Nigeria review fees for fixed income securities

The Nigerian Stock Exchange (NSE) on Thursday announced the revision of the listing and trading fees for securities listed and traded on its Fixed Income Market.

The revised fee structure which was effective Aug. 17 would be piloted for an initial six-month period, the NSE said in a statement made available to Xinhua.

The fee would be evaluated to determine if it had met the objectives after six months, the statement added, noting that the NSE will no longer charge trading fees on fixed income traded on its platform, under the structure.

The initial flat listing application fee of 0.15 percent for all bond types has been replaced with a variable listing application fee, the statement said.

According to the statement, under the new arrangement, corporate bonds exclusively listed on the NSE with existing equity listing will attract 0.01 percent listing application fee.

It said dual listed corporate bonds with existing equity listing and other corporate bonds would attract 0.0375 percent listing application fee.

According to the statement, the listing application fee for State and supra-national bonds have been reduced to 0.05 percent.

The statement said it also replaced the fixed brokerage commission of 0.0005 percent with a negotiable rate capped at one percent.

It said this would enable investors negotiate their trading commission with brokerage firms, thereby driving competition and best execution. Endit