Library / B 143 Federal Republic of Nigeria Official Gazette No. 52
B 143 Federal Republic of Nigeria Official Gazette No. 52

Page 20 of 31
B  162
PART VII — MISCELLANEOUS PROVISIONS
45.—(1) A gas exchange shall display on its website a compilation of
links to all relevant price sensitive information, including —
(a)  gas price information ;
(b)  any urgent market information issued by pipelines system operators
on its website ;
(c) planned maintenance schedule as per the provisions of Network
Code ; and
(d)  any incident related to a natural gas pipeline, liquified natural gas
terminal, domestic gas field and other similar facilities which could potentially
result in outage or interruptions in gas supply.
(2)  Historical and current prices (open, close, maximum, minimum,
weighted average, cleared), volumes, bids and offers, shall be made available
market segment-wise on the website of the exchange and these shall be
downloadable in various formats.
(3)  A gas exchange shall organise members and clients’ awareness
programmes on a regular basis.
46.—(1)  A gas exchange shall set up a surveillance department to
carry out daily monitoring of transactions and surveillance, and undertake
other analysis as mentioned in this regulation.
(2)  The surveillance department of gas exchange shall submit its analysis
report to the market surveillance committee and the market surveillance
committee shall submit a quarterly surveillance report to the Authority within
two months from the end of each calendar quarter through the board of directors
of the gas exchange.
(3)  Market surveillance shall be executed from a physically secure and
restricted area by authorised personnel only and such personnel shall always
maintain information and data security, especially when the auction window is
open, and all conversations of such personnel shall be recorded and made
known to them, and audio tapes of such conversations shall be made available
to the Authority on demand.
(4) The surveillance department shall analyse bidding patterns and
transactions of participants, and the analysis report of the surveillance
department shall be submitted to the Authority on quarterly basis within two
months from the end of each calendar quarter, which includes —
(a)  open position by clients, by contracts ;
(b)  pattern of transactions of participants over a time period ;
(c)  daily, weekly and monthly volatility analysis of prices (intra-day,
day-ahead and term-ahead contract prices) ;
Information
dissemination
Market
surveillance