Click to edit Master title style - Nigerian Stock Exchange Journalists Academy.pdf ·...
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Presented by
Adeolu Bajomo
Executive Director, Market Operations & Technology
At The
SEC Journalists' Academy
December 14, 2012
THE ROLE OF THE NSE IN ENSURING AN ORDERLY SECONDARY MARKET IN AN UNSTABLE ECONOMY
12/14/2012 The Nigerian Stock Exchange 1
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12/14/2012 The Nigerian Stock Exchange 2
1 • About the NSE
2 • NSE’s Vision and Objective
3 • Ways The NSE Ensures Orderly Market
4 • Questions
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12/14/2012 The Nigerian Stock Exchange 3
About the NSE
3rd Largest Exchange in Africa by Market Cap
Approx. 5 million investors: Foreign (70% of market activity); Retail investors (30% of market activity)
312 Brokers-Dealer firms; 28 Issuing Houses Equity and bond products: 202 listed equities with N8.01t in market cap (195 operating companies); 56 bonds (N3.79t in FGN bonds, N341b in State bonds and N1.39t in Corp. bonds)*
Founded in 1960
14 electronic trading floors around Nigeria
Figures as at 31-Aug-2012
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“21st” Century
Technology Strategies
Target-Based Business
Development Efforts
Strong Regulation
and Supporting Regulatory Programs
First-Rate Investor
Protection Strategies
Growth-Enabling Market
Structure
$1T Market Capitalization
NSE’s 5-Year Growth Outlook
18/08/2011 The Nigerian Stock Exchange 4
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Click to edit Master title style | Drivers of Success
12/05/2011
Integrity
• Accountability
• Effective Corporate Governance
• Transparency and Strong Regulation
Durable
Wealth
Creation
• Operational Efficiency
• Modern Technology and Supporting Infrastructure
• Capacity Building
• Demutualisation
Market
Leadership
• Listings Development
• Market Development
• Product Development
• Strategic Alliances
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The Organization
Reconstitution of the Board
Fully Operational Board Committees
Board Committee on Demutualization
Formed
Corporate Reorganization
Reorganization for Effectiveness and
Efficiency
Transformation Programs Underway
Four Divisions to Better Position the Exchange as a Commercial Entity
Business Development
Listings Sales/Retention Focus on Growing from $75B to $1T in 5 Years
“5 Products in 5 Years” (Equities, Bonds, ETFs,
Options, Financial Futures)
National Reach via Branch Network of
14 Trading Floors and Offices
Technology
Upgrade of Trading and Market Management
System to NASDAQ OMX X-stream
Build Business Technology Baselines
and Process Automation
Advocating Full Dematerialization
Key Initiatives
12/14/2012 The Nigerian Stock Exchange 6
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Regulation
Tailored Best -in-Class Service for Issuers and
Broker-Dealers
Attention to Rules and Interpretations for
Market Participants
Surveillance Automation (Conduct, Controls,
Systems, etc.) , e.g., SMARTS
Regulatory Program
Better Coordination with Other Regulators
Compliance via Enforcement
(Disclosures, Financial Reporting, Forecasts)
Eradication of Insider Trading, Market
Manipulation and Issuing of False
Statements
Investor Protection
Reconstitution of Board of Trustees of Investor
Protection Fund (N667m)
Trade Guarantee Fund
Additional Support by the SEC’s Establishment
of a Similar Fund
Market Structure
Market Making and Securities Lending, and Development of a Short
Selling Program
Consideration of an Increase in the 5% Band to 10% with an Intraday Auction at the 5% Mark
Longer Trading Day, Sponsored Access, Opening/Closing
Auctions, etc.
Key Initiatives contd.
12/14/2012 The Nigerian Stock Exchange 7
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Click to edit Master title style | NSE Markets and Boards: Five-Year Outlook
• Govt. Bonds-Federal
• Govt. Bonds-State & Local
• Corporate Bonds/Debentures
Bond Market
• Main Board
• Alternative Securities Market (ASeM)
Equities Market
• ETFs ETF
Market (2011)
• Stock Options
• Bond Options
• Index Options
Options Market (2014)
• Currency Futures
• Interest Rate Futures
• Etc.
