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NSE to work towards achieving emerging market status, says Onyema

By The Rainbow
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The Nigerian Stock Exchange (NSE) has said it will change focus to innovations aimed at achieving higher international visibility.

According to the exchange, it will work towards developing a larger footprint on the continent of Africa with the ultimate aim of achieving emerging market status.

Chief Executive Officer of the NSE, Mr. Oscar Onyema, who spoke  on the future plans for the market and outlook for 2014, said the exchange would  introduce a world-class surveillance programme this year that will support plans to launch new listings and products as part of efforts to make the market more attractive to investors.

The NSE's focus from 2011 to 2013, he explained,   was on restructuring, improving technology, product development, and advocacy for changes to policy.

Onyema said that going forward there would be an improved surveillance programme that would march the new innovations and products expected to be introduced this year and beyond.

He said further that  the NSE would increase the number of new listings across five asset classes, operate a fair and orderly market based on just and equitable principles, and diversify income streams, among other things.

The NSE boss  said achieving this would involve introducing new products such as a premium board, adoption of Generation 'Y' trading tools and introducing a world-class surveillance programme, among other things.

NSE will, besides, deploy a risk framework to safe-guard the market venue in  preparation for achieving emerging market status, he said.

According to to him,  projections for the Nigerian capital market are largely positive for 2014 the coming year in spite of our concerns about Nigeria's political, currency and interest rate risks.

He said, 'We expect Nigeria to be a key beneficiary of the MSCI 2013 annual market classification review, which will see Qatar and UAE (together accounting for 30 per cent), transition from the MSCI Frontier Markets Index to the MSCI Emerging Markets Index.