NSE intensifies efforts to inaugurate new trading platform

Less than a month after it announced plans to introduce a new electronic trading platform, the Nigerian Stock has intensified activities aimed at achieving the goal.

The Chief Executive Officer, NSE, Mr. Oscar Onyema, had told journalists in Lagos following the announcement, that the platform was likely to be inaugurated before the end of the third quarter of the year.And stakeholders have expressed optimism that not only would it be possible, stockbrokers would be ready for the platform.

Our correspondent gathered that not only were stockbrokers undergoing training on the use of the platform, stockbroking firms, were also fianlising arrangements to procure needed equipment.

The NSE, on its part, has carried out a test on the readiness of the new trading platform, called X-Gen, which is aimed at allowing investors, stockbrokers and other stakeholders to access the market from everywhere at all times.

In a post, on its website, on the ‘Market Readiness test of X-GEN programme’, which was conducted last week, the NSE explained that the aim was to ensure that “traders that have received training can all login and enter orders, crossed deals and negotiated deals on X-Stream.”

The statement explained that the test was also aimed at identifying  challenges  that traders were experiencing and or additional training requirements.  The test also provided them the opportunity to learn and simulate the “Go-Live” weekend and to put in as many trades as possible on the new system.

The President, Association of Stockbroking Houses of Nigeria, Mr. EmekaMadubike, had told our correspondent that he was optimistic that the transition to the new system would be seamless.

According to him, not only will it be possible to inaugurate the platform by then, the stockbrokers are eager to see it put to use.

“All things being equal, it is very likely. We are prepared; everybody is going through training,” he had said, adding, “There is training every day and the training is from 8am to 5pm. And two batches (of brokers) are trained every day. So, as of last week, we have done over 80 per cent. The plan is such that at the time the platform is introduced, most people would be ready.”

Similarly, the Chief Executive Officer, Trust Yields Securities Limited, Mr. Ola Yussuf, had said he expected everything to go according to plan.

He said, “Don’t forget that the stock exchange is not doing it alone; from the inception, we have been working together and even during the acquisition and installation (of the system) and all of that were involved. So, we are prepared as the NSE is.”

“So, I don’t think there is going to be any problem of transition. We started this process many years back and we all know the cost implication and we have all prepared ourselves for it. This is something that has taken three or four years to plan.”

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