Thursday, September 26, 2013 /NSE
The Nigerian Stock Exchange is set to commence trading activities on its new trading platform, X-GEN, from next week. This was disclosed by Mr. Oscar Onyema, the Chief Executive Officer of the Exchange. ”We have had a series of market readiness tests, created a new market structure that is world class and are now making final preparations to cutover to our next Generation platform this weekend” said Onyema.
The Executive Director, Market Operations and Technology, Mr. Ade Bajomo, stated while giving his green signal last Saturday, “We have great confidence in this platform. Three market readiness tests were successfully executed over the past five weeks with a focus on the performance of the trading engine and integration of all interfaces including remote users coming in via the Fix gateway. Brokers and NSE technical team were able to successfully place orders, migrate data and complete a series of full dress rehearsal. It is exciting that we are able to execute and test all our tasks and are confident with the results”.
X-GEN has been described as a high performance, robust and scalable, multi-asset, multi-market matching trading engine. According to Bajomo, “this is the first country in West Africa to adopt this highly sophisticated trading system. As we all know, the trading system is at the heart of any exchange and the shifting to the new platform and ensuring its smooth transition was a key priority for the NSE. We are extremely delighted to co-operate with Nasdaq, LasalleTech and our several partners to adopt this cutting-edge platform. I would like to take this opportunity to extend a sincere thanks to the brokers for their exceptional commitment during the trainings and rehearsals weekends. We believe the testing’s and preparation for the high capacity system will play a key role during cutover weekend" Onyema added.