Moraccan, Nigerian Stockbrokers Sign Pact to Strengthen Collaboration
In a strategic move to establish a seamless relationship between the Nigerian Stock Exchange (NSE) and its Casablanca counterpart, the two exchanges under the aegis of Association of Stockbroking Houses of Nigeria (ASHON) and Association Professionnelle des Sociétés de Bourse (APSB) of Morocco have signed a Memorandum of Understanding (MoU) in Lagos yesterday.
The MoU was signed by ASHON’s Chairman, Chief Patrick Ezeagu and his APBS counterpart, Mr. Rachid Outariatte and it was a follow-up to the MoU signed by the NSE and CSE aimed at enhancing inter-connectivity between the two exchanges.
Speaking after the signing ceremony, Ezeagu explained that the MoU was to bring the relationship between two exchanges to the level of stockbrokers for enhanced professionalism and accelerated market development in both exchanges.
Ezeagu noted that the pact had provided a framework through which the two professional bodies could strategize in order to realize the objectives of collaborative efforts.
According to him, the overriding objective is how to move the two markets forward through innovative products, development of human capital and regular exchange of information.
Corroborating him, Outariatte explained that the MoU between ASHON and APBS was a derivative of the one between exchange and APBS. He stated that both professional associations had similar interest and the new relationship would bring about mutual development.
He said Nigeria remained a big market in Africa and a place of choice for any client who intends to diversify portfolio. Outariatte assured ASHON that clients from Morocco would be encouraged to take advantage of investment opportunities in the Nigeria’s Capital Market.
By the MoU, the two professional bodies shall co-operate on the strength of exchange of experience between the two professional bodies through mutual visits of stockbrokers and analysts of each Associations in order to take advantage of both markets, establishment of a broker access system, exchange of information within the limit of confidentiality on the issues affecting and the Nigeria’s and Moroccan’s capital market and the national economy.
The MoU also cover organising study tour of staff for enhanced knowledge of capital markets in both countries, sharing knowledge and best practices pertaining to trading and post trading, developing processes and procedures for a dual listing of both Moroccan companies on the NSE companies on the CSE.
Others include organising joint events, conferences and workshops to improve understanding of the capital markets in both countries and analysing business opportunities, risks, threats and trade limitations on both markets.