Nigerian Stock Exchange
As part of strategic initiatives to enhance efficiency, the Nigerian Stock Exchange (NSE), and Coronation Merchant Bank, have invited the former Chair of the U.S. Commodities Futures Trading Commission (US CFTC), James Stone, to deliver a special lecture on the ‘Pluses and Pitfalls of Derivatives Trading’ at the nation’s bourse.
Scheduled for today, the initiative, which is a component of the NSE’s international stakeholders’ engagement strategy that commenced four years ago, will also see Stone – a former lecturer in Economics at Harvard University, and former Commissioner of Insurance, Massachusetts, interact with leadership of the Lagos bourse, and leading figures in Nigeria’s capital market. Commenting, NSE CEO, Oscar Onyema, said: “having Mr. Stone, a fellow of the American Society of Arts and Sciences, who was appointed by President Jimmy Carter, as Chairman of the Commodity Futures Trading Commission (US CFTC), is an amazing opportunity because of the quality of engagement and insight that will be gained from the interaction.” He added that: “the Nigerian Exchange is committed to building capacity and enhancing the expertise of operators and other associated parties towards collective efficiency.
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Therefore, the lecture on ‘Pluses and Pitfalls of Derivatives Trading’ to be delivered by Mr. James Stone will provide enriching perspectives and strengthen the capacity of capital market operators, who create value for investors through their operations on the floor of the Nigeria Stock Exchange.” Likewise, Coronation Merchant Bank Group, a major player on the Exchange, whose subsidiary Coronation Asset Management recently listed three Mutual Funds on the Exchange – Coronation Money Market Fund, Coronation Fixed Income, and Coronation Balanced Fund, noted that “a collaborative approach to capacity building will unlock the inherent value on the exchange.” The Bank’s Managing Director, Abubakar Jimoh, said: “we are excited about our collaboration with the NSE on this noteworthy initiative, which will have positive effects on capital market operations in Nigeria.
“As a wholesale, financial institution focused on transforming the face of merchant banking in Africa, Coronation Merchant Bank is not only open to innovative collaborations that will bring development to the African financial landscape, but will serve as a catalyst for revitalising capital market operations across the continent.” The US CFTC is an independent agency of the Government created in 1974, to regulate futures and option markets. Stone, the founder and CEO of Boston-based, Plymouth Rock Assurance Corporation, and Chief Executive of The Plymouth Rock Company – the holding company- served as its chairman until 1983, following his appointment in 1979 by President Jimmy Carter.
Born in New York City in 1947, Stone was educated in the public schools of Pelham, New York, and at Harvard University. In 1969, he received his bachelor’s degree, graduating with the Highest Honours in Economics, and was also elected as a member to Phi Beta Kappa.
His academic work was recognised with the Allyn Young Prize for the best undergraduate economics thesis, as well as the Goldsmith Prize for best research paper presented to the Graduate School in Economics. Stone later received his Ph.D. in Economics from Harvard in 1973, and was appointed a lecturer in Economics by the Harvard faculty to teach courses on the economics of securities markets.
Source: G Business
