Debt Management Office of Nigeria (DMO)
The objective of the project was to provide a more efficient and a more secure platform for auctioning Nigerian sovereign debt. As part of the evaluation of possible technical solutions for the DMO’s bond auctioning platform, Messrs TTi was tasked with considering technical security issues, as well as operational security issues, such as the ability of primary dealer market makers to circumvent single investor limits by opening multiple accounts with different institutions. These issues were dealt with in innovative ways, such as through the employment of middleware with a very powerful reporting engine to monitor all transactions and by introducing mechanisms such as identifying investors using either RC or BVN identifiers. Best of breed technical solutions were selected, including Bloomberg for trading, Spotfire for reporting and Tibco for integration and to manage the post-trade settlement processes. These systems, as well as the overall integrated solution, were evaluated in relation to their technical security features and their operational security robustness. The project is in the last stages of execution.