Business
Nasdaq’s plan for cutting prices infuriates rivals
NEW YORK – Nasdaq OMX Group is pushing to cut the fees it charges big customers that trade on several of its exchanges, a move that is arousing the attention of regulators and triggering accusations from rivals that the company is seeking to stifle competition.
In late October, Nasdaq told U.S. regulators that it wanted to offer cheaper trading for customers of one of its options exchanges, if their total volume of trading with all three of Nasdaq’s options exchanges was substantial.
Regulators balked. The Securities and Exchange Commission put the proposal on hold in November, and asked rivals and customers for comment.
If approved, the Nasdaq plan could have far-reaching effects on competition, pricing and complexity in options and stock markets. Rivals claim it would end a level playing field by favoring larger exchange companies that run a number of different marketplaces over smaller players.
Competition is fierce in the U.S. financial markets, with 12 U.S. options exchanges and 13 U.S. stock exchanges, as well as dozens of alternative trading venues.
The latest standoff stems from an obscure feature of U.S. law that forces each individual exchange to offer the same pricing plans to all of its customers.
Because of the rule an exchange company cannot on the same market offer rebates favoring customers who place many orders while also giving discounts to customers who place a few very large orders, for example. Instead, the company has to set up different exchanges to meet the needs of different customers. Each exchange is supposed to compete with the others, even if they are owned by the same corporate parent.
Under Nasdaq’s proposal, the walls between those units would be effectively broken down. That’s what alarms smaller rivals and startups, who say that tearing down those barriers will allow Nasdaq and other established operators to offer cheaper pricing, stifling competition and entrenching the biggest exchange operators.
Nasdaq said in a lengthy rebuttal made public on Monday that some of its rivals were just looking to avoid competition. The SEC “should treat with substantial skepticism any argument by an exchange that a competitor should not be permitted to reduce its prices,” it said in a letter posted on the SEC’s website.
There is no rule explicitly banning the practice of aggregating volume across exchanges to provide discounts. There are, however, laws stating that each exchange’s fees cannot be unfairly discriminatory or hinder competition.
Nasdaq declined comment when contacted by Reuters.
“It’s a dramatic departure from previous precedent,” said Jeromee Johnson, who runs the BATS Global Markets’ options exchange.
Still, the idea is not necessarily bad as investors could ultimately end up with better prices, Johnson added. BATS runs two separate U.S. stock exchanges, and is merging with Direct Edge, which also runs two U.S. stock exchanges.
The proposed pricing plan could be used “benevolently,” to lower prices for some firms, or it could be used “malevolently,” allowing exchanges to use the bundled rebates to gain “mini-monopolies” on certain segments of the market, said Bill O’Brien, chief executive at Direct Edge. The proposal needs to be scrutinized, he added.
SEC REVIEW
Nasdaq is looking to lower trading costs for customers of its Nasdaq OMX Phlx options exchange that also do business on its two other U.S. options markets, Nasdaq Options Market and Nasdaq OMX BX Options. To qualify for the rebate, the customer need not do business with all three exchanges, but its total volume of trading must meet a certain threshold.
In 2009, Nasdaq tried to lower transaction fees for key customers of its main U.S. stock exchange that also did a certain amount of business on Phlx. The SEC repealed that proposal, saying it was not clear if it met the statutory rules.
In scrutinizing the latest proposal, the regulator will consider whether it is anticompetitive for individual exchanges to act together to encourage trading activity, two people familiar with the SEC’s thinking said.
The regulator will also look at the potential impact of Nasdaq’s proposal on the principle of equitable allocation of fees, they said. That means, for example, if two Phlx members trade the same amount on the exchange, but one also trades on an affiliate exchange and therefore qualifies for an extra rebate on Phlx, is it fair to the Phlx member who did not qualify for the rebate?
Nasdaq said the proposal would lead to lower trading costs, and is therefore pro-competitive – an argument that one of its biggest customers, hedge fund and market maker Citadel, supports. Further, any exchange that felt at a disadvantage by having just one platform could simply open other exchanges, and operate similar pricing formats, Nasdaq added.
