NGSE Boss Warns Stockbrokers Against Market Infractions, Welcomes 46 Inductees

The management of the Nigerian Stock Exchange (NSE), on Monday in Lagos challenged stockbrokers in the country to guard their professional integrity jealously, while abiding by existing rules.
Oscar Onyema, chief executive of the Nigerian Stock Exchange (NSE), recalled that as part of the zero tolerance for all forms of market infractions, the bourse signed a Memorandum of Understanding with the Economic & Financial Crimes Commission (EFCC) as part of ensuring that the ethics are upheld by all.
Onyema, spoke during the induction of 46 recently qualified dealing clerks of the exchange who have passed through the Exchange’s Automated Trading System (ATS) training faculty, comprising capital market regulators and operators such as: the Securities & Exchange Commission, NSE, Central Securities Clearing System Plc, Registrars, Association of Stockbroking Houses of Nigeria and the Chartered Institute of Stockbrokers.
He reminded them of their importance to the investing community who are bound to judge the Nigerian capital market through the character and service innovation offered by stockbrokers.
“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,” he continued, urging them to engender confidence and growth of their respective organizations and the capital market at large.
He noted that although 53 candidates passed the Chartered Institute of Stockbrokers (CIS) examination and went through the mandatory practical Automated Trading System (ATS) training at the NSE, 46 passed the oral examination at the NSE and qualified for induction.
“The ATS training is a pre-requisite for participating in an oral examination, a rigorous exercise to ensure only suitable candidates secure the required regulatory approval to practice as Authorized Dealing Clerks of The Nigerian Stock Exchange.”
The ceremony, Onyema stressed further, is not just a celebration, as it “marks a call to stand tall in integrity, to be impeccable in character, to be professional in service and to uphold the high ethics and values for which the Exchange and the capital market are renowned. That is the big hurdle that you must cross effortlessly in your daily practice of this profession.”
While assuring the new stockbrokers of the NSE’s support to develop their capacity and businesses, he warned that the management “will not hesitate to wield the axe on any erring member that falls short on any of its rules.
“The Exchange will continue to do its part in ensuring that it provides a competitive platform for you to participate in the financial market,” he stressed, challenging them to take continuous training as a very important element of their business.

Photo caption: From left, Oscar N. Onyema, Chief Executive Officer of The Nigerian Stock Exchange (NSE) presenting certificate to one of the inductee, Olurotimi Kuti while Mojisola Adeola, National Council Secretary, NSE looks on, during the induction ceremony of the newly authorise dealing clerk at the Exchange today in Lagos.