The Chief Executive Officer of the Nigerian Stock Exchange, Mr Oscar Onyema, has counselled newly qualified stockbrokers to uphold the highest ethical standards in their professional practice.
Onyema, who addressed the 50 authorised dealing clerks during the Exchange’s first virtual induction ceremony, commended the inductees for their resilience and adaptability to the new learning conditions, in spite of the challenges occasioned by the COVID-19 pandemic.
He urged the stockbrokers to put the interest of the market first.
According to him, the stockbrokers’ robes represent a commitment to uphold the Chartered Institute of Stockbrokers’ ethical standards and the Exchange’s Rulebook for Dealing Members.
Onyema said, “It means a pledge to be a bastion of integrity and impeccable character. It represents a decision to put the interest of the market first. Despite the challenging times, we are able to certify a corps of qualified stockbrokers who are the future leaders of the Nigerian capital market.
“We have at this event successful dealing clerks who have passed through The Exchange’s Automated Trading System training faculty, made up of seasoned capital market regulators and operators (SEC, NSE, CSCS, Registrars, ASHON and CIS).
“The ATS training is a pre-requisite for participating in an Oral Examination; a rigorous exercise to ensure only suitable candidates secure the required regulatory approval to practice as Authorized Dealing Clerks of The Nigerian Stock Exchange.
“The need to embrace the culture of continuous learning in a fast-paced environment such as the capital market cannot be over-emphasized if we must remain relevant. As the market deepens with the launch of new products, I encourage everyone to seek for better understanding of various aspects of the capital market as well as new developments.”
The Chairman, Association of Securities Dealing Houses of Nigeria, Mr Onyenwechukwu Ezeagu, highlighted the importance of skills and integrity for the newly inducted stockbrokers.
According to him, the financial market has many areas, including the equities, commodities and derivatives markets.
“Stockbrokers/securities dealers are veritable tools in the functioning of the financial intermediation and network taking place in the exchanges through savings mobilisation, capital formation and ensuring good returns for investors,” said Ezeagu.
According to him, in order to function efficiently and effectively, a stockbroker must be conscious of his operating environment and live within it.