Chinenye Anuforo
As the preparation for seamless take-off of the proposed Lagos Commodity and Futures Exchange (LCFE) crystallizes, the Association of Stockbroking Houses of Nigeria (ASHON) has signed a Memorandum of Understanding (MoU) with the Nigerian Stock Exchange (NSE).
The MoU, which was signed in Lagos by ASHON’s Chairman Mr. Patrick Ezeagu and the Exchange’s Chief Executive Officer, Mr. Oscar Onyema, was aimed at creating professional and technical relationship between the two institutions for enhanced trading on then two instruments.
Speaking after the signing ceremony, ASHON’S Chairman, Mr Patrick Ezeagu explained that the MOU signed would enable LCFE access the superior technological capacity of the Nigerian Stock Exchange as the oldest Stock Exchange in Nigeria.
According to him, LCFE would hit the ground running once it is able to perfect the registration process with the Apex regulatory body –The securities and Exchange Commission (SEC).
Commenting on the strategic objective of signing the MoU with The NSE, Ezeagu said the strategic objective of LCFE was to have a technical partner that has the technical competence to enable it commence trading immediately after the regulatory approval .without setting up a new platform.
“What we have done is to tap on the existing capacity that is already at The Nigerian Stock Exchange, with that we cannot get it wrong,” he said.
Corroborating him, the Exchange’s Chief Executive Officer explained that the NSE was willing and well positioned to support capital market development and provide necessary expertise to other emerging exchanges around the continent.
Congratulating ASHON on the bold initiative, Onyema stated : “The Association of Stockbroking Houses of Nigeria has champion the establishment of the Lagos Commodity and Futures Exchange and this MoU that we signed today is an MoU that positioned the NSE to provide technology and other technical support to the Lagos Commodity Exchange.”