The Nigerian Stock Exchange (NSE) is planning a comprehensive training programme for stockbrokers towards a successful deployment and implementation of its new trading platform.

The NSE is rolling out a new trading platform (X-Stream) to replace the existing Horizon Trading engine as part of its trading technology transformation programme, which will also introduce new products and enhanced services to the market in the coming years.

Slated to become operational in the second quarter of 2013, the trading platform is being supplied by NASDAQ OMX. The contract for the trading platform was signed by officials of the exchange and NASDAQOMX.

However, THISDAY checks revealed that for a successful implementation of platform, the exchange has mapped out two critical activities to prepare stockbrokers for it.

The Chief Executive Officer of the NSE, Mr. Oscar Onyema, who confirmed this development, said the two activities are the User Acceptance Testing (UAT) and the Market Wide Acceptance Testing (MAT).

“As part of the implementation plan, a considerable amount of time has been allocated towards UAT and training as quality and knowledge transfer are key success factors for the project,” Onyema said.

According to him, UAT is expected to run for duration of some six months and will involve three cycles, using experienced testers and key exchange staff members.

“In order to build market capacity and increase the knowledge of the new trading platform within the broker-dealer community, whilst enabling them to maximise the benefit of the new platform.

“The Exchange would like to offer up to 10 broker-dealer firms, on a first-come, first-serve basis, based on the quality of the candidates submitted, the opportunity to second a dedicated staff for the entire duration of UAT testing to the project. Each firm can contribute one person but it is essential that this person is one of the best and strongest performers in the organisation,” he said.

Onyema explained that the nominated testing staff member would obtain a first-hand and detailed knowledge of the new platform and participate on a full-time basis in the UAT and early familiarisation workshops on next-generation trading technology transformation and testing methodologies that the exchange would be implementing.

NASDAQ X-Stream is a high performance, robust and scalable, multi-asset, multi-market matching trading engine.

“The new trading platform will enable the NSE have the fastest trading engine in Africa and investors, through their stockbrokers, will have real-time access to market prices, their portfolios and be enabled to execute market orders in near real-time from anywhere and on a wide range of devices including smart phones,” Onyema had said.

Source: Thisday/Goddy Egene