The Nigerian Stock Exchange has said it will discontinue the old trade notification system, Trade Alert.
A statement by the Head, Corporate Communications, NSE, Nwando Ajene, on Monday said the Exchange would replace the old system with a notification system known as X-Alert in March 2014.
The statement quoted the Chief Executive Officer, NSE, Mr. Oscar Onyema, as saying the X-Alert was an improvement over the old system.
He explained that it would provide investors with details of transactions on an investment account via a text message on the recipient’s mobile phone or via an e-mail to the recipient’s box.
He said, “The service, which will allow the investing public to know when a transaction has been made on their account, will be run in-house on behalf of the Exchange by the Central Securities Clearing System with reduced cost implications to both buyers and sellers in the Nigerian Capital Market.
“In addition to paying a lot less for transactions, customers will have updated positions of their accounts at any point in time as this new system offers convenient and easy monitoring of all accounts.”
According to Onyema, the added benefits of the new system are the effective fraud alert in case of unauthorised transactions on account; reduction in time spent confirming trades and an enhancement of transparency between the trader and his clients.
The NSE explained that the move was in line with its commitment of employing 21st century technology strategies. It added that the inauguration late 2013 of a new trading platform, X-Gen, was also in tune with the commitment.
It added, “X-Gen is expected to open up an unprecedented level of innovative trading capabilities for the market, providing low latency trading, straight through processing from broker order management systems to the Exchange and direct market access for the buy-side and mobile access through smartphones to the retail investors, leveraging the 120 million mobile phone penetration already in the country.
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