According to the NSE,
the new trading platform is expected to open up an unprecedented level of
innovative trading capabilities for the Nigerian capital market, providing low
latency trading, and straight through processing from broker order management
systems to the Exchange.
It is
also expected to provide direct-market access for mobile access through smartphones
to the retail investors, leveraging on the 120 million mobile phone penetration
already in the country. The Executive Director, Market Operations and
Technology, NSE, Mr. Ade Bajomo, was also said to have stated while giving his
green signal for the platform last Saturday that, “We have great confidence in
this platform. Three market readiness tests were successfully executed over the
past five weeks with a focus on the performance of the trading engine and
integration of all interfaces including remote users coming in via the Fix
gateway. “Brokers and NSE technical team were able to successfully place
orders, migrate data and complete a series of full dress rehearsal. It is
exciting that we are able to execute and test all our tasks and are confident
with the results.”
The statement
described X-GEN as a high performance, robust and scalable, multi-asset and
multi-market matching trading engine. Bajomo added that Nigeria was the first
country in West Africa to adopt the trading system. He said, “As we all know,
the trading system is at the heart of any exchange and the shifting to the new
platform and ensuring its smooth transition was a key priority for the NSE. We
are extremely delighted to co-operate with Nasdaq, LasalleTech and our several
partners to adopt this cutting-edge platform.” The NSE had announced plans to
introduce the new platform in July with Onyema telling journalists that it was
scheduled to be introduced before the end of the third quarter of the year.
Stockbrokers for their part had said they were delighted about the move,
stressing that they would be ready to use it. Last week, the NSE disclosed that
it had trained over 627 stockbrokers on how to use the platform, ahead of its
inauguration. Also, it has suspended corporate actions until October 7, 2013,
at which time the new platform would have been put to use.
Source:(The Punch)
No comments:
Post a Comment