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The Broker to Broker Agreement is essential for establishing formal collaboration between licensed broker firms operating in Nigerian financial markets. This document is typically used when broker firms wish to partner for cross-trading activities, share clients, or provide complementary services while maintaining compliance with Nigerian regulatory requirements. The agreement covers crucial aspects such as commission sharing, regulatory compliance with Securities and Exchange Commission (SEC) rules, operational procedures, risk management, and dispute resolution. It's particularly important in the Nigerian context where financial markets are heavily regulated and require clear documentation of inter-broker relationships. The agreement helps ensure transparency, define responsibilities, and protect both parties' interests while facilitating smooth business operations in accordance with Nigerian financial services laws and regulations.

1. Parties: Identification of the broker firms entering into the agreement, including their registration details and regulatory licenses

2. Background: Context of the agreement and brief description of the parties' businesses and purpose of collaboration

3. Definitions: Definitions of key terms used throughout the agreement

4. Scope of Agreement: Details of the broker-to-broker relationship and permitted activities

5. Regulatory Compliance: Obligations to comply with Nigerian securities laws, SEC regulations, and other applicable regulations

6. Services and Obligations: Specific services to be provided by each broker and their respective obligations

7. Commission and Payment Terms: Structure of commission sharing and payment procedures

8. Representations and Warranties: Standard and specific representations regarding licenses, authorizations, and capabilities

9. Compliance with Anti-Money Laundering Laws: Specific obligations regarding AML compliance and customer due diligence

10. Confidentiality: Protection of confidential information and trade secrets

11. Liability and Indemnification: Allocation of risks and responsibilities between the parties

12. Term and Termination: Duration of agreement and termination provisions

13. Dispute Resolution: Procedures for resolving disputes under Nigerian law

14. General Provisions: Standard boilerplate clauses including notices, amendments, and governing law