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Distinguished Ladies and Gentlemen, it is with great optimism that I welcome you to this induction ceremony for qualified stockbrokers and dealing clerks – this is a very important event on our calendar, as we welcome the future participants and leaders of the Nigerian capital market.
You have been chosen for this induction because the Chartered Institute of Stockbrokers (CIS) and The Nigerian Stock Exchange (NSE) consider you worthy to be a practicing stockbroker on any trading floor in the Nigerian Capital Market. Today marks a call to stand tall in Integrity, to be impeccable in Character, to be Professional in service and to be high in Ethics and Standards.
The NSE continues to evolve to meet the needs of its valued customers and to achieve the highest level of competitiveness. We operate a fair, orderly and transparent market that bring together the best of African enterprises and the local and global investor communities. The Nigerian bourse is poised to champion the acceleration of Africa’s economic development.
At the Exchange we are driving a growth strategy based on 5 objectives which are increase new listings across five asset classes, increase order flow in the five asset classes, operate a fair and orderly mark=et based on just and equitable principles, champion development of enabling laws and policies to drive capital market development, and diversify income streams. Our target really is to work with a strong eco system in a seamless manner to introduce five products, across five asset classes and to get to a total Market Capitalization across all five products of $1trillion. You are core to that eco system and represent the foundation of a new breed of leaders that will strengthen the broker dealer community, the core of the capital market eco system.
With the launch of X-Gen, our new generation trading platform, we are ready to drive our market to the next level. X-Gen opens up an unprecedented level of innovative trading capabilities for the Nigerian capital market, providing direct market access for the buy-side and mobile access through smartphones to the retail investors. Therein lies an opportunity for engagement with the 120million mobile phone owners across the country. The new trading platform has also improved the overall quality of market experience for all stakeholders. We encourage you to leverage the full set of X-Gen functionality as you reach out to your clients and as you execute your transactions.
In line with the Nigerian bourse’s commitment to create sustainable value for its stakeholders, The Nigerian Stock Exchange last year, joined the United Nations Sustainable Stock Exchanges (SSE) Initiative, at a bilateral meeting with UNCTAD on the side-lines of 2013 annual conference of the World Federation of Exchanges, in Mexico City. We are committed to sustainable ways of doing business and encourage you to do the same.
It should be noted that we are maintaining and will continue to maintain zero tolerance for sharp practices and deploying requisite technology and expertise to curb and arrest any form of manipulation from all quarters. In line with the aforementioned, The NSE has signed a Memorandum of Understanding with the Economic and Financial Crime Commission (EFCC) to increase cooperation and communication in the fight against financial crimes in the capital market. The modalities of the Memorandum of Understanding cover information sharing, stronger partnerships, capacity building and institutional support in the EFCC-NSE operations. Please we warned to abide by the CIS ethical standards and the NSE code of conduct for Dealing members.
For all recently qualified stockbrokers, it goes without saying that the investing community will know and judge the Nigerian Capital Market through your example in character and service; the manner in which you engage, interface and service your clients will go a long way in shaping the perception of our market.
I think it is important to note that of the 116 candidates that passed the March 2013 and Sept 2013 CIS exams, 48 candidates went through the ATS training out of which 40 candidates passed the Oral examination of The NSE. Today 37 have been registered and are being inducted via this ceremony.
On behalf of The Nigerian Stock Exchange, I welcome you into a new relationship which faces inward -for Professionalism, Integrity, Transparency and Reliability and outward -in Excellent Service to our investing community and to the world.
Once again I congratulate you on achieving this great accomplishment and wish you a successful future.
Thank you.
