The Nigerian Stock Exchange says it will support the operations of a private trading floor built in Lagos by GTI Securities.
The Chief Executive Officer, NSE, Mr. Oscar Onyema, said this when he visited the trading floor.
Inaugurated in November, the 150-seat multi-purpose trading floor is the first private trading floor in the country.
It is also designed to allow dealers to trade on all securities listed on the NSE and the NASD Over-the-Counter trading platform.
According to Onyema, the development will complement efforts by the NSE to deepen the Nigerian capital market and achieve a market capitalisation of $1tn in the coming years, hence the need to support it.
He said, “We at the NSE are very supportive of your efforts and applaud you on taking the initiative to invest in this area. We believe that the sky is the limit.”
Onyema promised that the NSE would continue to collaborate with all stakeholders as collective effort was required to ensure that the market realised its full potential and become the gateway to African capital markets.
The NSE boss, who said the Nigerian economy and capital market had the depth to accommodate similar innovations and projects, called on other operators to be creative and innovative.
The Group Managing Director, GTI Capital Group, Mr. Abubakar Lawal, thanked the NSE for providing the enabling environment for innovation and global competitiveness to thrive.
He said GTI’s goal was to make its trading floor a vehicle for capital formation in Nigeria.
“And we are committed to actualising this objective by providing the necessary risk management and compliance process, investment in information and communication technology and research and intelligence,” he added.
According to him, the trading floor will further open up domestic and global access to the Nigerian stock market and the NSE.
This, he explained, was because independent foreign and Nigerian stockbrokers and high net-worth institutional and individual investors could use the GTI’s trading floor to trade directly on the NSE.
Also, the Managing Director, GTI Securities, Mr. Tunde Oyekunle, said the trading floor was in line with the innovation drive of the NSE.
He explained that beyond just providing the trading floor, GTI Securities would provide virtual and back-up offices to brokers to facilitate seamless trading and settlement of transactions on the NSE through the private trading floor.
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NSE pledges support for GTI trading floor
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