NSE introduce X-BOSS for Broker Dealers Supervision


The Nigerian Stock Exchange (NSE) has introduced a web based system known as Broker Oversight & Supervision System (X-BOSS) as parts of effort to maintain a fair and orderly market based on just and equitable principle. X-BOSS is a system that automates the regulatory and oversight functions of the exchange over its dealing members and ultimately simplifies the regulatory experience. It also introduces a secure central repository for information about dealing members of the exchange. \r\nSpeaking on the initiative Chief Executive Officer of the NSE Oscar Onyema explained that the system is designed to improve the efficiency and security of the regulatory communication between the NSE and the dealing member community and to ensure that dealing members are abreast of their regulatory obligations at all times.\r\nAccording to Onyema “it allows dealing members to maintain and update their firms details and details of approved persons, submit regulatory filings, request for transfers of authorized dealing clerks, register for training workshops, and view information on payments made to the exchange amongst a host of other things”\r\nOnyema noted that as a Self-Regulatory Organisation (SRO) the web based system does not mean that they will not continue with their on-site supervision of dealing members. Stressing that Sub brokers in the market will have to go through their parent firm in terms of filing their reports.\r\nOn the issue of primary users of X-BOSS, which comprises of Compliance Officers, Chief Finance Officers and Chief Executive Officer of the dealing firms, the Head, Legal and Regulation Division of the exchange Tinuade Awe said the training for the users is not meant for training the trainer, while she pointed out that there is no fee attached to the usage of the system for dealing members\r\nShe added that the introduction of the web based system is parts of exchange effort towards ensuring that the capital market adheres to global best practice to increase efficiency, improve transparency and drive operational excellence with the aim of ensuring sustainability. \r\nOn his part the head of Broker dealer department Olufemi Shobanjo added that the system will enables the secure and electronic dissemination of dealing members information in a structured and sustainable manner which reduces the burden and inconvenience of a manual system. In his words “There are significant cost savings for dealing members on regulatory filings as it eliminates the costs and risks associated with the physical delivery of documents to the NSE, via hand or post”

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