Deutsche Boerse’s International Securities Exchange (ISE), which recently launched its second U.S. options exchange, says it isn’t as easy as that, warning that the process of getting its new platform off the ground took years and overall costs ran into the multiple millions of dollars.
“Can exchanges that supposedly compete against each other cooperate to establish joint fees?” ISE wrote in a letter to the SEC. “We believe that the answer is a resounding ‘No.'”
MIAX Options Exchange, which opened just over a year ago, said it could not compete against a structure that leverages trading volume and fees over three competing exchanges.
The proposal “would severely hinder competition amongst options exchanges and damage the existing market structure that is built on competition and innovation,” MIAX told the SEC.
The SEC has until May 23 to make a decision, although that date could be extended.
Nasdaq is looking to ensure the SEC hears all of its arguments. Prominent Washington DC lawyer Eugene Scalia filed a legal motion on Friday with the SEC on Nasdaq’s behalf, asking that parties who submitted comments on the proposal be required to appear before the SEC to present oral arguments supporting their positions, according to a document obtained by Reuters. Scalia, the son of Supreme Court Justice Antonin Scalia, was not immediately available for comment Tuesday afternoon.
The exchange operator said in the document that it wants to be sure it has the chance to rebut any arguments made by other participants.
– REUTERS
The Dangote Group has received the coveted Road Safety Corporate Excellence Award for its outstanding contributions to safer transportation and accident prevention initiatives from the Kogi State government, in Lokoja.
Similarly, the Pan-African conglomerate received the commendation of road transport industry operators for its sustained support for initiatives aimed at reducing traffic accidents and safeguarding lives.
According to the government which presented the award, it was to celebrate the Group’s outstanding contributions to promoting safer roads, supporting accident prevention initiatives and advancing collaborative efforts aimed at protecting lives along one of Nigeria’s most strategic transportation corridors.
The award was presented before a gathering of government officials, road safety regulators, transport operators, industry leaders and other stakeholders, where participants explored innovative solutions and partnerships required to reduce road crashes, improve traffic management, and strengthen safety standards across the state and beyond.
Kogi State Commissioner for Transport, Hon. Atuluku Victor Levi, who presented the award said it underscored the company’s growing reputation as a champion of safe transportation practices and its commitment to partnering with government and regulatory agencies to improve road safety outcomes across Nigeria.
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According to him, the recognition highlights the company’s longstanding collaboration with the state government and road safety agencies to promote responsible road use, enhance driver safety awareness, and support initiatives that strengthen Nigeria’s transportation ecosystem.
“As one of Nigeria’s largest industrial conglomerates and a major user of the nation’s road network, the Group has continued to champion safety standards across its logistics and transport operations.
“Kogi State occupies a strategic position within Nigeria’s transportation ecosystem, serving as a vital transit corridor linking several states and geopolitical zones. The state’s road infrastructure facilitates the movement of people, goods and services across the country, making stakeholder collaboration critical to reducing road crashes, improving mobility and supporting economic growth”, he stated.
Receiving the award on behalf of the Company management, Abdullahi Aliyu, Assistant Divisional Director, Dangote Cement Transport (DCT), Obajana, thanked the Kogi State Government and road safety stakeholders for the recognition saying the recognition would only spur the Group to do more to support road safety initiatives.
“This award reflects Dangote Group’s unwavering commitment to safety as a core value across all our operations. We remain dedicated to supporting initiatives that promote safer roads, protect lives and contribute to sustainable economic development” Aliyu said, adding that road safety remains a shared responsibility requiring continuous partnership between government, corporate organizations and road users.
“At Dangote, we believe that every journey should end safely. We will continue to invest in safety awareness, driver training and responsible transport practices that help make our highways safer for all users,” he stated.
Reaffirming the company’s commitment to maintaining high safety standards within its transport operations, Aliyu pointed out “safety is not just a regulatory requirement; it is an integral part of our corporate culture. We are committed to strengthening collaborations that improve road safety outcomes and reduce preventable accidents across the communities where we operate.”
