National Wire About Nigerians, Nigerian Business and Other Stories
Fifty newly authorised dealing clerks have been admitted to trade on the floor of the stock market by the management of Nigerian Stock Exchange (NSE).
The new stockbrokers who have been certified by the Chartered Institute of Stockbrokers (CIS), promised during their induction last Friday, to imbibe the discipline and follow to the later the tenets of their profession.
Addressing the newly inducted ‘Gentlemen of the City’, the Chief Executive Officer of the NSE, Oscar Onyema said playing by the rules of the local burse, which has zero tolerance for infraction will go a long way in making them to achieve their set goals in the profession.
He said the collaboration of the Exchange with the Economic and Financial Crime Commission (EFCC) a couple of years ago, was aimed at increasing cooperation and communication in the fight against financial crimes in the capital market.
According to Onyema “That is the big hurdle that you must cross effortlessly in your daily practice of this profession As an Exchange, we will continue to do our part in ensuring that we provide a competitive platform for you to participate in the financial market. Please note that we have clear and enforceable rules, with a zero tolerance policy on all infractions. To accentuate this, we signed an MOU with Economic and Financial Crimes Commission (EFCC) a couple years ago to increase cooperation and communication in the fight against financial crimes in the capital market.
“To ensure a stronger, more efficient broker-dealer community that is well suited for doing business in the 21st century, we launched Minimum Operating Standards (MOS). We are pleased to state that 94 per cent of Dealing Member firms achieved the set requirements and standards.
On the development of the stock market, Onyema noted that “we have executed several initiatives to enhance the experience of issuers, dealing members, investors, and other stakeholders. Some of the initiatives targeted at the dealing brokers include: X-Whistle enables market participants to confidentially report fraud and infractions, and X-Compliance Report, a transparency initiative designed to help maintain market integrity by providing compliance related updates on all listed companies; Compliance Status Indicator symbols for near real time update of company compliance status on the Ticker Tape; and BrokerTraX for the compliance status of the brokers and dealing clerks on the Exchange.
“To automate and enhance the regulatory and oversight function of NSE over its Dealing Members in the area of rendition of regulatory filings, analysis of financial renditions, capital and liquidity monitoring as well as compliance monitoring and reporting in line with global best practice, we developed and launched X-Boss. We also launched SMARTs solution for efficient/effective market surveillance. As a sustainable Exchange, the NSE continues to highlight the importance of sustainable business practices in delivering value and supporting economic growth. While we are pleased to report that we have held ourselves accountable to the highest standards, we are also intensifying our advocacy efforts to support the integration of the Environmental, Social and Governance (ESG) imperatives in the Nigerian capital market. I am pleased to announce that the Exchange’s Sustainability Disclosure Guidelines will be launched this year. As we continue to work on our goal of becoming a more agile and demutualized exchange, the importance of your role cannot be over emphasized. It goes without saying that the investing community will know and judge the Nigerian capital market through your character and service innovation; the manner in which you engage and render your professional duties to your clients will go a long way in shaping the perception of our market. We will work with you to support you in developing your capacity and businesses. To this end, I would like to challenge you to uphold the tenets of peaceful, innovative and harmonious working relationship and to strive to make strides that lead to the growth of your respective organizations and the capital market at large. Initiate creative projects and programs, walk your talk and serve with passion, commitment and sense of responsibility”, he added.
