A statement by the Head, Corporate Communications, Nigerian Stock Exchange (NSE), Mr. Nwando Ajene, on Monday stated the Exchange will halt the old trade notification system and replace with a notification system known as X-Alert in March 2014.
According to the statement, the Chief Executive Officer, NSE, Mr. Oscar Onyema, said the X-Alert is an improvement over the old system. He explained that it would provide investors with details of transactions on an investment account via a text message on the recipient’s mobile phone or via an e-mail to the recipient’s box.
He said, the service, which will allow the investing public to 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 with reduced cost implications to both buyers and sellers in the Nigerian Capital Market.
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, effective fraud alert, reduction in time spent confirming trades and an enhancement of transparency between the trader and his clients.