The Nigerian Stock Exchange (NSE) on Thursday launched the Broker Oversight & Supervision System (X-BOSS) to strengthen its regulatory and oversight function.
Mr Oscar Onyema, NSE, Chief Executive Officer, said at the launching in Lagos that the system would automate the regulatory and oversight function of the Exchange over its dealing members.
Onyema said that the X-BOSS was aimed at redefining the compliance and regulation experience between the exchange and its dealing members.
He said that the X-BOSS would enhance electronic dissemination of dealing members’ information in a structured and sustainable manner, to reduce the burden and inconvenience of a manual system.
“It is a major step towards attaining the exchange vision of becoming the leading Stock Exchange in Africa driven by regulation, efficiency, liquidity and innovation, ” he said.
Onyema said that the initiative demonstrated NSE’s commitment to implementing global best practices to increase efficiency, improve transparency and drive operational excellence.
He said that the initiative was the first of its kind in West African capital market.
Ms Tinuade Awe, NSE General Counsel and Head of Regulation, said that the cutting edge initiative would enhance regulation aimed at thriving activities at the capital market.
Awe said that the system was designed to promote compliance as well as reduce the financial and operational burden of complying with regulatory requirements.
She said that the system would provide a secure central repository for information about its dealing members critically from a regulatory perspective.
Awe stated that the system would ensure that dealing members were abreast of their regulatory obligations at all times.
Also speaking, Mr Olufemi Shobanjo, NSE, Head, Broker Dealer Regulation Department, said that the X-BOSS had ushered in a new dawn on the regulatory programme of the Nigerian capital market.
Shobanjo said that the exchange would continue to align with global best practice.
“The NSE 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,” he said.