Wednesday, August 22, 2007

Success in capital market depends on technology – Udoh

Managing Director, Progenics Corp Limited, Mr. Tony Udoh, has said that nowadays, success in capital market operations depend largely on technology deployment.

Speaking recently in Lagos, Mr. Udoh noted that as technology improves, its dependency increases, especially in automation of capital markets globally.

He expressed delight that the Nigerian Stock Exchange (NSE) has embraced the opportunities provided by computer technology towards achieving higher levels of trading effectiveness.

“It is gradually becoming one of the leading African capital markets in terms of information technology with the installed Automated Trading System. (ATS),” he said.

He added that Progenics has over the years been involved in the building of the solutions that have fired up values and brought new orientations in the stock market, which includes the ability of stockbrokers to do remote trading.

“This means that stockbrokers can buy and sell stocks from their homes or offices. This is achieved with the use of the communication server that is situated at the trading floor; connected to the data base server, which contains the application solutions of the stock exchange,” he said, stressing that it avails the Real-Time-On Line application.

As said by Mr. Udoh, whose company still serves as the Information and Communication Technology (ICT) consultant to the NSE, a whole lot of activities is making life easier at the capital and stocks market currently anchored on deployment of technologies.

“Apart from our effort at achieving seamless management of the floor by the NSE using the ATS platform, we’re also improving activities from the traders’ side with our Symbols Investment management software,” he informed.

Mr. Udoh pointed out that with the introduction of the ATS, bids and offers are now matched by stockbrokers on the trading floor of exchange through a network of computers, thereby reducing delay and minimizing wastage of resources as stockbrokers could buy and sell immediately with the incidence of short selling becoming a thing of the past.

“It will also affords the market the ability to handle increasing order of volume with the same number of people with greater speed,” Mr. Udoh said.

Even as with the automation, the Security and Exchange Commission (SEC) has been connected to the stock exchange to facilitate live monitoring on the floor of the stock exchange in the trading floors in Abuja, Onitsha, Benin, Ibadan, Yola, Kaduna, Kano and Uyo.

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