Apparently warming up to commence opreation after getting approval of its licence by the Securities and Exchange Commission (SEC), Lagos Commodities and Futures Exchange (LCFE) and Chartered Institute of Stockbrokers (CIS) have jointly exposed stockbrokers and other securities dealers to the fundamentals of commodities trading.
The two-day intensive training, perhaps, first in the series, was tagged Understanding Commodities Market and Trading for stockbrokers and other stakeholders in the securities market.
Declaring the workshop open at the weekend in Lagos, the Managing Director and Chief Executive Officer of LCFE, Akin Akeredolu-Ale underscored the substance and essence of strategic capacity building in certification of personnel, trading practices , standardisation and products development as essential ingredients for the smooth take-off of the new exchange.
Akeredolu-Ale who expressed optimism that the training would be sustainable noted that the partnership between LCFE and CIS was informed by the statutory position of the Institute as the only body recongnised by law in Nigeria to train and certify dealers for commodities trading.
“From the inception, the strategic documents of the Commodities Exchange laid down two things : The issue of capacity building in personnel and the issue of certification and standardisation. We have gone past registration by the regulators. We are moving into products development. And for us to generate the products and the contract that are going to be tradable on the floor of the Commodities Exchange, we have start building capacity.
There has to be certification by a credible institution, recongnised by law to train and certify operators in the Capital Market. So, we decided to partner the Chartered Institute of Stockbrokers to activate the capacity of stockbrokers in products development, understanding the commodities market and how to trade in the commodities market.