Nigeria's first private trading floor opens in Lagos …as SEC boss applauds
Nigeria's first private trading floor, has commenced operations in Lagos.
The trading floor built by GTI Securities Limited, a member of the GTI Capital Group; is a 150-seat capacity multi-purpose trading floor is located on Tinubu Street in the Marina axis of Lagos's main Central Business District.
This implies that at full installed capacity, some 150 brokers and dealers can trade on all securities listed on any of the securities exchanges including Nigerian Stock Exchange (NSE) and NASD Plc.
Speaking during a visit to the trading floor, Director- General, Securities and Exchange Commission (SEC), Ms Arunma Oteh, said such visionary leadership shown by GTI in the development of the pioneer private trading floor is illustrative of the excellent and illustrious nature of Nigeria and what the future holds for the Nigerian capital market.
According to her, the quality of the trading floor shows that Nigerian capital market operators can compete effectively with other operators in the global financial centres of London, New York and Tokyo among others.
Oteh, who has all through pushed consistently for reforms of the capital market, said GTI trading floor would complement efforts to unlock the huge potential of the Nigerian capital market to play the catalytic roles for development of the Nigerian economy.
'What I see here today is an example of what Nigeria can achieve with vision. I could not have imagined what I'm seeing here today, it's absolutely impressive. You have shown that Nigerians are associated with excellence. What I'm seeing, it could be in the city of London, it could be in New York, it could be in Tokyo or it could be in Lagos and it's in Lagos. A hearty congratulation to GTI, I'm overwhelmed with what I'm seeing,' Oteh enthused.
She said the apex capital market regulator would provide all necessary supports for the realisation of the vision of the trading floor as a hub of securities trading and settlement.
Executive director, market operations and technology, Nigerian Stock Exchange (NSE), Ade Bajomo, also described the trading floor as impressive.
He said such initiative by a member of the NSE would complement efforts of the Exchange to create a robust market with large variety of instruments and market capitalisation of $1 trillion.
Managing director, Goldbanc Asset Management Limited, Abayomi Sanya, said the GTI trading floor was a major shift in the right direction for the Nigerian capital market adding that such major initiative is what all stockbrokers should aim at.
Group Managing Director, GTI Capital Group, Abubakar Lawal, said the development of the state-of-the-art trading floor was part of GTI's contributions to making Lagos the financial capital of the world.
He outlined that the trading floor is fitted with cutting-edge technology that allows seamless interconnectivity with the NSE and other exchanges as well as settlement agents and banks for real time online trading and straight through processing of transactions.
He added that the operating system of the trading floor has been embedded with robust risk management framework, which will enhance compliance with, and enforcement of best practices.
Managing director, GTI Securities Limited, Tunde Oyekunle, said a fully automated back-office as well as a high-end research and advisory department that will immensely benefit operators and investors would support the trading floor.
According to him, the new trading floor will enhance effective regulation of the Nigerian stock market and reduce cost of operations to market operator, giving wider access to people to participate in the trading and price discovery at the stock market.
He noted that with a robust trading facility that links both the NSE and the over-the-counter trading engines, GTI's vision is to enhance financial inclusion and broaden access to Nigerians to participate in the capital market.