Stock Market Operators Hail Introduction of Cloud Enabled Service
The Managing Director of Compass Securities Limited and immediate past Chairman of the Association of Stockbroking Houses of Nigeria(ASHON), Mr. Emeka Madubuike has hailed the launch of the cloud enabled service called Marlin into the Nigerian capital market by InfoTech Group.
Marlin is an innovative and feature rich application that automate the entire process and workflow of all brokerage firms. The service was launched in Nigeria by Info Tech, a globally renowned company for wide range of software solutions for financial markets, at a special seminar in Lagos on Tuesday. Speaking at the end of a seminar, stockbrokers and other stakeholders said it was a welcome development capable of impacting the market in many positive ways.
According to Madubuike, Marlin will enhance the speed of doing business, transparency and link the Nigerian brokerage community to the outside world.
“The whole market has changed and given where we are in the information communication technology space, the product has come at the right time and the benefits are numerous for us to take advantage of,” he said.
Speaking in the same vein, the General Manager, Operations, Central Securities Clearing System Plc, Dr. Joe Mekiliuwa said the application is a robust one that will afford the brokerage community the straight through process (STP) to interact with the Nigerian Stock Exchange (NSE) and other participants.
He said with this system, brokers would be able to relate with CSCS better with more accurate data.
“It means that if the brokers try to communicate with us, it will be in a very organised way and seamlessly, they will be able to relate with us because if they keep good records, one way or other it will impact on us positively,” Mekiluwa said.
Explaining how the service works, the Chief Executive Officer of InfoTech Financial Technologies Limited, Mr. Amir Raza Khan, said it would enable brokers to concentrate on their on their core business strategies and processes, while leaving it to handle the technological front.
“It offers numerous business advantages such as increased efficiency, better risk management, low cost and ability to manage trade cycle from order to settlement through one system,” he said.
According to Khan, some of the features of Marlin include: adherence to know-your-customer policy for improved compliance; browser based geographically independent access which is user friendly; support to manage multiple branches and with privileged access capability for respective branch to do local distributed processing; support of multiple asset classes, integration with Central Depositary for quick reconciliation; and multiple settlement types at instrument level smooth data migration.