New Telegraph

CIS inaugurates 7 fellows, inducts 59 associates

The Chartered Institute of Stockbrokers (CIS) has inaugurated seven Fellows and inducted 59 Associate Members as part of its 2020 Conference which ended yesterday. This is just as the World Federation of Exchanges (WFE) has commended the Nigerian Stock Exchange on its ongoing demutualisation project and highlighted the rationale for embracing it by every stock exchange’s members.

Speaking at the investiture of the fellows and induction yesterday, the institute’s President, Mr Olatunde Amolegbe, urged them to uphold the highest level of ethical standard as demanded by the dictum- My word is my bond. Amolegbe had at the commencement of the two-day conference explained that stockbrokers’ skills and competencies transcended trading on shares as they are trained to deal in various asset classes, including fixed income securities, derivatives and commodities among others.

Speaking on “The NSE Demutualisation: Demystifying the Big Picture,” the Chief Executive Officer, World Federation of Exchanges (WFE), Nandini Sukumar, commended the exchange for the initiative.

She explained that every member of a stock exchange embraced demutualisation because of its benefits, which include realisation of the value of historical asset, improvement in market quality, liquidity, trading costs and price volatility, ensuring that the exchange is efficient, well run and dynamic, realisation of a unique opportunity that can create value through the demutualization and Initial Public Offering (IPO) while allowing the members to become ownership and customer and provision of opportunity for investment in market infrastructure.

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