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Stock Exchange Commission releases new guidelines on commodity warehousing

The Securities and Exchange Commission (SEC) has released new rules covering warehousing and collateral management to ensure vibrant commodities trading.

A statement by the commission issued to newsmen on Sunday in Abuja said that the move would translate into foreign exchange earnings for the country. According to SEC, every warehouse that stores commodities to be traded on a registered Exchange, shall apply to be registered by the commission.

”A warehouse applying for registration going by the rule, shall submit proof of ownership or registered-lease deed or rent agreement.

“They will also come along with disclaimer from the owner of the warehouse/property, providing waiver of ownership regarding commodities stored in such warehouse.”

 

 

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