NSE’s boss tasks new stockbrokers to uphold high standards

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The Chief Executive Officer of the Nigerian Stock Exchange (NSE), Mr Oscar Onyema, on Saturday tasked newly qualified stockbrokers to uphold the highest ethical standards in their professional practice.

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Onyema, gave the advise in a statement made available to newsmen in Lagos after the virtual induction ceremony of 50 Authorised Dealing Clerks.

According to Onyema, the inductees had shown a high level of resilience and adaptability to the new learning conditions in spite of the challenges occasioned by the COVID-19 pandemic.

Onyema further admonished the Stockbrokers to prioritise the interest of the market as the robes worn represented commitment to upholding the Chartered Institutes of Stockbrokers (CIS) ethical standards and the Exchange’s Rulebook for Dealing Members.

“It means a pledge to be a bastion of integrity and impeccable character. It represents a decision to put the interest of the market first.

“Despite the challenging times, we are able to certify a corps of qualified stockbrokers who are the future leaders of the Nigerian capital market.

“We have at this event, successful Dealing Clerks who have passed through the Exchange’s Automated Trading System (ATS) training faculty, made up of seasoned Capital Market regulators and operators (SEC, NSE, CSCS, Registrars, ASHON and CIS).

“The ATS training is a pre-requisite for participating in an oral examination; a rigorous exercise to ensure only suitable candidates secure the required regulatory approval to practice as Authorised Dealing Clerks of the NSE.

“The need to embrace the culture of continuous learning in a fast-paced environment such as the capital market cannot be over-emphasised if we must remain relevant.

“As the market deepens with the launch of new products, I encourage everyone to seek for better understanding of various aspects of the capital market as well as new developments.”, said Onyema.

Mr Onyenwechukwu Ezeagu, the Chairman, Association of Securities Dealing Houses of Nigeria (ASHON) reiterated the importance of skills and integrity for the newly inducted stockbrokers.

Ezeagu, while speaking on “The consciousness of Perception, Integrity, Adaptation and Discipline in The Stockbroker/Securities Dealer”, affirmed that the financial market had many areas, including the equities, commodities and derivatives market among others.

“Stockbrokers and securities dealers are veritable tools in the functioning of the financial intermediation and network taking place in the exchanges through savings mobilisation, capital formation and ensuring good returns for investors.

According to Ezeagu, in order to function efficiently and effectively, a Stockbroker must be conscious of his operating environment and live within it.

“This refers to the reception, organisation, identification and interpretation of information gathered through the five senses (sight, smell, taste, touch, and feeling) so as to assimilate and fully understand the system or environment.

“It is therefore important for a securities dealer and stockbroker to understand perception as to who/what a stockbroker should be, what the market expects (market perception) of him and be able to relate his perception of himself to the perception of the environment about him and arrive at a point of reality.

He added that it was required of stockbrokers and securities dealers to be honest, trustworthy, hardworking, responsible, helpful, patient and gracious with strong moral values.

“Stockbroker sell integrity via an investment window, a promise for future returns from investment and/or a bankable IOU.
“All these are intangible assets which can only be marketable by the level of integrity which the stockbroker is able to bring to bear on them,” he explained. (NAN)

Naija247news
Naija247newshttps://www.naija247news.com/
Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

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