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NSE boss says X-GEN trading platform has benefited capital market

By on October 25, 2013

Mr Oscar Onyema, the Chief Executive Officer, Nigerian Stock Exchange (NSE), has said that the newly inaugurated X-GEN trading platform had benefited the capital market immensely.

Onyema told the News Agency of Nigeria (NAN) on Thursday in Lagos that the platform had also improved investors’ experience by creating easier access to the capital market.

According to him, it has also increased the volume and value of equities being traded on the NSE.

Onyema, however, said the NSE was working hard to reduce the constraints limiting the success of the platform.

“We have had lot complaints relating to brokers’ login details; we needed to tighten the security of the platform to guarantee its efficiency and reliability.

“We are currently training the dealing members on the effective use of the X-GEN,’’ he said.

Onyema expressed optimism that the capital market could attain the proposed one trillion dollar capitalisation by the year 2016 owing to the strategies put in place by the NSE.

“The Exchange is focused on establishing technological competitiveness; it is also advocating policies that are necessary to enable the Nigerian capital market absorb the forces of change.

“We have improved our regulatory soundness and created a more efficient market in order to restore investors’ confidence,’’ Onyema said.

He said that NSE had signed a Memorandum of Understanding (MoU) with the Economic and Financial Crimes Commission (EFCC) to check the activities of fraudsters militating against the efficiency of the capital market.

According to him, the NSE is consulting with appropriate authorities to design a framework for the demutualisation model of trading as it allows investment in other exchanges and equities. (NAN)