By Chinwendu Obienyi
The Nigerian Exchange Limited (NGX) has listed four trading licence holders that failed to comply with minimum operating standards (MOS). Investigations done by Daily Sun revealed that the trading licence holders which were published under the NGX BrokerTrax section and considered inactive include Cadington Securities Limited, Clearview Investments & Securities Limited, GMT Securities & Asset Management Limited and Maven Asset Management Limited.
Furthermore, on the latest list of blacklisted persons published under the exchange’s BrokerTrax section, the NGX had sanctioned eight dealing clerks and 13 directors of various dealing firms in 2021. In an effort to improve investors’ confidence in the market, The Nigerian Exchange Limited (NGX), commenced a strong campaign against market infractions by its trading licence holders by introducing a trading licence holders’ compliance report, BrokerTraX.
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Similar actions were taken in previous years by the NGX (formally known as Nigerian Stock Exchange (NSE)), where 22 dealing clerks and 13 other approved persons were sanctioned between 2012 and 2018.
With the BrokerTraX, investors, according to the NGX, can now make more informed decisions about where to invest by viewing the names of Trading Licence Holder Firms that have been found liable for contravening market rules.