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Private trading floor will enhance stockbroking – CIS

By on February 25, 2014

The Chartered Institute of Stockbrokers has said the construction of a private trading floor in Lagos will encourage professionalism in stockbroking in the country.

The Institute said this when members of its council, led by the President, Mr. Ariyo Olushekun, visited the 150-seat multi-purpose private trading floor built by GTI Securities in Lagos.

According to Olushekun, the emergence of the trading floor, which is designed to allow brokers and dealers trade on the Nigerian Stock Exchange and the NASD Plc’s over-the-counter market, will allow stockbrokers to practice as professionals ‘in their own right.’

The CIS, among other things, trains stockbrokers, in a bid to promote the interests of the securities and investment profession “by upholding the highest standards of service and integrity.”

According to Olushekun, who was at the private trading floor in company with CIS 1st Vice President, Mr. Emmanuel Ohanwusi, and other officials, the possibility of brokers and dealers trading directly through private trading floor such as GTI’s will make certification by the institute more attractive.

He added that it would also create more opportunities for brokers.

He said, “What you have here is a mini stock exchange; some stock exchanges in West Africa and other parts of the world don’t have a floor as robust as this.

“I will like to commend your effort. I urge other colleagues to find time to visit this floor and see what you have done and see how they can also contribute to stockbroking and market development.”

He, however, urged GTI Securities to work towards a situation where brokers and dealers can also access the commodities exchange and debt securities exchange.

Ohanwusi, for his part, explained that before the establishment of the private trading floor, which is the first in the country, private stockbroking existed only as a concept for the future.

For his part, the Managing director, GTI Securities, Mr. Tunde Oyekunle, told the CIS officials that it would continue to ensure that the trading floor meet all expectations.

 

 

[Punch]