By Yakubu LAAH investadvocate

Feb 16 2011 19.02 GMT 

Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange (NSE) has reported the use of 235 Remote Trading connections in Lagos area.

 

This was contained in a Statement Wednesday February 16 2011 by Wole Tokede Seniour Manager; Corporate Communications of the NSE and made available to investadvocate in Lagos Nigeria.

 

The Statement affirmed that the use of Remote Trading by Dealing Member Firms has continued to grow in acceptance as there are 235 Remote Trading connections in Lagos besides those deployed in branches across the country.

 

The Nigeria’s Exchange affirmed that Remote Trading which is one of the attached benefits of Automated Trading System (ATS) was introduced to the Nation’s Stock exchange in year 2005.

According to Exchange, the system enables Stockbrokers to trade from their offices without having to come to The Exchange in person.

Ogbonnanya Osita, Deputy General Manager/Acting Head Market Operations and IT Directorate, affirmed that Stockbroking Firms are connected based on request and that presently the number of Dealing Member Firms that are using the system is growing rapidly.

Osita further affirmed that most of the Stockbrokers, who still come physically to the trading floor to transact, are doing so because they want to maintain relationships with their colleagues. They can trade from their offices, the situation is the same even in Advanced Markets” he said.

Some Dealing Members of the NSE have described the introduction of Remote Trading to its operations as a commendable one.

In his reaction, Victor Ogiemwonyi, CEO of Partnership Investment Company Limited (Member Nigerian Stock Exchange) confirmed the existence of Remote Trading in the Market.

According to him, there may be challenges in some places; which maybe beyond the control of the Exchange. “Sometimes the link is bad and that is the problem of Internet Service Providers (ISP)”, he said. 

In the same vein, Akeem Oyewole, Chief Executive Officer (CEO) of Stanbic IBTC Stockbrokers Limited while commending the introduction of the Remote Trading system said the platform has helped the growth of the Nigeria’s Exchange greatly and has improved the performance of his Company.

“We have 10 stockbrokers in our Company and it is only one of them who go to The Exchange’s Trading Floor to trade physically. The remaining nine trade remotely from our office. It is working fine, it has been a blessing to our operations”, he said.

Also, Mallam Kasimu Kurfi, CEO of APT Securities and Funds Limited, said his Company was the first to start Remote Trading on The Exchange. “We have been using the system since inception and have never encountered any serious problem” Kurfi said.