The Capital Markets (Licensing Requirements)(General) Regulations, 2025

9. Approval of securities exchange systems

Edition: 2025-12-11 · In force

(1)A trading system to be adopted by a securities exchange shall be approved by the Authority before such system is implemented.

(2)The trading system referred to in paragraph (1) shall—

(a)allow for all bids to purchase and offers to sell by trading participants to be exposed to each other;

(b)provide an opportunity to access live trading information by members of the public;

(c)provide a transparent and efficient pricing mechanism which—

(i)displays the best offer and bid prices

(ii)provides for matching;

(iii)displays the highest and lowest prices, the latest transactions as well as the volume of securities traded;

(iv)has an audit trail and trace back mechanism for all transactions;

(v)has sufficient internal controls and security measures to ensure that only authorized persons have access;

(vi)provides for integration with the Authority, a central securities depository system, trading participants and data providers; and

(vii)maintains records of all transactions and allows for retrieval of such records.