NSE stops operators from distributing market information

The Nigerian Stock Exchange has ordered operators in the Nigerian capital market to stop daily distribution of capital market information to clients and investors.

This directive was part of the licensing directive given to market operators late last week.

A source from the NSE who confirmed this to our correspondent on Tuesday said the Exchange wanted to be sure of the information sent out by the operators to their clients, adding that perhaps the management was not comfortable with the amount of information doled out by the operators to the investing public.

He said, “It is true that the NSE last week sent out directives to the market operators and restricted the amount of information they are allowed to disseminate to clients and the general public. Also, the Exchange plans to license operators for data distribution.

“I think this is in a bid to control the amount of information that is being let out to the investing public, and ensure that the right information is sent out to the investing community.”

In a note to its clients on Monday, analysts from Meristem Nigeria Limited said due to the directive, the regular price list and daily market reports made available to clients and the investors would be suspended temporarily.

The note said, “This is to notify you that we shall temporarily suspend the mailing of price list, the market update and some other reports, pending the resolve of the newly introduced licensing directive by the NSE.

“The NSE in a recent communication with capital market operators restricted the public dissemination of its data without compliance with the new data dissemination requirement. We hope to resolve this in the earliest possible time with the regulator.

“We regret any inconvenience this may cause. Pending the resumption of mailing of reports, please feel free to contact us should you require any clarification and we will be glad to be of assistance.”

Source: http://www.punchng.com/business/capital-market/nse-stops-operators-from-distributing-market-information/

An attempt to put the public in the dark? Not cool.

9ja tinz Mtcheew....
Anyway, let me tell my Oga on top abt d letest development in NSE

2nd to comment...am coming up shaa

information is power!
When u give out too much, u're no more relevant

KINGwax: information is power! When u give out too much, u're no more relevant

In other words, the NSE is taking power away from investors. From us.

if there is no price list how do we sell or order for stocks

.

pafra: if there is no price list how do we sell or order for stocks

They will license the information to certain companies, and we will have to pay those campanies for access to the information.

What a load of crap!!!! When it comes to investing, information is power. Unfortunately, only a trained and financially intelligent mind can make use of such information to produce positive results. I believe the NSE is trying to protect the ignorant majority but it is bad business for me because i make money off the ignorance of these investors and their brokers alike.

I think such will not be possible. I see foreign company pulling out their investment. How can you put a man in the dark over his money and you want him to agree with you, impossicant!

This will allow more fraud in price irregularity.

It is the best way to increase investors' participation in the market?

Seun:
In other words, the NSE is taking power away from investors. From us.

as a successful enterprenueur, u also knw dt some secrets to ur success are best left as urs and urs only!
The info they won't be giving out won't make u loose. I guess the plan is to keep d investors at the receiving ends only while they do all the abracadabra and jes roll u ur share while u're seated in ur house.
But wen u can also take up ur calculator and argue all jargons then they are going out of bizinez!

@222Martins: That is a very unfortunate justification, because you cannot protect people by making them ignorant.

The real reason is that they want to make money by licensing (i.e. selling) it. Is this good or bad? I don't know, but I would not dream of investing in any stock on the NSE without unrestricted access to their data. That is all.

Is it how it is done in developed countries I read Oscar Onyema NSE DG worked for New york stock exchange,maybe this is what is obtainable outside

Does the ban also include daily newspaper listings and some Radio/TV analysts?
Now investors will be taking a trip to broad street to know what's up with their investments or what?

This is bad news, not now that I've started making small small change from the market. How many of us young and small investors can afford to go to such "licenced companies" for data? Tomorrow they'll complain that foreigners are dominating the market. Why will they leave me in the dark partaining to the state of my shares?

Seun: @222Martins: That is a very unfortunate justification, because you cannot protect people by making them ignorant.

The real reason is that they want to make money by licensing (i.e. selling) it. Is this good or bad? I don't know, but I would not dream of investing in any stock on the NSE without unrestricted access to their data. That is all.

On point.

PHIPEX: This is bad news, not now that I've started making small small change from the market. How many of us young and small investors can afford to go to such "licenced companies" for data? Tomorrow they'll complain that foreigners are dominating the market. Why will they leave me in the dark partaining to the state of my shares?

You can always get data from Proshare, but the data may be 24 hours late. If you need timely information you may have to pay.

