Market-Making and Liquidity Services in Nigeria: Provider-Selection Guide

Market-making services concern a defined financial market, instrument and authorised provider role. An issuer or institution seeking liquidity support needs to verify the provider’s status and the actual programme before discussing outcomes. Wigmore Trading accepts preparatory commercial-research and provider-enquiry coordination requests. This page does not establish Wigmore as a licensed market maker, broker, dealer or investment adviser.

What market-making means

The NGX market-making programme describes appointed Trading License Holders providing bid and offer prices for specified securities under exchange conditions. That is a specific appointment and operating role, not a generic promise to increase a share price. Other markets and instruments require their own relevant rules and provider checks.

Liquidity is not a guaranteed price outcome

Bid-ask spread, available size, market depth and trading activity describe different aspects of liquidity. Ask how proposed measures are calculated and which factors remain outside the provider’s control. A programme cannot honestly promise that a security will rise, that every order will execute or that a particular spread will always be available. Avoid judging success only by a desired price movement.

Market support and stabilisation require careful scoping

Do not treat market-making, investor relations, securities underwriting and price stabilisation as interchangeable services. Any proposed stabilisation or support activity needs qualified legal and compliance review under the applicable framework. A commercial mandate must not be used to disguise misleading quotes, artificial trading or manipulative conduct. Ask the responsible professional to explain the lawful role and its boundaries.

Verify the actual provider

Check the legal entity and relevant function through the SEC operator register and the applicable exchange or market records. A general capital-market registration is not proof of every instrument-specific appointment. Obtain current evidence and have the responsible compliance team assess it before relying on a provider description.

Prepare a transparent comparison

Request the proposed scope, responsibilities, reporting, commercial arrangements and conflicts. Identify how the provider acts, what information it receives and whether other services could create competing interests. A liquidity strategy enquiry should state the market problem and evidence available. It should not begin with a request to deliver a predetermined trading price.

Monitor the agreed programme

Use a consistent reporting period and defined metrics. Explain market conditions, exceptions and data limitations. Separate observed results from claims about what caused them. The issuer or institution should retain an accountable review process and use qualified advisers when assessing changes to a regulated programme.

Discuss preparatory support with Wigmore

Send a non-confidential description of the market, instrument, organisation role and research or coordination support required. We can clarify the available business-support scope and professional dependencies. Do not send trading instructions, account credentials, confidential order information or funds through an initial enquiry. An introduction does not create a market-making appointment or investment mandate.