Stock Exchange Upgrades System to X-Gen

The Nigerian Stock Exchange (NSE), on Monday, successfully rolled out its, potentially, fastest trading platform in Africa, the X-Gen.

The upgrade is a historic milestone for the capital market community and will reinforce Nigeria’s position as a regional financial center.

The delivery of the new age technology serves as a testimony that the NSE has succeeded in achieving one of its key goals of providing 21st century technologies to support the growth of the Nigerian Capital Market.

Oscar Onyema, CEO of the NSE, said, “The NSE has always been focused on investing in technology. And with the X-Gen, our trading platform is now among the most advanced in the world, which further extends our leadership position in Africa.”

Ade Bajomo, NSE’s Executive Director, in charge of Market Operations and Technology, said, “Today, we are trading live on X-Gen and this is a result of a focused, disciplined and intensive 12-month project involving the NSE, its technical partners and the broker dealer community.”

“We believe that the successful implementation of this modern, world-class trading technology suite is a significant development that will change the experience of doing business, not only in the Nigerian capital market, but in Africa,” Mr. Bajomo said.

Built From the Scratch
The new trading platform is based on a number of leading technologies, including NASDAQ OMX’s XStream matching engine and the NSE’s flexible and robust X-Gen Market Database, developed from the scratch by the NSE and its technical partners. The new platform supports trading of cash equities, bonds, ETFs and derivatives (from 2014), giving wider access to real time data, improved market transparency and governance. The platform is also enabled to run the Financial Information Exchange (FIX) protocol version 5.

These technologies have been deployed on a highly optimised, low latency network (X-Net) for trading on the floor of the Exchange and remote broker-dealer offices based in Lagos and underpinned by efficient business processes.

By deploying the industry’s leading trading engine, the NSE is making it clear to the domestic and international market participants that it is dedicated to operating a high performance, low latency, robust, scalable and flexible marketplace.