Exchange strengthens enforcement to further protect investors – Onyema

The Nigerian Stock Exchange (NSE) has implemented a strong regulatory environment to protect investors against infractions while enhancing investor confidence in the market even as it has developed and revised enforceable rules for Dealing Members and Issuers, and signed an MOU with Economic and Financial Crimes Commission (EFCC) to increase cooperation and communication in the fight against financial crimes in the capital market.

The Chief Executive Officer of the Exchange, Mr Oscar Onyema, pointed this out today in his address at the induction ceremony of the recently qualified Dealing Clerks of the Exchange.

According to him, the ceremony was very important to the Exchange as an organization, “as it is the official welcome ceremony for the future leaders of the Nigerian capital market”.

He pointed that many endeavours have failed because the significance of the human factor was ignored, adding that the capital market will only be as good as the people working in it. “You are here today after undergoing a rigorous screening process which is essentially aimed at ensuring only the best hands operate in this market.

“At the NSE, we are driving a growth strategy based on three strategic objectives which are to increase listings across five asset classes; increase order-flow across these asset classes; and operate a fair and orderly market based on just and equitable principles”. He  said.

According to him, as a full member of the World Federation of Exchanges (WFE), the NSE was committed to holding the highest standards for exchanges on the globe. “Full membership in the WFE affirms the evolution of our capital market, and positions Nigeria as a viable and credible investment destination. We encourage you to get familiar with and to uphold WFE standards. In conclusion, I will like to congratulate you once again on achieving this great feat and I wish you all the best in your future endeavours in the capital market.

Congratulating the inductees, the NSE CEO stressed that the choice they had made to take the next steps in their careers and get this qualification has a multiplier effect on not on their sponsoring firm but the entire capital market.” With the right hands on board, the capital market is sure to achieve its 10-year master plan”, he assured.

He speaks further: “Allow me to congratulate those of you here today for induction into Dealing Clerkship of the Exchange. Out of 50 candidates who wrote the Chartered Institute of Stockbrokers (CIS) examination and went through the mandatory practical Automated Trading System (ATS) training at the Exchange, 39 candidates passed the oral examination.

“In our finest tradition, this oral examination is designed to test your understanding of practical aspects of the profession. On behalf of the NSE, I say a big welcome to this cohort and urge you to maintain internal values of – Professionalism, Integrity, Transparency and Reliability and outward performance -in Excellent Service to our investing community and to the world.

“The robes you will don today represent a commitment to uphold the CIS ethical standards and the NSE code of conduct for Dealing Members. It represents a pledge to be tall on integrity and spotless in character. It represents a decision to put the interest of the market first. We sincerely hope that each of you will abide by the rules and regulations of NSE and CIS. Please note that due to the level of development in our market, we operate a zero tolerance policy on all infractions”, he emphasised.

“As an Exchange, we will continue to do our part in ensuring that we provide a competitive platform for you to participate in the financial market. In addition to the MOS, we have executed several initiatives to strengthen the operations of our Dealing Members and to make them comparable with their foreign counterpart.

“One of these is X-Boss, which automates and enhances the regulatory and oversight function of the 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 have also provided several platforms to ensure continuous dialogue with our Dealing Members to aid improvement in all areas”. He said.