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Nigerian stock exchange unveils electronic trading platform

Xinhua, November 19, 2015 Adjust font size:

The Nigerian Stock Exchange (NSE) on Wednesday unveiled a new system that will electronically link all brokers to the trading systems, thus abolishing the use of paper trading of shares.

The NSE launched X-GEN, the next generation trading platform and catalyst for boosting trading in Africa in 2013. This has brought about the advent of mobile trading technologies in the Nigerian capital and some dealing members have started taking advantage of this to improve access to the market.

The NSE unveiled the "Trade Smart" platform together with top dealing members of the Exchange.

Speaking at a news conference in Lagos, Nigeria's economic hub, Ade Bajomo, Executive Director of the NSE, said this is an affirmative step the organization has taken toward achieving international standards.

He said the Trade Smart platform reduces the risk of trading in securities listed on the Exchange as it will allow Nigerians and investors to access the stock market.

Bajomo said investors will be able to trade through their mobile phones after downloading the application through the internet.

The director told reporters that Trade Smart will improve the integrity of the Exchange trading systems and facilitate greater access to the securities market.

The entire process of transacting in the Nigerian capital market will now have minimal manual intervention, he added.

"Today, it is now possible in real-time, to buy, sell and monitor your investments on the Exchange from the comfort of your home, offices, just anywhere using your phone," Bajomo told reporters in Lagos.

On market volatility, the director advised investors not to panic due to the current market volatility, saying the volatility was a reflection of what is going on in the economy.

He called on investors to use the opportunity to increase their stake in the market, noting that there are opportunities for investors to make money even when the market is going down. Endit