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CSCS rolls out new charges for products, services

BY MICHAEL EBOH

The effect of the  recent increase in fuel prices have started to take its toll on investors and capital market operators in general, as the Central Securities Clearing System, CSCS has reviewed the charges for its products and services.

According to a statement on the website of the CSCS, titled: ‘Review of CSCS product/service charges,’ the new charges take effect from January 1, 2012.
New charges were introduced for account opening, certificate withdrawal and certificate deposit/e-lodgement report among others.

These services, hitherto, did not incur any charges. The new charges include: certificate withdrawal – N100 per symbol/account; Gross Depository Receipts, GDR, Transfer – N500 per account for international and free within custodian, while certificate deposit/e-lodgement report attracts a cost of N5 per kilobyte.

Others include: account opening – N100 per new account, with new account with already existing Clearing House Number, CHN, incurring a cost of N50, while share withdrawal request now goes for N100 per security.

Also the CSCS introduced an annual charge of N50,000 for Margin – Member Code; Access to Margin/Custodian Accounts will incur a N500 per linkage for margin and custodian; Creditor eligibility member code will attract an annual charge of N25,000; Merger of Creditor membership code to cost N10,000 annually base fee and N100 per account.

Reconstruction of symbol/security will attract a charge of N100,000, while symbol conversion/change will cost N10,000.

The CSCS also increased the charge for its daily Bank Net position from its previous cost of N100 per day to N200 per day, while request for a hard copy of the daily trade summary will attract a cost of N200 per day, up from N100 per day.

However, other costs remain unchanged, such as a request for a hard copy of the Stock Position without logo attracts a cost of N100 per account, account statement with CSCS logo attracts a cost of N200 per account while the cost of a statement on a collateral account with CSCS logo remains at N500 per account on lien.

Also, transaction listing remains at N100 per stock; account database – N5,000 per house; Inter-member transfer – N100 per account; Inter-Member Transfer print out – N100 per account.

Others are: certificate request – N500 per request/stock; website for participants – N50,000 per annum; website for special account (corporate) – N5,000 per annum; website for special account (individual) – N2,500 per annum; website for individual investor – N2,500 per annum and all clients accounts on each symbol – N100 per symbol/per page.

The Central Depository for the Nigerian Stock Exchange, NSE, also brought down the cost for a number of products and services, such as: request for soft copy of the daily trade summary via the data exchange will now attract a cost of N100 per day, down from N200 per day, while soft copy of the stock balances in text format attracts a cost of N5 per kilobyte from N10,000 per house.

 


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