appointed market markers had concluded arrange-ments for a workshop on market making activities for capital market stakeholders.

He said the workshop, coming on the heels of two securities lending agents, aims at ensuring proper understanding and acceptability of market making before its take-off.

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