By Peter Egwuatu
The Chartered Institute of Stockbrokers (CIS) has signed a Memorandum of Understanding (MoU) with the Lagos Commodities and Futures Exchange (LCFE) to onboard no fewer than 2000 stockbrokers to trade on LCFE.
Prior to the historic (MoU), the two organisations had held series of meetings on the need for collaboration in some areas of commodities and futures trading.
By the MoU, the two organisations shall collaborate in the on boarding of CIS’ members into the platform of LCFE, creation of Certification courses in Agricultural Commodities, Solid Mineral Commodities, Oil and Gas Commodities and Currencies and organisation of joint training and manpower development, including Continuing Professional Development (CPD).
Vanguard gathered that with the MoU, the CIS shall use its platform and contacts to mobilize its members and other operators in the financial services industry to attend Training programs and any certificate courses jointly organized by CIS and LCFE.
Part of the agreements, read:
“The parties agree to work together for faculty, course materials and content development in providing trainings, workshops, and seminars for the stakeholders in the commodities ecosystem and value chains and joint monitoring and evaluation of professional standard in the industry.”
Commenting on the partnership, the CIS’ President, Mr Olatunde Amolegbe explained that it was consistent with the statutory functions of the Institute in the area of capacity building.
Amolegbe noted that securities traders commonly referred to as stockbrokers were trained to deal in different asset classes of which commodities and futures are one.
He added: “The Memorandum of Understanding between the Chartered Institute of Stockbrokers and Lagos Commodities and Futures Exchange is a step in the right direction. We operate a robust syllabus by global standard. This positions our professional members to trade all asset classes.
“The LCFE provides the market infrastructure while the CIS takes care of the manpower. It is a symbiotic relationship. We have signed MoU with many professional organizations in Nigeria and abroad, especially, in the area of capacity building.”
Corroborating him, LCFE’s Managing Director, Mr Akin Akeredolu-Ale, said the MoU would advance the professional partnership between the LCFE and CIS.
“We are pleased to sign the Memorandum of Understanding with the Chartered Institute of Stockbrokers. The Institute operates a curriculum that provides a deep technical knowledge of commodities trading for its members. They are qualified to trade fungible products.
“We are aware that CIS is in partnership with the Chartered Institute for Securities and Investment in the United Kingdom. The institute also runs some Diploma programmes. We have a lot to do together in the superstructure. We shall expose the stockbrokers to our trading engines. The MoU is a landmark in our partnership with the CIS. “, said Akeredolu-Ale.