Oscar Onyema, chief executive of the Nigerian Stock Exchange (NSE), on Friday in Lagos said 94% of stockbroking community has met its (Minimum Operating Standards).
Speaking during the induction ceremony for newly qualified chartered stockbrokers on the NSE, Onyema said the MOS was introduced “to ensure a stronger, more efficient broker-dealer community that is well suited for doing business in the 21st century.”
Assuring that the exchange would continue to monitor compliance to ensure that the standards are maintained, he recalled that it is just one of several initiatives put in place to enhance the experience of issuers, dealing members, investors, and other stakeholders.
“Some of the initiatives targeted at the dealing brokers include: X-Whistle enables market participants to confidentially report fraud and infractions, and X-Compliance Report, a transparency initiative designed to help maintain market integrity by providing compliance related updates on all listed companies; Compliance Status Indicator symbols for near real time update of company compliance status on the Ticker Tape; and BrokerTraX for the compliance status of the brokers and dealing clerks on the Exchange.
“To automate and enhance the regulatory and oversight function of NSE over its Dealing Members in the area of rendition of regulatory filings, analysis of financial renditions, capital and liquidity monitoring as well as compliance monitoring and reporting in line with global best practice, we developed and launched X-Boss. We also launched SMARTs solution for efficient/effective market surveillance.”
Poised to remain a sustainable Exchange, Onyema said “the NSE continues to highlight the importance of sustainable business practices in delivering value and supporting economic growth.”
The NSE, he continued, has always practiced what it preaches by holding itself accountable to the highest standards, besides intensifying its “advocacy efforts to support the integration of the Environmental, Social and Governance (ESG) imperatives in the Nigerian capital market. I am pleased to announce that the Exchange’s Sustainability Disclosure Guidelines will be launched this year.
“As we continue to work on our goal of becoming a more agile and demutualized exchange, the importance of your role cannot be over emphasized. It goes without saying that the investing community will know and judge the Nigerian capital market through your character and service innovation; the manner in which you engage and render your professional duties to your clients will go a long way in shaping the perception of our market. We will work with you to support you in developing your capacity and businesses.”
Consequently, he challenged the newly inducted stockbrokers “to uphold the tenets of peaceful, innovative and harmonious working relationship and to strive to make strides that lead to the growth of your respective organizations and the capital market at large. Initiate creative projects and programs, walk your talk and serve with passion, commitment and sense of responsibility.”