235 Connections Boost Trading At Exchange

The Nigerian Stock Exchange (NSE) on Wednesday said remote trading by dealing member firms had boosted activities on the stock exchange.

Mr Wole Tokede, NSE Senior Manager (Corporate Communications) in the NSE, made this known in a statement issued in Lagos.

He said that remote trading was becoming popular with 235 remote trading connections in Lagos besides those deployed in branches across the country.

Tokede said that remote trading was one of the benefits of the Automated Trading System (ATS) introduced in the market in 2005.

He said that the facilities enabled stockbrokers to trade from their offices without having to come to the exchange in person.

The statement also quoted Mr Ogbonnanya Osita, Deputy General Manager and Acting Head (Market Operations and IT Directorate), as saying that stock broking firms were connected to the remote trading on request.

According to Osita, most of the stockbrokers who come physically to the exchange, do so to keep relationships with their colleagues.

He said that most of them had the capacity to trade remotely from their offices.

Osita said that the situation was the same as obtained in advanced markets.