By Peter OBIORA investadvocate

Dec 07 2010 17.30 GMT

Lagos (INVESTADVOCATE) – The Nigerian Stock Exchange (NSE) has developed a new financial reporting format for all Dealing Member Firms to make for uniform reporting and ease of comparison.

 

This was contained in a notice Tuesday December 07 2010 from the Exchange and made available to investadvocate in Lagos Nigeria.

 

The new financial reporting format was developed by the Regulation and Risk Management Directorate of Nigeria’s Exchange and it is based on Quarterly rendition of returns.

However, the NSE has affirmed that in order to fully implement this initiative, the Directorate is inviting all Chief Financial Officers (CFOs) and Chief Compliance Officers (CCOs) of Dealing Member Firms to a two hour briefing on the format.

 

According to the NSE, the session is scheduled to hold between 10.00 a.m. and 12.00 noon, on Thursday December 09 2010 on the 11th floor of the Stock Exchange House.

 

The NSE also said that interested CEOs of various Dealing Member Firms are welcome to attend the session.

 

InvestAdvocate sought the opinion of a Council Member name (withheld) who confirmed that the Emmanuel Ikazoboh’s led Interim Administration of the NSE has taken seriously the issue of financial reporting as at when due at the Nation’s Stock Exchange.

 

The Council Member also confirmed to investadvocate that four Dealing Member Firms were recently suspended for a period of four months each for late submission on rendition of returns in the review period.

 

Also the Council Member said that recently, the Apex Capital Market Regulatory Institution, Securities and Exchange Commission (SEC) began an annual inspection of the books of Stockbroking Firms.

 

“For the past two months, SEC has begun annual inspection of both previous and current financial records of Stockbroking Firms” he said.

 

Also, the Exchange has invited all the Managing Directors/CEOs of Dealing Member Firms to a two-day training programme on mechanisms of trading Exchange Traded Fund (ETF).

 

The training is in collaboration with the NSE and United Kingdom (UK) based Euromoney Training Emea.

 

As earlier affirmed, the two-day training will be a two streams programme on mechanisms of ETF.

The details of the programme are as follows, session one will be from 19-20 January 2011. Session two from 21-22 January 2011 and the venue is the 11th floor of the Stock Exchange House in Lagos Nigeria.

The course content will dwell on mechanism of trading ETFs. According to the NSE, the ETFs offer access to some of the most important investment themes in global financial markets.

 

Since ETFs were first introduced in 1993, they have broadened the investment opportunity set for both institutional and retail clients.

 

Many commentators believe that ETFs have the power to change the way investment is done and they have the potential to usher in a new era of low cost, flexible investing.

 

The notice further affirmed that the global landscape has undergone significant change in recent years and this dynamic industry is likely to evolve further as more and more investors embrace the increasing range of applications that this investment structure can be used for.

 

“This unique new programme will help stakeholders navigate the rapidly evolving world of ETFs and understand the role of the different players in the structuring, management, administration and marketing of ETFs” the notice said.