Stockbrokers Move to Embrace Technology, New Products

Stockbrokers in the country are stepping efforts to key into the rapid changes in technology and product innovation going on in the global financial market so as to position themselves for enhanced professionalism .

Speaking in Lagos ahead of the year’s annual stockbrokers’ conference organised by the Chartered Institute of Stockbrokers (CIS), Chairman of Conference Committee, Mrs. Lilian Olubi said the event is being packaged to help deepen the market and expand the professional knowledge of the dealing members. the bodies most Accordingin prestigiousthe Nigerianto her, professionalas financialone of industry, CIS has, again, sought to elevate the all-important debate of financial market development at the forthcoming conference slated for November 16 and 17 with the aim of charting a course forward on policy alternatives. She said: “This is reflected in our theme for this year’s edition titled, “Adapting to Dynamic Changes in the Financial Market.” Our choice of this year’s theme was informed by the marked rapid pace of innovations in the economy and capital markets, which require operators – both dealing members and the investing public, to keep abreast of these developments in order to make informed choices. “As businesses seek for alternative ways to raise capital and investors look to further diversify their portfolios from traditional assets, it has become imperative to encourage innovation of financial products. For this reason, we would be discussing “Options/ strategies for deepening of our local market through introduction of new products’ such as derivatives, commodities, Sukuk and alternative assets.” Olubi explained that introduction of new products will help deepen the market and expand professional knowledge on diverse investments products, thus encouraging more foreign investors’ participation whilst also developing our finance professionals. “Also, advancement of technology in finance profession has become imperative in improving investors’ experience and supporting efficiency drive of stockbrokers,” she added. Speaking further, Olubi stated that the Nigerian capital market had a lot of potential for deepening in terms of investment products and private sector participation. Also speaking, the CIS’ First Vice President, Mr. Tunde Amolegbe said: “The Nigerian Stock Exchange had been rolling out innovative products and are they getting to the end users or are the operators embracing them ? These are issues we shall tackle at the conference where operators, regulators and other stakeholders will discuss how market can be more beneficial to everybody.”

Similarly, a member of Organising Committee, Mr. Akeem Oyewale explained that Nigeria’s economy was ripe for trading in derivatives.