NSE’S CEO Tasks New Stockbrokers On Professionalism

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NSE’S  CEO Tasks New  Stockbrokers On Professionalism

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

Onyema, who addressed the 50 authorized Dealing Clerks during The Exchange’s first virtual induction ceremony commended the inductees for their 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 put the interest of the market first. According to him, the stockbrokers’ robes represents a commitment to uphold the Chattered 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 Authorized Dealing Clerks of The Nigerian Stock Exchange. The need to embrace the culture of continuous learning in a fast-paced environment such as the capital market cannot be over-emphasized 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.

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

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

“  Stockbrokers/Securities Dealers are veritable tools in the functioning of the financial intermediation and network taking place in The exchanges through savings mobilization, capital formation and ensuring good returns for investors.”, said Ezeagu.

According to him, 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, organization, 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/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.  This summarizes your expectations, the expectations of the market and the whole world in general from you, of you and to you”, he said.

He added that as a Securities Dealer/Stockbroker, it was required of them to have the quality of being honest, trustworthy, hardworking, responsible, helpful, patient and gracious with strong moral values hence the maxim, “your word is your bond”.

“ 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 said.

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