NSE launches automated scheme on regulatory oversight
The system, which is the first of its kind in the West African capital markets, seeks to redefine the compliance and regulation experience between the Exchange and its dealing members.
The Chief Executive Officer of the NSE, Oscar N. Onyema, explained that the system would automate the regulatory and oversight function of the NSE over its dealing members and ultimately enhance the regulatory experience.
He explained that the system would enable the security and electronic dissemination of dealing members’ information in a structured and sustainable manner, which would reduce the burden and inconvenience of a manual system.
He further said that it is a major step towards attaining the NSE’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 said.
The General Counsel and Head of Regulation at the Exchange, Ms. Tinuade Awe, summarised 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.
She declared: “The system is designed to promote compliance as well as reduce the financial and operational burden of complying with regulatory requirements,” adding that, “The system would provide a secure central repository for information about dealing members of the Bourse, which is critical from a regulatory perspective. The system would also ensure that dealing members are abreast of their regulatory obligations at all times.”
Mr. Olufemi Shobanjo, Head of the Broker Dealer Regulation Department, remarked that NSE 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 has further manifested its leading role of setting the pace in aligning with global best practice as well as providing leadership in promoting and integrating sustainability by automating processes that hitherto were paper based.