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The Nigerian Stock Exchange (NSE) has announced that it will discontinue the old trade notification system, Trade Alert and introduce a fresh notification system known as X-Alert to all its investors in March 2014.
According to Mr Oscar Onyema, the Chief Executive Officer of The NSE, the X-Alert is a new and improved notification system which will provide investors with details of transactions on an investment account via a Text Message on the recipient’s mobile phone or via an e-mail to the recipient’s box. “The service which will allow the investing public know when a transaction has been made on their account, will be run in-house on behalf of The Exchange by the Central Securities Clearing System (CSCS) with reduced cost implications to both buyers and sellers in the Nigerian Capital Market” said Onyema.
“In addition to paying a lot less for transactions, customers will have updated positions of their accounts at any point in time as this new system offers convenient and easy monitoring of all accounts. There are also the added benefits of effective fraud alert in cases of unauthorized transactions on account, reduction in time spent confirming trades and an enhancement of transparency between the trader and its clients” he added.
It can be recalled that in line with its commitment of employing 21st Century Technology Strategies, The NSE recently rolled out its new generation Trading Platform, X-Gen, that is supporting the FIX protocol and driving the Nigerian Capital Market to the next level. X-Gen is expected to open up an unprecedented level of innovative trading capabilities for the market, providing low latency trading, straight-through processing from broker order management systems to The Exchange and direct market access for the buy-side and mobile access through smartphones to the retail investors, leveraging on the 120million mobile phone penetration already in the country.
