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NSE pledges high ethical standard for global exchanges

Chief Executive Officer (CEO) of the Nigerian Stock Exchange (NSE), Mr. Oscar Onyema

Chief Executive Officer (CEO) of the Nigerian Stock Exchange (NSE), Mr. Oscar Onyema

• Tasks new inductees on professionalism, others

The Nigerian Stock Exchange has said it is committed to holding the highest standards for exchanges on the globe.

The Chief Executive Officer of the NSE, Oscar Onyema, stated this at the induction ceremony of the recently qualified Dealing Clerks of the Exchange, which held in Lagos on Monday.

According to him, full membership in the World Federation of Exchanges (WFE), affirms the evolution of the nation’s capital market, and positions Nigeria as a viable and credible investment destination.

“As a full member of the WFE, we are 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. “

Onyema stressed that the Exchange would continue to ensure that it provides a competitive platform for the new inductees to participate in the financial market.

He explained that the NSE has executed several initiatives to strengthen the operations of the dealing members and 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. Furthermore, the Exchange has implemented a strong regulatory environment to protect investors against infractions while enhancing investor confidence in the market.

“We have 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.

“Many endeavors have failed because the significance of the human factor was ignored. 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.”

He urged the inductees to maintain internal values of professionalism, integrity, transparency and reliability to the investing public.

“ In our finest tradition, this oral examination is designed to test your understanding of practical aspects of the profession. 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 and every one 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 added: “The choice you have made to take the next steps in your careers and get this qualifications has a multiplier effect on not just your 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.”

According to him, 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.

The NSE boss noted that the Exchange is 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 added that the bourse targets to work with a strong ecosystem in a seamless manner to achieve these objectives.

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