Stock Exchange warns against unethical practices


The Nigerian Stock Exchange (NSE) has warned newly inducted stockbrokers against unethical practices as the Exchange will not hesitate to sanction any stockbroker that violates its rules.

Chief Executive Officer, Nigerian Stock Exchange (NSE), Mr Oscar Onyema, said the Exchange has a zero tolerance policy on all infractions and it is always ready to enforce its rules.

He pointed out that in order to give bite to the criminal and prosecutor aspect of its rules, the Exchange had signed a Memorandum of Understanding (MoU) with the Economic and Financial Crimes Commission (EFCC) to increase cooperation and communication in the fight against financial crimes in the capital market.

“We will support you in developing your capacity and businesses. However, NSE will not hesitate to wield the big stick on any erring member that falls short on any of its rules,” Onyema told newly inducted brrokers.

He explained that out of 47 candidates who wrote the Chartered Institute of Stockbrokers (CIS) examination and went through the mandatory practical Automated Trading System (ATS) training at the Exchange, 27 candidates passed the oral examination.

Onyema assured all stakeholders that the NSE is well-equipped for the emerging fourth industrial revolution noting that NSE’s trading system, X-Gen, has remained a game changer in the capital market.

According to him, through the X-Gen, the NSE has improved market order flow, sustained increase in the number of trades, provided high availability, and enabled direct market access and remote trading.

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