Nigerian Stock Exchange To Revolutionise Capital Market

Chief Executive Officer of the Nigerian Stock Exchange (NSE) Mr Oscar Onyema said on Tuesday that the new Nasdaq OMX trading platform would revolutionise the nation’s capital market.

Oscar said this at a technology expo tagged “X-Gen Expo” organised by the Exchange in Lagos.

He said that the new trading platform would be the fastest in Africa and would aid the development of the country’s capital market.

He said the new trading technology was highly sought after by foreign investors in Africa.

Onyema said that migration to the new trading platform would begin during the third quarter of 2013, adding that up loading of the trading platform would be done in two phases to ensure seamless migration.

“The first phase will be on equities, bonds and Exchange Traded Funds (ETFs), while the second phase will be on derivatives, futures and options.

“This 21st Century technology in Africa will ensure online real time trading and increase market efficiency.”

He urged the market’s stakeholders to take advantage of the new trading platform.

Mr Ade Bajomo, NSE’s Executive Director, Market Operations, said the proposed 1 trillion dollars (N155 trillion) market capitalisation by 2016 could be achieved with a robust trading technology in place.

Bajomo said that the Nasdaq OMX platform would enhance market liquidity, investment diversification, and enhance introduction of new products.

He said the platform would allow the bourse to trade on options and futures to deepen the market.

Bajomo said the platform was necessary considering that e-trading was the trend globally.

“The NSE will not want to be left out.

“The new technology is about changing experience of doing business in our market,” he said.

Bajomo said the platform would offer investors and participants the flexibility to do business from anywhere, as well increase investor confidence.

He said that fund managers under the new platform could connect to their broker dealer from anywhere.

The executive director said the testing of the platform would be concluded this week, adding that the market operators would undergo five weeks training to ensure seamless migration.

source: NAN

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