BACKGROUND OF THE STUDY
The capital market performs for the economy, at the long-term end of the spectrum, the functions which the money market performs at the short-term end of the spectrum. Iimi, A. (2017) opined that This is because the money market is the short-term end of the Nigerian financial system, and the Nigerian capital market is the long-term end. Consequently, those who are short of funds and need to borrow for short-term propose borrowing from the money market. On the other hand, those who are short of funds and are desirous of borrowing for the long-term go to the capital market. Those who are short of funds and are desirous of borrowing for the long-term go to the capital market. In a similar manner, those who have funds that are in excess of their immediate requirements and who want to lend or invest these funds for short-term periods do so in the money market, whereas those who have such funds and to lend there for long periods invest or lend these funds to the capital market. A variety of difficult problems arise when trying to regulate financial markets and free up economic capital flows in several African countries at the same time. These concerns are of importance to policy makers as well as practitioners, and they are involved with them (Ekoko 2017) .
There is a large array of concerns about the establishment and designs of capital market operations (trading structures). Dada (2018) assert that this makes use of the philosophy of capital market building, the role of capital market (stock) market in achieving the overall financial objectives (auctions and dealership), choice for the relative competitiveness of emerging stock markets, and connections between innovative in trading and regulations world market.
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