The Nigerian Stock Exchange (NSE) is to replace its old trade notification system, Trade Alert, with a new notification system, X-Alert, from next month, its
Chief Executive Officer, Oscar Onyema, has announced.
“The service which will allow the investing public know when a transaction has been made on their account will be run in-house on behalf of The Exchange by the Central Securities Clearing System (CSCS), with reduced cost implications to both buyers and sellers in the Nigerian Capital Market,” Onyema said in an interview with journalists here.
The X-Alert is a new and improved notification system which will provide investors with details of transactions on an investment account through a text message on the recipient’s mobile phones or via an e-mail to the recipient’s box.
In addition to paying a lot less for transactions, customers will have updated positions of their accounts at any point in time, as this new system offers convenient and easy monitoring of all accounts.
'There are also the added benefits of effective fraud alert in cases of unauthorised transactions on account, reduction in time spent confirming trades and an enhancement of transparency between the trader and its clients,” the NSE boss explained.
PANA recalls that, in line with its commitment to employ 21st Century Technology Strategies, the Nigerian bourse recently rolled out its new generation Trading Platform, X-Gen, that is supporting the FIX protocol and driving the Nigerian Capital Market to global level demands.