The
new live broadcast of the Nigerian Stock Exchange (NSE) market data on
Reuters’ system is expected to improve transparency and market
participation, a Thomson Reuters’ head has said.
Speaking
at the Lagos floor of the stock exchange, on Tuesday, to celebrate the
partnership between the NSE and Reuters, Busisa Jiya, the Manager,
Africa Markets Division, of Thomson Reuters, said the live data feed,
which was launched on December 15, 2009, gives an opportunity to
clients in Nigeria and the rest of the world to actively participate in
the Nigerian economy.
Thomson Reuters is an online source of information for businesses and professionals.
“This
broadcast will help us (Reuters) to improve the ability of the world to
see Nigeria and have access to information live; whether in the form of
data, in terms of stocks prices, or on how we can improve our news
coverage on political and economic issues,” Mr. Jiya said.
He
added that Reuters and the NSE are optimistic that the real-time data
feed that is been celebrated will bring about liquidity. According to
him, illiquidity in the market will soon end because “all our global
clients will now be able to participate in trading and stock operations
in Nigeria, and we will be able to provide our clients with answers
relating to risk associated questions.”
“We’ve
had a long relationship with Nigeria and Africa since 1960; then from
1986, with the directorate of the NSE. Today marks the day we reiterate
our commitment that we will be here for ever. We will continue to
improve the partnership we have formed,” the senior company officer
said.
Asked
what the profit sharing formula would be for both organisations in the
live date feed partnership, Musa Elakama, assistant director general of
the stock exchange, said, “There is no profit sharing between us (the
NSE) and Reuters because we are not paying them any money. It is free
of charge. We’ve been together since 1986.”
Subscription fee
Matthew
Dago, a member of the Reuters team, said the live data feed subscriber
will pay a nominal fee of about N250 per month. “The feed can be
accessed on mobile phones and the Internet. The benefit of this is that
it will help subscribers in investment decision making,” he said.
“We
hope to see more products made available in the market due to the
availability of data. Also, a greater degree of transparency is
expected in the market which will also increase market participation,”
Mr. Dago said.
Meanwhile,
Ndi Okereke-Onyiuke, the Exchange’s director general and chief
executive officer, said that the information partnership has “afforded
Thomson Reuters robust opportunity to disseminate real-time market data
from the NSE to the global investment community.”
“The
data for investors and market operators that are being provided include
the bid/ask prices, volumes, latest trades and market depth information
on equities and indices listed on the Exchange,” Mrs. Okereke-Onyiuke
said.
“The development has also enhanced accessibility to the NSE’s data, thereby reinforcing market transparency.”
Strategic improvement
She
said the NSE had in 1986 signed on Reuters to transmit stock market
data through a Electronic Contributor System. The NSE’s boss added that
the current real-time dissemination of the Exchange’s data marks a
“strategic improvement in the information partnership” between the two
organisations.
In
a vote of thanks to the guests, the spokesperson for the stockbrokers,
Babatunde Sobamowo, managing director and chief executive officer of
Global Assets Management, said, “We give thanks to Reuters for dimming
it fit to extent their business formation process to Nigeria at no
cost. We need to let the world know what is happening in Nigeria; that
is why the information partnership is quite timely.”
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