NSE asks new dealing clerks to shun market infraction

The Nigerian Stock Exchange (NSE) has asked newly inducted dealing clerks of the Exchange to avoid any form of market infraction.

Oscar Onyema, CEO, Nigerian Stock Exchange (NSE) who gave the warning recently at the induction ceremony for new dealing clerks said “NSE will not hesitate to wield the big stick on any erring member that falls short on any of its rules.”

“We have clear and enforceable rules, with a zero tolerance policy on all infractions. To accentuate this, we signed an Memorandum of Understanding (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”, the NSE CEO said, adding that the Exchange will support the new dealing clerks in developing their capacity and businesses.

Read also: MTN, Airtel Africa earn 35% of NSE-30 profits as at Q3

“The fourth industrial revolution is here and NSE is 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,” Onyema said.

“We are one of the few securities exchange that have leveraged Artificial Intelligence (AI) to scale up access and proactively prevent market abuse.

“The launch of our X-bot, an artificial intelligence (AI)-powered Chatbot that responds directly and automatically to enquiries has positively impacted customer experience and engagement with the NSE. Furthermore, our launch of X-Mobile application, X-Kathon and the Federal Government Savings bond, are pivotal to efforts to deepen retail participation in the market”, he stated.