NSE Counsels New Stockbrokers against Market Infractions
The Chief Executive of Nigerian Stock Exchange (NSE), Mr. Oscar Onyema has restated the exchange’s zero tolerance policy on all infractions in the nation’s capital market.
Speaking at the induction ceremony for newly qualified Dealing Clerks in Lagos, Onyema said to accentuate the zero tolerance policy, the NSE signed a memorandum of understanding (MoU) with the 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.
According to him, while the exchange would support the newly qualified clerks in developing their capacity and businesses, it will not also hesitate to wield the big stick on any erring member that falls short on any of its rules.
He explained that the 27 dealing clerks were those passed through the exchange’s ATS training faculty, made up of seasoned capital market regulators and operators.
“The ATS training is a pre-requisite for participating in an oral examination, a rigorous exercise to ensure only suitable candidates secure the required regulatory approval to practice as authorised dealing clerks of the NSE. Out of 47 candidates who wrote the Chartered Institute of Stockbrokers (CIS) examination and went through the mandatory practical ATS training at the exchange, 27 candidates passed the oral examination.
“I believe they deserve a resounding round of applause. Your induction today is a testament to your years of dedication and hard work. It also marks the beginning of your journey as authorised dealing clerks of the NSE. With the extremely thorough and strict process leading to your qualification, I make bold to say that you are worthy to be practicing stockbrokers qualified to trade on any floor of the NSE,” Onyema said.
The NSE boss assured the dealing clerks that the fourth industrial revolution was here and the NSE was well equipped to be the exchange of the future.
“Our trading system, X-Gen, has remained a game changer in the capital market. Through it, we have improved market order flow, sustained increase in the number of trades, provided high availability, and enabled direct market access and remote trading.
“More importantly, X-Gen also brought about the advent of mobile trading technologies to the retail and institutional segments of the Nigerian capital market. Today, we are one of the few securities exchange that have leveraged Artificial Intelligence to scale up access and proactively prevent market abuse,” he said.