Why must they put investors in the dark? Any way pull out your money if you can. A sticth in time save nine or more

Seun: @222Martins: That is a very unfortunate justification, because you cannot protect people by making them ignorant.

The real reason is that they want to make money by licensing (i.e. selling) it. Is this good or bad? I don't know, but I would not dream of investing in any stock on the NSE without unrestricted access to their data. That is all.

#Gbam

Source: http://www.punchng.com/business/capital-market/nse-stops-operators-from-distributing-market-information/[/quote]

This is good news for the clients and potential investors. It would go a long way in increasing the amount of confidence local and foreign investors have in our capital markets. Good job NSE! However, let's give the NSE the benefit of the doubt here. Perhaps the NSE cares too much about a public that is armed with the internet and is too smart/learned to handle additional information from their stockbrokers. Too late mate...

The country as a whole scores an “A” in going backwards. A party should now come into formation called the Peoples Retrogression Party (PRP). There is at least honesty in the party name and there is no need for additional slogans.

Stifling information flow hampens market efficiency - that's what came to my mind first when I heard this this morning.

This will kill arbitrage opportunities - what's the essence of the market if you cannot 'beat the market' with information at your finger tips

This is nothing but FRAUD. So is NSE trying to hide vital information that will help an investor from loosing his cash.

Is just like giving instruction to to Real Estate Broker not to inform prospective buyers a land that is government owned or a land projected on an highway or restricted areas.

The Fruad that took place between Dangote and Otedola is enough reason for every investor to be fully informed on the practices on the NSE floor.

They want to start changing stock prices and lure in gullible and ignorant investors. So much for greed and wickedness in Nigeria.

a1solution: Why must they put investors in the dark? Any way pull out your money if you can. A sticth in time save nine or more

This is probably one of the best time to invest,and you want to pull out.
Smh.
Nowonder,foreigners are the ones enjoying our money.
The citizens are retarded.

What we have in Nigeria is not a stock market but Scam market, after scamming the gullible public in 2009 now they want to hide information from the few that still believe in them, may be they now want to turn it to ghost market as no sensible investor will invest without information

[size=15pt]how nice[/size]

trying to live up to their name 'stockBROKERS'. abeg they shud change it to STOCKSAVERS,STOCKMENDER,or STOCKBOOSTERS, watever,instead of being d breakers of our stocks/shares........lol

Seun: @222Martins: That is a very unfortunate justification, because you cannot protect people by making them ignorant.

The real reason is that they want to make money by licensing (i.e. selling) it. Is this good or bad? I don't know, but I would not dream of investing in any stock on the NSE without unrestricted access to their data. That is all.

The NSE is trying to curtail the menace of brokers giving clients falsified and sugar coated information. But sincerely speaking, I don't need the NSE or brokers information to invest. However, the average investor needs this information because they are always looking for hot tips and they invest emotionally. Thus driving the stock price up or down. This is how I make money off their ignorance. Please i don't mean to brag or insult anyone, I am just being realistic. A good rule of thumb in the world of investing is this: Never invest a dime in any investment without first investing your time and resources to learn the ins and outs of such investment vehicle.

[size=14pt]I WILL SELL ALL MY STOCKS TOMORROW[/size]

Ozonna: Is it how it is done in developed countries I read Oscar Onyema NSE DG worked for New york stock exchange,maybe this is what is obtainable outside

No it IS NOT! Why dont they just pass the "correct info" to the Stockbrokers on daily basis, if that were the "real issue"?

That he worked at NYSE does not mean he has the interest of NSE at heart!

Has it ever occurred to you that the worst crooks in Nigeria are those that have worked in a foreign, corresponding office, in the past, and retyrned home to Nigeria for "strange reasons"?

As with most things "Nigerian", the only thing he learned ..is HOW TO EXPLOIT the IGNORANCE of his fellow Nigerians.
This sort of "I have worked abroad people" can be the worst of bosses, at times.
If you doubt this, do a survey of some Parastatals in Nigeria, for example Crusader Insurance, now Custodian Insurance where some of their Bosses have worked "abroad" before!
Bunch of Criminals who will not last a day in any foreign country!

Lastpage!

sboga: [size=14pt]I WILL SELL ALL MY STOCKS TOMORROW[/size]

better do before it's broken by the brokers