Stakeholders move to curb infractions in the stock market

In an effort to reduce stock market violations, The Nigerian Exchange Limited and the Economic and Financial Crimes Commission have signed a Memorandum of Understanding.

The MoU would help NGX implement its zero-tolerance policy for transgressions, according to the exchange.

Temi Popoola, the chief executive officer of NGX, revealed this during her introductory remarks at the recent induction event for the 91 newly authorized dealing clerks in Lagos.

Popoola challenged the newly admitted brokers to embrace a learning culture in order to keep up with advancements and innovation in the financial industry while pushing them to uphold the high standard of ethics in the capital market.

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 added that the market’s trading platform and real-time data service continued to be game-changers in the capital market and that the market order flow has improved thanks to these platforms.

Rasheed Yusuf, a senior analyst at the Nigerian capital market, welcomed the ADCs and pointed out that their admission coincided with a period of tremendous volatility and unpredictability in both international markets and the global 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.”

READ MORE: NGX retail transactions hit N26.62bn