NSE, operators finalise plans for new trading platform

Trading floor of the Nigerian Stock Exchange

The Nigerian Stock Exchange and capital market operators have completed plans for the inauguration of a new trading platform, our correspondent has learnt.

According to the NSE, the new trading platform called X-GEN, when put to use, is expected to open up an unprecedented level of innovative trading capabilities for the Nigerian capital market, providing low latency trading, and straight through processing from broker order management systems to the Exchange.

The platform will also provide direct market access for the buy-side and mobile access through smartphones to the retail investors, leveraging on the 120 million mobile phone penetration already in the country.

Ahead of the inauguration, the NSE suspended corporate actions from September 19 until October 7, 2013, at which time it is expected that the new platform would have been put to use.

The NSE statement to that effect read, “Please be informed that the Nigerian Stock Exchange will be migrating data from its current trading platform (Horizon) to the new trading platform (X-GEN).

“Consequently, new market actions such as splits, dividends, rights issues, mergers, bonuses and listings will be suspended until the successful migration. Corporate actions already ongoing will not be affected.”

Also, the NSE recently disclosed that it had trained over 627 stockbrokers in preparation for the inauguration of the platform.

“The NSE organised comprehensive hands-on training sessions for member firms and their stockbrokers to get fully acquainted with the new platform as part of steps being taken to ensure a successful launch of the new trading engine,”the Executive Director Market Operations and Technology of The Exchange, Mr. Ade Bajomo, had been quoted as saying.

According to the NSE, the training sessions were spread across various parts of the country and executed over a two-month period.

Operators, who spoke to our correspondent, expressed confidence in the platform, adding that they were ready for its inauguration.

The President, Association of Stockbroking Houses of Nigeria, Mr. Emeka Madubike, said the inauguration was expected to take place sometime this month.

According to him, stockbroking firms have also concluded negotiations with IT firms and chosen a company to supply the software and equipment they need to trade on the new platform.

“We have selected and we are in the implementation phase. Good progress has been made,” he said.

Madubike, who is also the Managing Director, Compass Investments and Securities Limited, said what stockbrokers were waiting for now is the inauguration of the platform so that they could commence trading.

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