NSE seeks media partnership on data dissemination
The Nigerian Stock Exchange (NSE) has concluded plans to partner with the media to increase awareness on the critical roles of market data.
Also, the NSE said it had instituted minimum operating standards for stock dealers to check sharp practices and other infractions in the market.
General Counsel, Head, Listing and Regulatory, NSE, Mrs. Tinuade Awe, who led an NSE team to Rutam House, The Guardian headquarters in Lagos, said 85 per cent of exchanges in the world derive their income from data gathering.
Awe said: “A lot of the members of the World Federation of Exchanges (WFE) are close to that figure not because many of these are making much money from their transactions but because transaction costs around the world are going down and exchanges are becoming more robust in a way which they figure can still add value without increasing transaction costs and data is one of the reasons.
“Ours is information of powerhouse. We feel that we should introduce this idea to the media; we feel that a good thing that our data people can speak in terms of what type of analysis will be helpful to the medium.”
On the failures of some quoted companies on the Exchange, she stressed: “Investors have to know that when you invest your money in a company, you are investing in the risks and the advantages of that company.
“I think a lot of people that invested in the past were actually misinformed that when you put in your money, it will just double or triple in return. There was a lot of misinformation and a lot of wrong investment.”
Awe, who expressed concern at the malpractices being indulged in by some dealers and frowned at the quantum of money being received by dealing members without proper investing, stated: “We had allegations about people receiving money but not buying anything and playing on the ignorance of the individuals that gave them money to invest. So, we have done all sorts of rules about the kind of policy and procedure they should have.”
Awe, who described the media as tools for easy communication, especially as regards delivering and receiving data or information, further said: “We have always wanted to partner with the media because we see the media not necessarily a source of funds for events, but in terms of exposure and contribution with respect to making sure that events turn out right.”
She, therefore, solicited The Guardian’s support for the NSE’s financial literacy programme for the youths through its essay competition for secondary schools.