Furthermore, the Dangote Cement Transport Director said the recognition aligns with the Company’s broader sustainability agenda and supports the objectives of the United Nations Sustainable Development Goals (SDGs) as well as reinforcing the Group’s reputation as a responsible corporate citizen committed to promoting safer roads, protecting lives and contributing to sustainable development in Nigeria.
“At Dangote, Road safety is a collective responsibility, and partnerships such as these are crucial to saving lives and strengthening Nigeria’s transport system. Our goal extends beyond business operations; it is about creating safer communities and sustainable mobility for everyone.”
Meanwhile, Stakeholders at the conference commended private sector organizations that have consistently supported road safety campaigns, noting that meaningful partnerships between government and industry are essential to addressing transportation challenges and improving public safety.
It would be recalled that the Dangote Cement Transport recently launched an ultra modern drivers lounge at its Ibese plant in Ogun state, where its drivers could rest and refresh before and after every trip to promote their well being.
Murilo Silva, the Head of Dangote Cement Transport urged the drivers to make maximum use of the lounge to eliminate fatigue by resting well and be in sound mind always
The Nigerian National Petroleum Company Limited (NNPC Ltd) claimed that it saved $3.4 billion through contract restructuring and optimisation between April 2025 and July 2026.
Group Chief Executive Officer, Bayo Ojulari, made the assertion in Abuja at the opening of the 25th Nigeria Oil & Gas (NOG) Energy Week, while highlighting the impact of ongoing reforms aimed at improving operational efficiency, reducing costs, strengthening partnerships, and enhancing value delivery to the federation.
Ojulari also stated that the national oil company had maintained full compliance with its joint venture cash call obligations.
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According to the scorecard presented by the NNPC Ltd, the $3.4 billion cost savings were realised through contract restructuring and optimisation initiatives across the company’s operations.
The reforms also contributed to an increase in government revenue, with the NNPC Ltd reporting a government take of N19.5 trillion, representing a 21.8 per cent year-on-year increase.
Besides, a major highlight of the report was NNPC’s 100 percent compliance with its joint venture cash call obligations across all its joint ventures from Financial Year 2025 to June 2026.
However, the company’s partners recorded a blended compliance rate of just 61 percent.
Of the 27 joint venture partners, only six were fully current with their obligations, while 13 recorded partial compliance with an average payment rate of 72 percent, and eight remained in significant default, paying an average of only 14 percent, prompting Joint Operating Agreement remedies.
The NNPC Ltd said it remained committed to sustaining its cash call obligations to support Nigeria’s target of achieving two million barrels of oil production per day.
Operationally, the company reported a six percent increase in crude oil production year-on-year and an 8.1 percent rise in gas production over the same period, reflecting improvements in upstream operations.
Ojulari also highlighted several strategic partnerships concluded since the last Nigeria Oil and Gas Conference, including a long term gas supply agreement with Nigeria LNG, progress on deepwater investments valued at over $20 billion, refinery related partnerships, industrial gas projects, and new gas supply arrangements.
Looking ahead, the company identified seven priority projects expected to drive production and gas infrastructure growth through 2027.
These, it said, included the UTM Floating LNG project, the OB3 East West Connector, the AKK gas pipeline, refinery technical enhancement projects, the Zabazaba deepwater development, the Owowo field, and the BSWAP project.
The state oil major added that the combination of cost optimisation, stronger operational performance, improved infrastructure reliability, and strategic partnerships would reinforce Nigeria’s energy security, boost government revenues, and support sustainable growth in oil and gas production.
Ojulari said the national oil company achieved 98 percent recovery across five crude export terminals between April 2025 and May 2026, up from one per cent at Bonny in June 2022.
He put current output at 1.71mbpd, the highest in five years, with the NNPC Exploration and Production Limited (NEPL) hitting a record 365,000 bpd.
Gas production, he said, reached 7.5 billion standard cubic feet per day (bscf/d) following the River Niger crossing on the Ajaokuta-Kaduna-Kano (AKK) Pipeline and inauguration of the ANOH Gas Plant.
Ojulari added that the NNPC Ltd had “zero tolerance for partners who are not able to fund their Cash-call” and had begun invoking default clauses.
