Yemisi Izuora
The Nigerian Stock Exchange (NSE) 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 Officer, Mr. Oscar N. Onyema, OON explained that the system would automate the regulatory and oversight function of the Exchange over its Dealing Members and ultimately enhance the regulatory experience. He 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. He also noted that it 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.
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. She 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.
Mr. Olufemi Shobanjo, Head of the Broker Dealer Regulation Department remarked 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 paper 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.