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Nigeria: Nigerian bourse becomes full member of WFE.

The Nigerian Stock Exchange (NSE) has been admitted as a full member of the World Federation of Exchanges (WFE), at its Annual General Meeting in Seoul, South Korea, making it the first of such exchanges in West Africa.

According to a statement Wednesday from the NSE, made available to PANA here, the NSE was admitted on 28 October 5at its 54th meeting of the body.

"We are very proud that the NSE has been granted full World Federation of Exchanges membership status. This is a positive step towards our integration with global financial markets," the NSE Chief Executive Officer, Mr. Oscar Onyema, said in the statement.

He said: "Becoming a full member of the global body did not come easy. The Nigerian bourse went through a series of rigorous screening which eventually led to its recognition. The WFE Review Committee, which scrutinizes membership application for three years, examined what has been put in place to meet regulatory and technological infrastructure requirements necessary to meet global standards, as well as to position the Exchange for future growth.

"We put in a lot of hard work, and we have cultivated excellence in our day-to-day operations, which has earned us this recognition amongst our peers in this notable global trade association," Onyema added.

The WFE is the trade association for the operators of regulated financial Exchanges. It develops and promotes standards in markets, supports reform in the regulation of Over The Counter (OTC) derivatives markets and fosters international cooperation and coordination among regulators.

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Publication:African Manager
Date:Oct 29, 2014
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