BY PETER EGWUATU
The Chartered Institute of Stockbrokers (CIS) has said that private trading floor in the Nigerian capital market will usher in a new era and boost the practice of stockbroking in the country.
The council of the CIS made this statement last week, when it visited the 150-seat multi-purpose private trading floor built by GTI Securities in Lagos. It is a floor where brokers and dealers can trade on the securities listed on Nigerian Stock Exchange (NSE) and the NASD Plc.
Speaking on the association’s behalf, the president, Ariyo Olushekun, said the emergence of private trading floor will deepen the practice of stockbroking as it will allow stockbrokers to engage in private practice as qualified professionals in their own right as lawyers, medical doctors, accountants and other professionals as against the current situation where stockbrokers can only work under a stockbroking firm.
“What you have here is a mini stock exchange. Some stock exchanges in West Africa and other parts of the world don’t have a floor as robust as this.
This is very impressive; I will like to commend your effort. I urge other colleagues to find time to visit this floor and see what you have done and see how they also want to contribute to stockbroking and market development,” Olushekun said.
He advised the management of GTI Securities to expand the trading horizon of the floor by adding other platforms such as the commodities exchange and the debt securities and bonds exchange.
In his remarks, Mr. Emmanuel Ohanwusi, first Vice-President, CIS, described GTI as the biblical Moses that will lead stockbrokers to the Promised Land, noting that such opportunity for private trading and practice is what the stockbroking community has been yearning for.