As part of strategic initiatives to enhance the efficiency of capital market operations in Nigeria, former Chair of the US Commodities Futures Trading Commission (US CFTC), James Stone, will deliver a special lecture on the ‘Pluses and Pitfalls of Derivatives Trading’ jointly organised by the Nigerian Stock Exchange and Coronation Merchant Bank, at the NSE on Thursday January 18, 2018.
The initiative, which is a component of the NSE’s international stakeholders’ engagement strategy that commenced four years ago, will also see Mr. Stone – a former lecturer in Economics at Harvard University and the former Commissioner of Insurance, Massachusetts – interact with leadership of the Lagos bourse and leading figures in Nigeria’s capital market.
Commenting, Oscar Onyema, CEO of the Nigerian Stock Exchange said, “having Mr. Stone, a fellow of the American Society of Arts and Sciences, who was appointed by President Jimmy Carter as Chairman of the Commodity Futures Trading Commission (US CFTC), is an amazing opportunity because of the quality of engagement and insight that will be gained from the interaction”.
He added that: “the Nigerian Exchange is committed to building capacity and enhancing the expertise of operators and other associated parties towards collective efficiency. Therefore, the lecture on ‘Pluses and Pitfalls of Derivatives Trading’ to be delivered by Mr. James Stone will provide enriching perspectives and strengthen the capacity of capital market operators, who create value for investors through their operations on the floor of the Nigeria Stock Exchange”.
Likewise, Coronation Merchant Bank Group, a major player on the Nigerian Stock Exchange whose subsidiary Coronation Asset Management recently listed three Mutual Funds on the exchange – Coronation Money Market Fund, Coronation Fixed Income and Coronation Balanced Fund, noted that “a collaborative approach to capacity building will unlock the inherent value on the exchange”.
According to its Managing Director, Abubakar Jimoh “we are excited about our collaboration with the NSE on this noteworthy initiative, which will have positive effects on capital market operations in Nigeria”. “As a wholesale, financial institution focused on transforming the face of merchant banking in Africa, Coronation Merchant Bank is not only open to innovative collaborations that will bring development to the African financial landscape, but will serve as a catalyst for revitalizing capital market operations across the continent”, added Jimoh.
The Commodities Futures Trading Commission is an independent agency of the US government created in 1974 that regulates in futures and option markets. Mr. Stone, the founder and CEO of Boston-based Plymouth Rock Assurance Corporation, and Chief Executive of The Plymouth Rock Company – the holding company- served as its chairman until 1983 following his appointment in 1979 by President Jimmy Carter.
Born in New York City in 1947, Mr. Stone was educated in the public schools of Pelham, New York, and at Harvard University. In 1969, he received his bachelor’s degree, graduating with the Highest Honors in Economics, and was also elected as a member to Phi Beta Kappa. His academic work was recognized with the Allyn Young Prize for the best undergraduate economics thesis, as well as the Goldsmith Prize for best research paper presented to the Graduate School in Economics. Stone later received his Ph.D. in Economics from Harvard in 1973 and was appointed as a lecturer in Economics by the Harvard faculty to teach courses on the economics of securities markets.