Stakeholders move to tackle market infractions

The Nigerian Exchange Limited has signed a Memorandum of Understanding with the Economic and Financial Crimes Commission in a bid to curb infractions in the stock market.

The exchange explained that the MoU would aid NGX to implement its zero-tolerance policy on infractions.

The Chief Executive Officer of NGX, Temi Popoola, made this revelation while delivering an opening remark at the induction ceremony for the 91 newly authorised dealing clerks in Lagos recently.

While encouraging the newly inducted brokers to uphold the high standard of ethics in the capital market, Popoola charged them to embrace a learning culture to keep up with the developments and innovation in the financial space.

He added, “Technology is increasingly going to drive our business operations and activities going forward.

“Over the years, The Exchange has demonstrated its readiness for digital transformation as evinced by our seamless transition to virtual trading following the incursion of the COVID-19 pandemic.”

He said the market’s trading platform and real-time data service remained a game changer in the capital market, adding that through these platforms, the market order flow has been improved.

A senior analyst at the Nigerian capital market, Rasheed Yusuf, congratulated the ADCs, noting that their induction was coming at a time of significant volatility and uncertainty in global markets and the world’s economy.

He said, “I will urge you all to be innovative, creative, and ethical as the market requires your skills to increase its contribution to the economy.

“The Exchange and the capital market constitute a platform to turn around the fortunes of the Nigerian economy and I encourage you to leverage every channel available to create impact.”