X-Alert will ensure that each time investors buy or sell a security, an alert is sent to them via a Text Message to their mobile phone or via an e-mail to their mailbox.
Mr Ade Bajomo, Executive Director of Market Operations and Technology at The Exchange said X-Alert will allow the investing public know when a transaction has been made on their account.
“Each time investors buy or sell a security, an alert is sent to them via a Text Message to the recipient’s mobile phone or via an e-mail to the recipient’s mailbox. So what that does is to bring real time notification plus transparency to the market at market rates while safeguarding against unauthorised sale or purchase of securities” said Bajomo.
Rather than pay 0.12% of every trade roundtrip, investors will now pay a flat fee of N4.00. Based on 2013 figures, the trade alert charges with the old system was some N 1.25billion; with the improved notification system however, the annual cost of the alerts would be some N5.52million based on a N4 flat fee – that is a reduction of N 1.24 billion per annum in the cost incurred by investors transacting in the market.
According to the Managing Director of CSCS, Mr. Kyari Bukar the enhanced service is delivered in real time to customers and urged all customers to provide their brokers with up to date mobile phone numbers and email accounts to enable the notification system work effectively and provide timely update on all account transactions.
The service is expected to help reduce fraud in cases of unauthorized transactions on account, reduction in time spent confirming trades and an enhancement of transparency between the trader and its clients.