Wednesday, 29 October 2014

NSE Becomes Full Member of WFE

The World Federation of Exchanges (WFE) yesterday unanimously voted to admit The Nigerian Stock Exchange (NSE) as full member of the global trade association for the operators of regulated securities exchanges.

Elected as a Federation member during the 54th General Assembly and Annual Meeting of the WFE Seoul South Korea, the NSE becomes the first West African stock exchange to be granted full Federation membership status.

With 60 members from around the globe and its exchanges exchanges home to over 45,000 listed companies, the WFE develops and promotes standards in markets, international cooperation, and coordination among regulators.

The WFE’s vote for full membership came through a series of assessments. On September 15-16, the NSE was visited by a WFE inspection team in Lagos. The inspection team consisted of the Federation and member exchanges.

The team met with the NSE’s management team and several key stakeholders, specifically the Securities and Exchange Commission (SEC) of Nigeria, the Central Bank of Nigeria (CBN), the Central Securities Clearing System (CSCS), two corporates and other market operators.

Commenting on the development, Chief Executive Officer of the NISE, Mr. Oscar Onyema, said they were proud that the exchange had been granted full WFE status.

“This is a positive step towards our integration with global financial markets. We put in a lot of hard work, and we have cultivated excellence in our day-to-day operations, which has earned us this recognition amongst our peers in this notable global trade association.”

“This membership status reflects the exchange’s commitment to implementing the highest standards of international best practices. Our ambition is tobecome the foremost stock exchange in Africa, and today is an important step in that journey,” Onyema said.

Head of Strategy at the NSE and Team Lead for the exchange’s WFE membership project, Ms. Yvonne Emordi said: “This is indeed a wonderful achievement. It sets the tone for the upcoming Asia tour the Nigerian Stock Exchange will kick-off in early December this year, to introduce our market to Asian fund managers with frontier and emerging market investment strategies.”

Commending the NSE, Chief Executive Officer of the JSE Limited, and member of the Board of Directors at the WFE, Ms. Nicky Newton-King, said, “This membership has been a long road for the Nigerian exchange. The WFE Review Committee tasked with their application commends them for the attention they have paid to putting in place the regulatory and technological infrastructure necessary. It is this very significant, concerted effort by the team over the last three years that earned them the recommendation. We welcome them on board.”

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