The Chief Executive Officer (CEO) of the Nigerian Stock Exchange (NSE), Mr. Oscar Onyema, has expressed excitement at the launch of the first private trading floor built by GTI Securities Limited, saying the exchange would provide the needed support for the trading floor to succeed.
Situated on the Marina axis of Lagos’s main Central Business District, the trading floor is a 150-seat multi-purpose trading floor. At full installed capacity, some 150 brokers and dealers can trade on all securities listed on the NSE and NASD Plc.
Speaking during a visit to the trading floor, Onyema assured GTI’s management that the NSE would give all necessary support to the operations as part of efforts to deepen the capital market and position it as a catalyst for national development.
He described the initiative as an exciting and trail blazing innovation that would complement ongoing efforts to deepen the Nigerian capital market into a $1 trillion capitalisation market.
“GTI has really impressed me. We are very excited about what GTI is doing, congratulations. You are blazing the trail in innovation in the Nigerian capital market. We at the NSE are very supportive of your efforts and applaud you on taking the initiative to invest in this area. We believe that the sky is the limit,” Onyema said.
According to him, the market is a whole ecosystem that requires the innovativeness and effectiveness of not only the regulators but of all other stakeholders.
In his response, the Group Managing Director, GTI Capital Group, Mr. Abubakar Lawal, hailed the NSE for providing the enabling environment for innovation and global competitiveness to thrive.
He said GTI is positioned as one of the leading investment banking firms in Nigeria with its trading floor being the first in Nigeria and in sub-Saharan Africa.
“We wish to make our trading floor as the vehicle for capital formation in Nigeria and we are committed to actualising this objective by providing necessary risk management and compliance process, investment in information and communication technology and research and intelligence,” Lawal said.
He said the trading floor would further open up domestic and global access to the Nigerian stock market and the NSE as independent foreign and Nigerian stockbrokers as well as high net-worth institutional and individual investors can use the GTI’s trading floor to trade directly on the NSE.
Speaking in the same vein, the Managing Director, GTI Securities, Mr. Tunde Oyekunle, said the trading floor fitted perfectly into the realm of innovations by management of the NSE.
According to him, the launching of the new trading software- XNet, market data initiative and implementation of FIX Protocol trading network have favourably positioned the Nigerian capital market within the financial global village.
He said GTI Securities would provide virtual and back-up office to brokers to facilitate seamless trading and settlement of transactions at the NSE through GTI’s trading floor.