Institutional Trading and Execution in Nigeria: Broker-Selection Checklist

An institution evaluating securities trading or execution services needs a verified provider, a defined mandate and clear operational controls. Agency execution, dealing as principal and proprietary trading have different purposes and conflicts. Wigmore Trading accepts preparatory research and commercial-support enquiries. This guide does not offer order execution, custody, portfolio management or a regulated broker-dealer service through Wigmore.

Define the service and instrument

State the market, asset type, intended service and institution’s role. A request for financial-market liquidity is different from a request to execute an approved order. Separate investment advice from the operational execution function. Do not assume that a provider authorised for one service or market can supply every securities, currency or derivative service.

Check status before discussing a mandate

Verify the legal provider and relevant registered function using the SEC register. For exchange trading, confirm the applicable market authority and access requirements with the responsible provider. A public website, technology integration or general business registration does not establish broker-dealer permission or custody authority.

Compare the execution arrangement

Ask how instructions are accepted, validated, authorised and confirmed. Clarify supported order conditions, market access, available reporting and the treatment of errors or interruptions. Have qualified advisers assess the applicable obligations and client agreement. Do not infer guaranteed completion or a particular price from the phrase “institutional execution”.

Fees, settlement and reconciliation

Obtain an itemised schedule covering the actual service, market and instrument. Identify commissions, applicable charges, taxes and any other relevant costs through the qualified provider. Agree how confirmations, settlement obligations and reconciliations are handled. A displayed trade price is not necessarily the complete transaction cost or proof that settlement has completed.

Conflicts, confidentiality and controls

Ask whether the provider may act as principal, use affiliates or supply other services that create conflicts. Define information access, authorised contacts and escalation. Confidential orders and account details should move only through approved provider channels. Do not send them to an intermediary as part of a casual sales conversation.

Assess electronic-trading claims

A software platform does not create trading permission. Verify the actual operator, supported functions, access controls, resilience and incident procedures. Request a controlled demonstration using appropriate test information. Confirm which functions depend on third parties and how records can be exported if the service ends.

Prepare a provider-research enquiry

Send Wigmore a non-sensitive description of your organisation’s role, markets, service needs and intended procurement timetable. We can help organise preparatory research and questions for qualified professionals, with the available scope confirmed. This page is not a recommendation to buy or sell a security, an invitation to transfer money or an acceptance of a trading instruction.