Technological Advancements in Nigerian Stocks Trading
Over the years, information technology has been one of the fastest growing factor in Nigeria. It has affected every sector of the Nigerian economy. Easier communication, security, online education, etc. The financial sector has equally not been left out. Only banks now perform online and real time banking. This great innovation equally spread to the Nigerian stock market. The Central Securities Clearing System Limited, the depository of the Nigerian capital market equally embraced this wonderful trend. In early days of 2005, they introduced a digital storage system where all the transactions being carried out in the trading floors of the Nigerian stock exchange are stored. This greatly affected the process of stock trading in Nigeria positively. The introduction of information technology has made it easier to sell stocks, buy stocks, track stocks, and most especially reduce fraud. When an investor gets registered with the stock alert platform, he gets a better control of his equities. No part of his equity can be sold without his knowledge. Since he will be alerted through a text message whenever this happens, making him know if it was authorized, whether in part or in whole. The central securities clearing systems Nigeria launched its digital data storage and retrieval depository which kicked off with the signing of agreement on the project by their representatives and those of IBM, CISCO System, Sunnet System and Datacom Services Ltd, Power System Ltd and Sitech Nigeria Ltd on January 19, 2005.
The solution revolves around Content Management and Data Warehousing Solution called Enterprise Content Management Solution. The Technology is being deployed to capture, store, search and deliver both structured and unstructured data.
The system has put CSCS Ltd at the cutting edge of modern technology in its bit to expand and modernize its clearing, settlement, custody service and other Central Depository function making it a world class center through its multiple communication channels while providing additional services which include the following:
Archiving and Retrieval of digital data center for corporate organization and provide reliable storage for National Data.
Effective disaster recovery offsite data center for organizations such as oil and gas companies, government, banks conglomerates that run Mission-Critical Applications. It will be designed to accommodate small and large corporate bodies.
National Depository and Custody Services for various Information Media which cuts across government, public, corporate, private and individuals.
Another encouraging technological innovation is the Automated Trading System.
Automation of The Trading System (ATS)
Automated Trading System (ATS) is electronic trading in shares through computers by stockbrokers on the trading floor of The NSE.
The ATS is tightly coupled with the CSCS Computer system and makes over-trading in stocks impossible.
The ATS is faster, enhance transparency and removes human moderation of trades and therefore makes appropriate price discovery possible.
Stockbroking firms now migrate to their offices and trade through remote control.
With the Trade Guarantee Fund (TGF) and the Automated Trading System (ATS) tightly coupled with CSCS computer, there is no more cancellation of trades.
Thus, the maxim “my word is my bond” in the market is not only apparent but real.
With this wonderful depository technology in place added to the automated trading systems already in existence, all an investor needs is a clearing house number (CHN), and he gets to be part of this 21st century way of trading stocks.
Nigerian Stocks, Nigerian Stock News, Investing in Nigeria
By: Jackie Tomson
Posts Tagged ‘Technological Advancements’
Technological Advancements in Nigerian Stocks Trading
December 22nd, 2009Career Advancement Accounts for Military Spouse Education and Training
October 25th, 2009While you are serving in the defense forces it is necessary to prepare yourself for a post military career should you decide to leave the forces at some point in the future. In the initial stages adjusting to a civilian life and work place is more often than not painful and involves a lot of problems for separated military people. Keeping this in view you must plan your transition to civilian career while still in military service. To let you adapt to civilian like in a better way the government has various assistance programs that allow you to earn a college degree, gain vocational skills or get technical education in your free time while you continue serving the nation. Innovative technological advancements in computers and the Internet allow you to undertake educational programs from any place in the world through the distance-learning mode that you can complete at your own pace. Subject to certain conditions the government takes care of all your training and educational expenses in order to give you every opportunity to prepare yourself for a desirable post military career.
In pursuance of these objectives the government also provides assistance to spouses of serving personnel who want to prepare themselves for high demand careers that can greatly help the serviceman family’s transition to civilian life and also provide military spouses with jobs following military moves as long as the member remains in service. There are a number of accredited institutions in the country that offer educational and training courses to military spouses under the CAA (Career Advancement Accounts) that funds the educational expenses of military spouses of active duty military personnel under the Military Spouse Career Advancement Initiative.
The CAA program is geared to provide military spouses with portable career opportunities. A ‘portable career’ is one that has a credential which is recognized in several states and for which job opportunities can be found across the nation. A number of ‘high demand occupations’ that exist in several ‘high growth industries’ for military spouses have been identified by the Department of Defense and the Department of Labor. These are selected high growth industries, which are expected to add a large number of jobs to the economy. These are industries that offer the widest scope in portable careers.
The high demand occupations within these industries are growing at a pace much faster than average creating high employee demand.
Five industries have been identified by the government and categorizes as ‘hi-growth’. These include Financial Services, Health Care, Information Technology, Construction and Education.
Given below is a list of portable careers under each separate category. The list is not exhaustive but provides a fair idea of available job opportunities for qualified military spouses and is important from the point of eligibility for funding under Career Advancement Accounts. Any occupation under these industries is eligible for CAA funding.
Financial Services:- Credit Analyst, Claims Adjusters, Bookkeeping, Accounting and Auditing Clerks, Bank Teller, Tax preparer etc.
Health Care:- Dental Hygienist, Radiology Technician, Practical/Vocational Nurse, Pharmacy Technician etc.
Information Technology:- Database Administrator, Data Communications Analyst, Computer Support Specialist etc.
Construction:- Pipe fitters, Steamfitters, HVAC mechanics and Installers, etc.
Education:- Teacher’s Aide/Assistant, Child Care Worker etc.
Some occupations outside the above industries but falling under the CAA ‘in-demand occupations’ are also eligible for CAA funding support.
By: Smartie Arties
