The Nigerian Stock Exchange (NSE) has charged 31 qualified Dealing Clerks newly inducted at the Exchange to uphold the virtues of integrity, good character and high ethical and professional standards.
in all their operations.
Chief Executive Officer of the NSE, Mr. Oscar N. Onyema, who made this remark during induction explained that the Exchange, has clear and enforceable rules, with a zero tolerance policy on all infractions.
“Today’s ceremony is not just a celebration. It marks a call to stand tall on Integrity, to be spotless in character, to be professional in service and to be deep in ethics and values”.
“With the rigorous process leading to your qualification, I make bold to say that you are worthy to be a practicing stockbroker and able to trade on any floor of The Nigerian Stock Exchange” he said.
Onyema, said the NSE is committed to building the foundational aspect of the market in terms of transparency, orderliness, fairness, disclosure, and more importantly how it enforces its rules and regulations.
“These factors will combine to shore up investors’ confidence in these challenging times”.
Meanwhile, the NSE and Central Securities Clearing System (CSCS) Plc. have concluded arrangements to commence post-trade allocation service to operators on the NSE by December 1, 2015.
The Operations Manager, Market Operations and Technology Division of the NSE, Mr. Ken Nwafor, had at forum assured participants that the overall interest of the market, rules guiding the post-trade allocation service, which is currently on the NSE website, will be made available not only to them, but also to the investing public via the website of CSCS and the print media.
In addition,the General Manager, Operations at CSCS Plc. Mr. Joe Mekiliuwa, Explained that the introduction of the Post-Trade Allocation service into the Nigerian capital market will significantly reduce error trades by brokers and improve quality of trade execution.
“The post-trade allocation service would create liquidity, improve trade settlement experience in the market and enable brokers to buy securities en-block thereby saving time of buying into separate accounts. This service will be available on a web-based platform”, said Mekiliuwa.
Mekiliuwa allayed fears that the process could lead to impartiality and allow for favoritisms during trade allocation. “An agreement has been reached among brokers that the allocation of the purchased securities would be done at the discretion of the brokers based on fairness, equity and justice. When mandate to transact is received by the brokers, CSCS will ensure that the post allocation will be strictly between the custodians and the brokers.
