NSE assured investors of security of new trading platform

The investing public as well as trading partners of the Nigerian Stock Exchange (NSE) who may be worried about the safety of their transaction following signing of a contract agreement between the NSE and the NASDAQ OMX on the new trading platform due to increasing wave of cyber attack across the globe, have been assured that adequate security has been put in place.

The executive director, Market Operations and Technology at the exchange, Mr. Adeolu Bajomo told ict-bizafrica that security at all layers of the platform would be taken care noting that security in the new platform, which would IT driven would be centered around the network, server and the application itself.

According to him there would be security on and end-to-end basis when doing transaction and not just on the platform.

He disclosed that the NSE would announced the rest of the technology partners that would assist to make the new platform a success saying that the best global practice would be key in the type of technology partners that would be involved in the smooth running of the platform.

He however noted that as a national entity Nigerian companies would play a key role adding that the NSE is already working with some Nigerian companies in that regard.

While giving an over view of the rational for a new platform for trading in the Nigerian stock market, Bajomo said that what matters most in the market is the speed and reliability of the trading in the market.

He said:“In an exchange what matters most is the speed of execution and the reliability of execution, and your ability to hook on to an ongoing service in a daily basis while reaching out to a wider market”.

But that according to him can only done using a highly scalable, robust and efficient performance system stressing that only platforms like the one the NASDAQ is offering the NSE can do that.

He explained that with the growing number of the population of Nigeria, and considering the huge numbers that are looking towards saving for the future through investment in shares; a platform is therefore needed to address the challenge of the huge numbers.

“If you are going to get about 40 million people to transact efficiently in the capital market you must have a system that can deliver real time services”, he said

He added that the system must be able to address putting the future growth of the market in mind saying that “we are looking at the future and that is why scalability is very important. Market works on practice and movies very fast and that is why new methods of doing things in the market is very important”.

On how the new technology would run the market he said that all the market participants would be able to sell and buy shares using the platform, besides the real time information that would be made available to traders in the market.

He further said, “it is enriched to ensure that you have the end-to-end connectivity in terms of market surveillance, real time market data and ancillary services.”

Bajomo also disclosed that plans are under way to make sure that the market participants are able to do transaction on the market using their mobile phones saying that the wider brokerage community would be involved in discussions that would make that a reality.

While describing the new platform as an evolution in the history of the Nigerian capital market, he said that there are enormous advantages in the use of the new platform to the way business would be run very soon adding that the platform would be hosted in Nigeria.

 NASDAQ is the largest U.S. electronic stock market. With approximately 3,200 companies, it lists more companies and, on average, trades more shares per day than any other U.S. market.

It is home to companies that are leaders across all areas of business, including technology, retail, communications, financial services, transportation, media and biotechnology. NASDAQ is the primary market for trading NASDAQ-listed stocks.