Central Securities Clearing System

The Central Securities Clearing System (CSCS) is a public limited company incorporated on 29 July 1992 under the Companies and Allied Matters Act 1990 and commenced operations on 14 April 1997. CSCS operates a computerised depository, clearing and settlement system for securities transactions in the Nigerian Capital Market. Transactions executed on the Nigerian Stock Exchange (NSE) and OTC platforms (NASD and FMDQ) settle at CSCS. CSCS acts as a depository for equities, corporate bonds, federal government savings bonds, ETFs, REITs and mutual funds. As part of Project Meridian, CSCS migrated its core clearing and settlement software to TCS BaNCS on 23 October 2017. CSCS is regulated by the Securities and Exchange Commission (SEC) and is registered by the Corporate Affairs Commission. The activities of CSCS are governed by the Investment and Securities Act 2007, the Companies and Allied Matters Act 2004, and by the SEC Rules.