The most innovative development in the capital market is the Central Securities Clearing System. It was incorporated as a subsidiary of the Nigerian Stock Exchange to obviate the inherent bottlenecks earlier mentioned and commenced operations in 1997. To this end, the CSCS is to implement a computerized Stock Exchange Management System (SEMS) which emphasizes immobilization of Share Certificates in a Central Depository and the elimination of the bottlenecks between registrars and company Executives in issuing new certificates to investors.