Futures Market (2016)
12/14/2012 The Nigerian Stock Exchange 8
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12/14/2012 The Nigerian Stock Exchange 9
Basic Functions of a Capital Market
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• Establishing trading facility for all types of securities,
• Providing a fair, efficient & transparent securities market using an electronic trading system,
• Enabling shorter settlement cycles and book entry settlements and
• Meeting international benchmarks and standards.
• Raising capital for business
• Mobilizing savings for investment
• Promoting Corporate Governance
12/14/2012 The Nigerian Stock Exchange 10
Primary Responsibilities of The NSE
The primary responsibility of The Nigerian Stock Exchange, like other exchanges, is to provide investors, issuers and intermediaries with efficient, transparent and a well-regulated market where capital is raised.
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12/14/2012 The Nigerian Stock Exchange 11
Why Orderly Markets Are Essential
Orderly Market
Any market in which the supply and demand are reasonably equal
Transparent Market
Any market where all relevant information is fully and freely
available to the public.
NO ORDERLY MARKET, NO INVESTOR CONFIDENCE
NO INVESTOR CONFIDENCE, NO MARKET
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• Speculation
• Lack of Transparency
• Genuine Errors
• Fraud
• Investor Sophistication/Awareness
• Operational Sloppiness
• Enforcement of Rules
• Inaccurate and Sensational Reporting
12/14/2012 The Nigerian Stock Exchange 12
Drivers of Disorderly Markets
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31/03/2012 The Nigerian Stock Exchange 13
Equity Market Performance 2002 – 2011
Speculative Impact in 2008
-
10,000
20,000
30,000
40,000
50,000
60,000
70,000
-
5
10
15
20
25
30
35
2-Jan-02 2-Jan-03 2-Jan-04 2-Jan-05 2-Jan-06 2-Jan-07 2-Jan-08 2-Jan-09 2-Jan-10 2-Jan-11
ASI
(D
aily
)
To
tal V
alu
e o
f Sh
are
s Tr
ade
d (
Bill
ion
s)
Share Value ASI
A N1,000 investment in 1996 would
have been worth N13,029.26.
Peak: March 5, 2008 ASI 66,371.20
-17.07
-20.39
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12/14/2012 The Nigerian Stock Exchange 14
Giving The RAIT (Right?) Message
R
A
I
T
Researched
Appropriate
Informative
Timely
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12/14/2012 The Nigerian Stock Exchange 15
Does This Pass the RAIT Reporting Test (1)
“CONCERNS MOUNT OVER NSE TRADING PLATFORM AS EXCHANGE DELAY TRADING SUMMARY” Thisday, page 44H, November 28, 2012 “The Nigerian Stock Exchange (NSE) trading platform may have witnessed serious technical hitches as the Exchange failed to release its daily trading summary at the resumption of trading on Monday and delay the release of the summary to 7 pm Tuesday. Usually, the trading summary is released to the investing public on daily basis between 3pm and 4pm daily, except there is a technical failure that warrants the attention of the vendors of the platform”. Misleading Information: This is a very dangerous speculative writing It does not contain any fact Portrays trading engine of The Exchange as deficient The Exchange has maintained the longest trading service run in its history with 100% trading platform availability since August
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12/14/2012 The Nigerian Stock Exchange 16
Does This Pass the RAIT Reporting Test (2)
“STOCK EXCHANGE SUSPENDS 21 BROKERS WITH INADEQUATE SHAREHOLDERS FUNDS” Businessday, page 1, November 09, 2012 • The story was highly misleading as the facts of the story are skewed • The Brokers TraX report on the website of The Nigerian Stock Exchange provides
the status of Dealing Member firms at the relevant period stated therein. The site is updated periodically, hence information provided on the site changes from time to time depending on the compliance pattern of Dealing Member firms.
• The Exchange did not suspend any Dealing Member firm for not maintaining the minimum liquidity value as the story claimed.