He stressed collaboration over control, saying, “We have rid ourselves of any pseudo-regulation. We are not the super-regulator. Let them regulate. We want to work.”
Energia Limited and its Joint Venture partner, Oando Plc, have inaugurated the board of trustees of the Ndokwa West-1 Host Community Development Trust (HCDT).
The inauguration marked a significant milestone in strengthening sustainable development, transparency and community participation across their host communities in Delta State.
The inauguration, held in Asaba, also featured the signing of a Memorandum of Understanding (MoU) between the Energia-Oando Joint Venture and the seven host communities, in line with the provisions of the Petroleum Industry Act (PIA), 2021.
The event brought together representatives of Delta State Government, Nigerian Upstream Petroleum Regulatory Commission (NUPRC), traditional rulers, community leaders, members of the newly inaugurated board of trustees, and other key stakeholders from the oil and gas industry.
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Representing the Governor of Deputy Governor, Delta State, Sir Monday Onyeme, Deputy Chief of Staff, Hon. Christopher Osaskwe commended Energia Limited and the host communities for successfully establishing the Trust and signing the Memorandum of Understanding.
He described the initiative as a demonstration of mutual commitment to partnership and sustainable development, while urging the newly inaugurated board to discharge its responsibilities with transparency, accountability and fairness.
He also encouraged host communities to continue protecting oil and gas infrastructure and embrace dialogue as the preferred approach to resolving disputes.
Managing Director, Energia Limited, Oladimeji Bashorun, described the inauguration as the beginning of a new chapter in the relationship between Energia and its host communities.
According to him, the company remains focused on building partnership, shared responsibility and sustainable development rather than dependency.
He noted that while the PIA provides a structured framework for host community development, Energia’s commitment to its host communities predates the legislation and has remained a core part of the Company’s operating philosophy since it achieved First Oil in 2009.
“Communities that host our operations should also share meaningfully in the opportunities created by those operations. Our success has always been closely connected to the success of our host communities,” Bashorun said.
He also disclosed that Energia has invested over N15.94 billion in community development initiatives since inception, supporting roads, drainage systems, healthcare facilities, educational programmes, scholarships, youth empowerment, solar-powered street lighting, community welfare initiatives and other social investments across its operational communities. He added that the Company dedicates 3% of its gross revenue annually to support sustainable development initiatives for its host communities.
Also speaking at the event, the Asset Manager of Oando, Seyi Fawora, reaffirmed the Joint Venture’s commitment to implementing the HCDT, noting that the partnership remains focused on building stronger, mutually beneficial relationships with host communities.
The representative of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Engr. Dennis Eyitemi, described the inauguration as a significant milestone in strengthening host community participation in development. He urged members of the Board of Trustees to remain accountable, transparent and committed to promoting the long-term welfare of the communities they represent.
Providing an overview of the HCDT framework, the Delta State Solicitor-General and Permanent Secretary, Ministry of Justice, Omamuzo Irebe, SAN, commended Energia for contributing beyond the statutory requirement prescribed under the Petroleum Industry Act and encouraged members of the Board to place community interests above personal interests while ensuring prudent management of the Trust’s resources.
The ceremony concluded with the swearing-in of the members of the Ndokwa West-1 Host Community Development Trust Board of Trustees. In his acceptance remarks, the Chairman of the Board, Chief Godwin Edeme, pledged the Board’s commitment to working with Energia Limited, Oando Petroleum Development Company and all stakeholders to ensure the effective implementation of the Trust for the benefit of present and future generations.
The establishment of the Ndokwa West-1 Host Community Development Trust represents another milestone in Energia’s long-standing commitment to responsible operations, stakeholder engagement and creating shared value for its host communities through sustainable, transparent and inclusive development. About Energia Limited
Energia Limited is a leading indigenous Nigerian exploration and production company with a proven track record of responsible hydrocarbon development and sustainable value creation. Since achieving First Oil in 2009, Energia has remained committed to operational excellence, environmental stewardship, and meaningful partnerships with its host communities, delivering lasting social and economic impact alongside its business growth.
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