The Nigerian Stock Exchange (NSE) has concluded training of over 627 Stockbrokers in preparation for the Q3 2013 launch of its new Trading Platform, the X-Gen. The training sessions were spread across various parts of the country and executed over a two month period.
Speaking on the new development, the Executive Director Market Operations and Technology of The Exchange,Mr Ade Bajomo put in plain words that “The NSE organized comprehensive hands-on training sessions for member firms and their stockbrokers to get fully acquainted with the new platform as part of steps being taken toensure a successful launch of the new trading engine”.
According to Bajomo, “From July 2013 till date, there have been over fifty-five training sessions held in Lagos, Abuja and Port Harcourt, where 95+% of the registered member firms have already successfully completed the training course and formally certified to use the state of the art platform. Feedback from the stockbrokers on the quality of the training has been positive and this is very important in terms of our overall readiness to cutover smoothly to the new platform”.
XGEN opens up an unprecedented level of innovative trading capabilities for the Nigerian capital market, providing low latency trading, straight through processing from broker order management systems to the Exchange, direct market access for the buy-side and mobile access through smartphones to the retail investors, leveraging on the 120m mobile phone penetration already in the country. As the Nigerian capital market grows and expands its vision for greater market efficiency, liquidity and transparency, we are poised to supporting its efforts through our proven trading technologies and processes, Bajomo explained.
In April 2012, the Nigerian bourse signed on the multinational financial services powerhouse, NASDAQ OMX System for the upgrading of its Trading Platform to the cutting-edge NASDAQ X-Stream which is a high performance, robust and scalable, multi-asset, multi-market matching trading engine. The new Trading Platform will provide The NSE with 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.
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