• The report gives the impression that the capital base of Dealing Member firms has been increased..
• The minimum capital requirement for stockbroking firms has not been increased and remains at N70 million.
• The article also suggests that the Exchange took the decision to suspend the operators very recently or in one go, which is not the case and is misleading
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12/14/2012 The Nigerian Stock Exchange 17
Does This Pass the RAIT Reporting Test (3)
Re: “NASD OTC: Collaboration not Competition with NSE-Onyema” Daily Sun, page 34, October 15, 2012 The Correspondent who wrote the story claimed that he spoke with the Chief Executive Officer of The Nigerian Stock Exchange, Mr. Oscar Onyema, even when he never did so. The first and second paragraph of the news story reads: “The National Association of Securities Dealers Over-The-Counter (NASD) market is not going to be in direct competition with the Nigerian Stock Exchange (NSE). And the platform is not a new exchange; neither is it sourcing for its own trading platform. Instead, it is going to make use of the existing trading platform of the NSE as the effort is collaboration between the NASD and the Exchange. The NSE Chief Executive Officer, Mr. Oscar Onyema, yesterday offered this clarification exclusively to Daily Sun, saying that the new platform was intended to increase market participation.” Misleading Information It is a serious offence to attribute a story to someone fraudulently.
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12/14/2012 The Nigerian Stock Exchange 18
Does This Pass the RAIT Reporting Test (4)
“Five Months After, NSE yet to Submit Annual Report” The Nation, Monday May 28, 2012, pages 25 The story states in the third paragraph: “Sources who are entitled to receive the NSE’s annual report and accounts told The Nation that it was not ready and the NSE has offered no timeline for its presentation” Misleading Information: The story’s claims are not only incorrect but highly malicious as the Financial Statements were submitted to the Securities and Exchange Commission (SEC) on April 30, 2012, two clear months ahead of the specified time limit for the submission. The SEC rules permit The Exchange, (being a market operator according to the Investment and Securities Act) to file its audited results and accounts six months after the end of its year end.
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12/14/2012 The Nigerian Stock Exchange 19
Does This Pass the RAIT Reporting Test (5)
“Onyema gets knocks on suggestion to phase out retail investors” The Nation, page 26, May 28, 2012 The second paragraph of the story claims that The NSE CEO suggested that retail investors should not invest in the market directly. He was said to have said this in his presentation to the National Assembly Ad hoc Committee on near collapse of the capital market. Misleading Information The story communicated that The Exchange was planning to prevent retail investors from investing directly in the market. When in actual fact, in the said presentation he advised that retail investors should be encouraged to invest in the market through Mutual Funds because the investment in Mutual Funds would be professionally managed and thereby minimize the risk exposure of retail investors. The writer twisted the story to have different coloration.
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12/14/2012 The Nigerian Stock Exchange 20
Ways The NSE Ensures An Orderly Market
Corporate Governance Disclosure Requirements Monitoring and Enforcement Application of Technology Market Structure Investor Education Advocacy
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12/14/2012 The Nigerian Stock Exchange 21
Governance and Regulation at Heart of The NSE
CHIEF, REGULATION DIVISION
LISTINGS QUALIFICATION
LISTING ANALYSTS
LISTINGS COMPLIANCE
BROKER DEALER COMPLIANCE
LICENSING
INSPECTIONS, EXAMINATIONS &
COMPLIANCE
TIPS, COMPLAINTS & INVESTIGATIONS
ENFORCEMENT
RULES & INTERPRETATIONS
MARKET SURVEILLANCE
LEGAL
SURVEILLANCE
CHIEF, LEGAL DIVISION
COMPANY SECRETARIAT
EXCHANGE
SUBSIDIARIES AND AFFLIATES
LEGAL
CORPORATE & ADVISORY
LITIGATION
Executive Director
LEGAL/REGULATION DIVISION
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12/14/2012 The Nigerian Stock Exchange 22
Disclosure and Transparency
• Listing Requirements are robust to ensure full disclosure of information at Listings Stage.
• Post-Listing Rules are of high standards to ensure continuous disclosure of information after listing.
