NGX Outlines Code of Conduct for Licensed Traders - The Top Society

NGX Outlines Code of Conduct for Licensed Traders


The Regulation body of Nigerian Exchange Rate (NGX)Limited, has recently released its outlined code of conduct for its licensed Traders. The code of conduct which is the Securities and Exchange Commission (SEC) was reportedly released on the 16 August 2023, and expected to take effect from 3 October 2023.

A source from the Exchange limited noted that “its primary objective is to establish and uphold acceptable standards of behaviour, thereby fostering professionalism, integrity, and fairness in the interactions of Approved Persons with clients, employers, employees, regulators, and other relevant stakeholders,” emphasizing on high professional standards, reasonable skill, care, and prudence and adherence to ethical and practical standards.
These codes of conduct are expected standards and values that Approved Trading License Holders must often display whenever they are carrying out their businesses.

Code of Conduct

Commenting on the development, Ms Tinuade Awe, Chief Executive Officer, NGX Regulation Limited noted that:

“At NGX RegCo, we understand the profound impact that a strong ethical foundation can have on the integrity and sustainability of the capital market.”

“The Approved Persons Code of Conduct is an important step towards further strengthening a market where confidence is essential.

“We encourage our Trading License Holders’ Approved Persons to fully embrace this Code, demonstrating their commitment to best and fair practices and the highest professional standards.

“These are critical factors for establishing a market based on honesty and accountability, which will promote market depth, growth, and economic development”.

Mr Olufemi Shobanjo, Head, of Broker-Dealer Regulation, NGX RegCo, stated:

“The Code of Conduct for Approved Persons of Trading License Holders reflects our ongoing efforts to improve the regulatory framework of the Nigerian capital market.

“We strongly encourage all Approved Persons of Trading License Holders to familiarize themselves with the Code and ensure its implementation and compliance within their organizations.

“At NGX RegCo, we stand ready to guide and support all stakeholders to ensure the smooth and hitch-free adoption of The Code, thereby cementing the foundation for a more robust and ethical capital market in Nigeria”.

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