By Laz IBEABUCHI
LAGOS-The Nigerian Stock Exchange (NSE)’s Chief Executive Officer, Mr. Oscar Onyema, has said that the exchange’s decision to upgrade its trading platform to NASDAQ X-STREAM was borne out of the need to hasten and actualise its set transformation agenda.
Besides, he stated that the new trading platform will allow the exchange achieve her objective of playing a leadership role in Africa, as well as hosting other African exchanges.
Speaking at the signing ceremony in Lagos, Onyema stated that the acquisition will improve transparency and provide efficient price discovery in the market.
He further stated that the trading platform would form a fulcrum on which the exchange’s objective of increasing the vibrancy, depth and competitiveness of the market through development of new products and achievement of other key initiatives lie.
He said, “We are cognizant of the fact that a robust and efficient Trading Platform is the fulcrum upon which all these progressive initiatives of ours rotate. The new platform will enable The Nigerian Stock Exchange have the fastest trading engine in Africa and investors, through their stockbrokers will have real-time access to market prices, their portfolios and be enabled to execute market orders in near real-time from anywhere and on a wide range of devices including smartphones.”
“As a self-regulatory organization in the market, we play an important role in setting and enforcing rules to ensure fair, orderly and transparent market operations. Since we assumed office last year, the team has left no stone unturned in ensuring that we lay the right foundation for restoring market integrity. Our promise is to provide all stakeholders with a first rate platform that they can build and grow their businesses and services on,” he added.
He explained that the process of selecting the new trading platform was rigorous, involving key global players and the consideration of competitive proposals by The Exchange.
“We undertook a detailed and robust evaluation process that culminated in the selection of NASDAQ OMX X-Stream, a system currently used by over 20 Exchanges around the world and reputed to be one of the leading trading platforms in the market.
“The NSE and NASDAQ OMX carried out a joint design analysis between September and November 2010 and in July 2011 that covered issues ranging from project timeline, risks system components, servers and connectivity; installation, training and testing to go-live support,” he stated.
Onyema averred that the new trading engine would provide a robust platform for the trading of bonds, ETFs as well as equities.