NSE Launches The Broker Oversight & Supervision System (‘’X-BOSS’’) in a midst of falling index
L – R shows Olufemi Shobanjo, Head, Broker Dealer Regulation, The Nigerian Stock Exchange (NSE); Oscar Onyema, Chief Executive, NSE, Ms. Tinuade Awe, Head, Legal and Regulations Division, NSE and Olumide Lala, Head, Transformation and Change, NSE at the Launch of Broker Oversight and Supervision System (XBOSS) at the Exchange today
By Amehnews
The Nigerian Stock Exchange (“The Exchange”) with continual falling of index ever has launched the Broker Oversight & Supervision System (“X-BOSS”). The system, which is the first of its kind in the West African capital market, seeks to redefine the compliance and regulation experience between The Exchange and its Dealing Members.
The Chief Executive, Oscar Onyema, in his lecture notes stated that the system would automate the regulatory and oversight function of the Exchange over its Dealing Members and ultimately enhance the regulatory experience.
Onyema noted that the system would enable the secure and electronic dissemination of Dealing Members’ information in a structured and sustainable manner, which would reduce the burden and inconvenience of a manual system.
NSE Boss let a cat out bag, as he put it; this is a major step towards attaining The Exchange’s vision of becoming “the leading Stock Exchange in Africa driven by regulation, efficiency, liquidity and innovation.” It also demonstrates The Exchange’s ambition and commitment to implementing global best practices to increase efficiency improve transparency and drive operational excellence, he added.
The General Counsel and Head of Regulation at The Exchange, Ms. Tinuade Awe summarized the system as a marriage between cutting edge, twenty-first century technology and robust, comprehensive regulation, both of which are essential elements of a thriving capital market.
Ms Awe noted that the system is designed to promote compliance as well as reduce the financial and operational burden of complying with regulatory requirements.
She asserted that the system will provide a secure central repository for information about Dealing Members of The Exchange, which is critical from a regulatory perspective.
The system would also ensure that Dealing Members are abreast of their regulatory obligations at all times, she noted.
Also Olufemi Shobanjo, Head of the Broker Dealer Regulation Department said in his remark that The Exchange is “confident that X-BOSS has ushered in a new dawn on the regulatory program of the Nigerian capital market.”
With the implementation of X-BOSS, the Nigerian Stock Exchange continues to set the pace in ensuring that our capital market is aligned with global best practice as well as providing leadership in promoting and integrating sustainability by automating processes that hitherto were paperless based.
“The Nigerian Stock Exchange’s bold steps towards creating a fair and orderly market have received local and international recognition. The NSE was recently named African Regulator of the year, 2015 by the African Leadership Magazine UK.”
ABOUT THE NSE
The Nigerian Stock Exchange, a company limited by guarantee, services the largest economy in Africa and is championing the development of Africa’s financial markets. The Exchange offers listing and trading services, licensing services, market data solutions, ancillary technology services, and more. The Nigerian Stock Exchange continues to evolve to meet the needs of its valued customers, and to achieve the highest level of competitiveness. It is an open, professional and vibrant exchange, and the Entrepreneurial Growth hub of Africa. The Nigerian Stock Exchange aspires to be Africa’s foremost securities exchange, connecting Nigeria, Africa and the world.
