" ITREALMS: Technology, key to NSE growth – Udoh

Wednesday, September 13, 2006

Technology, key to NSE growth – Udoh

Remmy Nweke

Managing Director, Progenics Corp Limited, Mr. Tony Udoh, has identified technology as the key to the burgeoning activities in the Nigerian Stock Exchange (NSE).

Speaking after the recent launch of the automated cum electronic trading floor of NSE, in ancient city of Ibadan, Mr. Udoh said that cutting edge technology deployed at NSE, facilitated its growth.

“The Nigerian Stock Exchange is clearly the most effective and proficient economy body in the country today and the reason for this is obviously its total dependence on deploying the tools of information and communications technology (ICT) to achieve seamless and modern capital market activities,” he asserted.

He also cited the launch of automated/electronic trading flow in various cities in the country, for instance, noting that technology is assisting in bridging the gap for stakeholders in the capital market sub-sector.

Mr. Udoh equally lauded, members of NSE who have contributed in different ways to ensure that the recent launch was a success, describing it as “the leading lights of the nation’s economic revolution.”

He identified too, the features of the automated trading floor, explaining that all the electronic trading points of the Ibadan NSE have been connected online and real time with the Nigerian Stock Exchange floor in Lagos, even as efforts are on for expansion of the branchy.

Progenics, he said, as the foremost systems integrators for the financial and public sectors, has been solely responsible for the complete automation of the Ibadan trading floor as well as other electronic branches of NSE.

It would be recalled that Progenics has been active in the technology sector for over a decade now with award winning products like Symbols, specifically meant for deployment at the capital and investment market and GovAc, for the public sector.

Mr. Udoh, whose Progenics is a total solutions provider servicing the financial sector with software solutions, said, dependence on technology has not been a bad idea for NSE.

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