Abuja Securities and Commodity Exchange To Reopen In Nigeria On 25 July

The Abuja Securities and Commodity Exchange (ASCE) is to start operations on 25 July 2006.. It follows many years of postponements and false starts. According to a spokesman for Standard Bank in Nigeria, the corporate affairs manager of the exchange

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The Abuja Securities and Commodity Exchange (ASCE) is to start operations on 25 July 2006.. It follows many years of postponements and false starts.

According to a spokesman for Standard Bank in Nigeria, the corporate affairs manager of the exchange has confirmed that ASCE will start with a cash segment only, with futures trading to follow, but the exchange will eventually trade both securities and commodities.

“ASCE, which was initially established as a stock exchange, took off in 1999,” says the Standard Bank spokesman. “However, in 2001, the Federal Government converted it into a security and commodity exchange and it had to close shop to members of the public as its facilities were not configured to trade on commodities.”

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