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NSE launches XBOSS to enhance compliance and supervision system

By on December 19, 2015

The Nigerian Stock Exchange (NSE) on Thursday launched the Broker Oversight & Supervision System, known as “X-BOSS” as part of efforts to redefine the compliance and regulation experience between the exchange and dealing members (stockbrokers).

Speaking at the launching ceremony in Lagos, the Chief Executive Officer, Mr. Oscar Onyema, explained that the system would automate the regulatory and oversight function of the exchange over its dealing members and ultimately enhance the regulatory experience.

According to him,  the system would enable the secure and electronic dissemination of dealing members’ information in a structured and sustainable manner, which would reduce the burden and inconvenience of a manual system.

He added that the X-BOSS it is a major step towards attaining the exchange’s vision of becoming “the leading stock exchange in Africa driven by regulation, efficiency, liquidity and innovation.”

“It also demonstrates the exchange’s ambition and commitment to implementing global best practices to increase efficiency, improve transparency and drive operational excellence,” Onyema said.

Speaking in the same vein, the General Counsel and Head of Regulation,NSE Ms. Tinuade Awe said  the system is a marriage between cutting edge,  21st  century technology and robust, comprehensive regulation, both of which are essential elements of a thriving capital market.

She noted that the system is designed to promote compliance as well as reduce the financial and operational burden of complying with regulatory requirements.

Awe assured that  the system will provide a secure central repository for information about dealing members of  the NSE, which is critical from a regulatory perspective.

“The system would also ensure that dealing members are abreast of their regulatory obligations at all times,” she said.

Also speaking,  Head of the Broker Dealer Regulation Department, NSE, Mr. Olufemi Shobanjo, said  the exchange is “confident that X-BOSS has ushered in a new dawn on the regulatory program of the Nigerian capital market.”

He explained that  with the implementation of X-BOSS, the NSE  continues to set the pace in ensuring that our capital market is aligned with global best practice as well as providing leadership in promoting and integrating sustainability by automating processes that hitherto were paper based.

The NSE’s bold steps towards creating a fair and orderly market have received local and international recognition. The NSE was recently named African Regulator of the year, 2015 by the African Leadership Magazine United Kingdom.

 

[ThisDay]