• Information is regulated to
ensure that disclosure is made which would guide investment decisions. Information must be: • Accurate • Timely • Clear • Simple and • Sufficient
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12/14/2012 The Nigerian Stock Exchange 23
Disclosure and Transparency Cont’d
• Can investors see activities of the Issuers?
• Do they know what the Issuer is doing?
• Are they aware of changes which might impact on their investment decisions?
• Is trading on the securities done in a transparent manner?
• Are insiders trading on the securities?
Transparency influences market efficiency
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12/14/2012 The Nigerian Stock Exchange 24
X-Compliance Report
• It is a transparency initiative of The Exchange. • It is designed to maintain market integrity and protect investors
by providing information on the compliance status of listed companies.
• It is a snapshot of information to guide investment decisions. • Symbols are used for ease of identification on companies that are
below Listing standards. • Disclosures on approved applications for capital raising,
restructuring and or de-listings are provided. • Disclosure of penalties imposed on delinquent companies are
stated and sterling companies are also recognized.
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12/14/2012 The Nigerian Stock Exchange 25
Sample X-Compliance Report
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12/14/2012 The Nigerian Stock Exchange 26
Brokers TraX
The Brokers TraX is an insight into the activities of Dealing Member Firms of The Exchange
This consists of the following - • Status of Dealing Member Firms • Dealing Member Firms involved in unauthorized sales of investor
shares • Status of rendition of Audited Financial Statement • Status of rendition of Quarterly returns • Dealing Member Firms with inadequate shareholders funds
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12/14/2012 The Nigerian Stock Exchange 27
Sample Broker TraX Report
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12/14/2012 The Nigerian Stock Exchange 28
Market Surveillance
Market Surveillance is the process of monitoring market activities to identify unusual patterns or market conditions that may indicate violations of rules and regulations governing the capital market and thus impact negatively on the integrity of the market.
Market Surveillance does the following:
• Price Monitoring
– On-line and off-line Surveillance
– Rumor Verifications and Insider trading
• Investigation
• Position Monitoring
• Intelligence gathering.
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Click to edit Master title style | Enter The Bull – 2012 to …
31/03/2012 The Nigerian Stock Exchange 29
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• RAIT (or is it Right) Reporting – Researched, Accurate,
Informative and Timely Reporting
• Advocacy to grow the market - Ensure Nigerians Participate
in the Economic Growth of The Country
• Investor Education
• Celebrating best practices
• Highlighting Disorderly Market Practices
12/14/2012 The Nigerian Stock Exchange 30
The Role of Journalists in Ensuring Orderly Markets
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Click to edit Master title style | Worth Advocating For
• Developing a market that is representative of the
economy – Agriculture: 40% of GDP 0% of market cap
– Oil & Gas: 16% of GDP 5% of market cap
(Majority of national revenue, no upstream listed)
– Power: 8%of GDP 0% of market cap
(13 companies recently created)
– Telecoms: 4.5% of GDP 0% of market cap
(> 80m subscribers)
• Advocacy for Listings – Passionately promoting companies and appropriate government institutions
to list on the stock market through appropriate incentives
• Educating the public on the benefits of long term
investment in a well run capital market
25/10/2011 The Nigerian Stock Exchange 31
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12/14/2012 The Nigerian Stock Exchange 32
Watch This Space
• Issuers Portal
• More Advanced Surveillance Tools
• Robust Investor Protection Programmes
• On-going Zero Tolerance to Enforcement
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Click to edit Master title style | Re-emergence of The Nigerian Bull - 2012 to ?
31/03/2012 The Nigerian Stock Exchange 33
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12/14/2012 The Nigerian Stock Exchange 34
Do The RAIT Thing
“We are what we repeatedly do. Excellence, then, is not an act, but a habit”
Aristotle
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Q&A
12/14/2012 The Nigerian Stock Exchange 35
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Thank You
Stock Exchange House
2 - 4 Customs Street
P.O. Box 2457, Marina
Lagos Island, Lagos, Nigeria
Thank You