The Nigerian Stock Exchange, NSE has said that the new trading engine, X-Gen, which fully became operational, Monday, will change the face of doing business, not only in the Nigerian capital market but in Africa.
The Executive Director, Operations and Technology, NSE, Ade Bajomo, said the development would reinforce Nigeria‚Äôs position as a regional financial center.
He added that the¬† delivery of the new age technology serves as a testimony that the NSE has succeeded in achieving one of its key goals of providing 21st century technologies to support the growth of the Nigerian Capital Market
In his words, ‚ÄúToday, we are trading live on X-Gen and this is a result of a focused, disciplined and intensive 12-month project involving the NSE, its technical partners and the broker dealer community. We believe that the successful implementation of this modern, world-class trading technology suite is a significant development that will change the experience of doing business in not only the Nigerian capital market but in Africa‚Äù
He observed that by deploying the industry‚Äôs leading trading engine, the NSE has made it clear to the domestic and international market participants that it is dedicated to operating a high performance, low latency, robust, scalable and flexible marketplace.
Commenting, the Chief Executive Officer, NSE, Oscar Onyema, said: ‚ÄúThe Nigerian Stock Exchange has always been focused on investing in technology, but with X-GEN, our trading platform is now among the most advanced in the world and that further extends our leadership position in Africa.‚Äù
The new trading platform is based on a number of leading technologies, including NASDAQ OMX‚Äôs XStream matching engine, and the NSE‚Äôs flexible and robust X-GEN Market Database, developed from scratch by the NSE and its technical partners, and will support trading of cash equities, bonds, ETFs and derivatives (from 2014), giving wider access to real time data, improved market transparency and governance.