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Since the listing of MTN Nigeria on Thursday, May 16, 2019, a total of 105,301,759 shares valued at N12,231,997,316 have traded in three days. These trades were carried out by ten (10) dealing member firms in 134 cross deals/negotiated deals.
According to the rule book of the Exchange, “When a Dealing Member or Authorized Clerk has an order to buy and an order to sell the same security at the same price, the Dealing Member or Authorized Clerk may “cross” those orders at a price at or within The NSE best bid or offer”
A variant of this is the negotiated deal, which describes a situation where a cross-deal is executed between two dealing member firms at a price which may be within the Exchange’s best bid or offer or with the approval of the Exchange, outside the best bid or offer.
