NGX lists four trading license holders for non-compliant to MOS

The Nigerian Exchange Limited (NGX) has listed four trading license holders that have not complied with minimum operating standards (MOS).

The trading license holders which were published under the Nigerian Exchange (NGX) BrokerTrax section and obtained by the newsmen and have been considered inactive include Cadington Securities Limited, Clearview Investments & Securities Limited, GMT Securities & Asset Management Limited and Maven Asset Management Limited.

Based on the latest list of blacklisted persons published under the Nigerian Exchange (NGX) BrokerTrax section, the NGX had sanctioned eight dealing clerks and thirteen directors of various dealing firms in 2021.

In an effort to improve investors’ confidence in the market, The Nigerian Exchange Limited (NGX), commenced a strong campaign against market infractions by its trading license holders by introducing a trading license holders’ compliance report, BrokerTraX.

It will be recalled that similar actions were taken in previous years by the NGX (formally known as Nigerian Stock Exchange (NSE), where twenty-two dealing clerks and thirteen other approved persons were sanctioned between 2012 and 2018.

The Nigerian Exchange Limited (NGX), in its bid to improve investors’ confidence in the market, commenced a strong campaign against market infractions by its Trading License Holders by introducing a Trading License Holders’ compliance report, BrokerTraX.

With the BrokerTraX, investors can now make more informed decisions about where to invest by viewing the names of Trading License Holder Firms that have been found liable for contravening market rules.

The goal is to reduce contravention of market rules to its barest minimum in line with the deliberate and sustained effort to restore confidence.

With NGX’s zero-tolerance policy on regulatory infractions, there has been an increase in compliance by trading license holders.