The Nigerian Stock Exchange has on Wednesday inducted 27 dealing clerks. The Chief Executive Officer, NSE, Mr Oscar Onyema, while speaking at the induction ceremony, said out of 47 candidates who wrote the Chartered Institute of Stockbrokers examination and went through the mandatory practical Automated Trading System training at the Exchange, only 27 candidates passed the oral examination.
He said the Automated Trading System training faculty was made up of seasoned capital market regulators and operators such as the Securities and Exchange Commission, NSE, Central Securities Clearing System, registrars, Association of Securities Dealing Houses of Nigeria and the Chartered Institute of Stockbrokers.
According to him, the dealing clerks were made to undergo an oral examination, a rigorous exercise to ensure only suitable candidates secured the required regulatory approval to practice as Authorised Dealing Clerks of the NSE. Onyema said, “With the extremely thorough and strict process leading to your qualification, I make bold to say that you are worthy to be practicing stockbrokers qualified to trade on any floor of the Nigerian Stock Exchange in Nigeria.
”Please note that we have clear and enforceable rules, with a zero tolerance policy on all infractions. To accentuate this, we signed a Memorandum of Understanding with the Economic and Financial Crimes Commission a couple years ago to increase cooperation and communication in the fight against financial crimes in the capital market.
“We will support you in developing your capacity and businesses. However, the NSE will not hesitate to wield the big stick on any erring member that falls short on any of its rules.” Onyema told the inductees that In order to stay relevant in the dynamic environment, continuous training was a tool that should not be underestimated.