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NSE pushing Africa’s financial market through technology — Onyema

By BusinessNews Staff on July 21, 2015

The Chief Executive Officer of the Nigerian Stock Exchange, Mr. Oscar Onyema, has said that through technology, “the NSE is presently championing the development of Africa’s financial markets and has become the first West African country member of the World’s Federation of Exchanges.”

He also said that with the help of technology, the NSE was servicing the largest economy in Africa (Nigeria), and had played an important role in the quest to transform the Exchange.

Onyema, therefore, said, “With awesome technology at our disposal, the NSE itself strives to play its strategic role in the development of the capital market in both Nigeria and the world at large.”

He spoke at the CEO Briefing Forum organised by the Rack Centre Limited, the Nigeria Premier Tier III design certified data centre in West Africa.

Onyema said that the NSE would continue in its aim of a technological transformative agenda, saying that it was in realisation of this objective that it introduced several “innovative solutions such as X-Compliance-Qual and Broker –Trax.”

He said the solutions were technologically driven, and noted that the NSE had also rolled out the X-Web and X-Whistle and the NASD trading system on the NSEX-Gen platform.

Onyema said the NSEX-Gen platform had been dubbed as the fastest trading engine in Africa, and that the NSE was the first issuer of such a portal in West Africa.

He added, “The NSE will, therefore, continue to focus on providing the ‘best-in-class’ technology with smart trading tools and enhanced market surveillance capabilities.”

Onyema, who expressed satisfaction with the collaboration with the Rack Centre, said what stood the data centre out was its quality of being “truly carrier neutral,” which gave an access to multiple connectivity providers that could serve the brokerage community.

He added, “It also gives access to localised IxPN, which provides low latency for real-time trading and on-line transactions; state of the art Tier III design certified, which provides assurance of uptime commitment to minimum of 99.982 per cent availability; and state of the art data centre technology environment.

“Such state of the art data centre technology environment gives infrastructure a longer life and better performance; and an energy efficient, secure and modular technology scalable to about 3000 racks, which help to meet the needs of the brokerage community… and lower costs and, therefore, long term savings.”

Onyema said the protection of data was the lifeline of the NSE.

He also said he was not only impressed by the 100 per cent Nigerian ownership of the Rack Centre, but that the partnership with the centre was an “opportunity to experience world class right here in Nigeria.”

According to him, working with companies like the Rack Centre will enable the NSE to engage in international best practices, “increase its presence in international and regional organisations, aid it in financial market modernisation, and increase its maturity in information security and also in crime reduction.”

[Punch]

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