- Cloud-enabled Service will Boost Operations
Stockbrokers in the country’s capital market space have expressed optimism that the cloud-enabled service introduced by InfoTech Group, called Marlin, will boost their operations.
Marlin is an innovative and feature rich application that automate the entire process and workflow of all brokerage firms. The service was launched in Nigeria by Info Tech, a global provider of software solutions for financial markets, at a seminar in Lagos.
Speaking at the end of the seminar, stockbrokers and other stakeholders said it was a welcome development capable of impacting the market in many positive ways.
The immediate past Chairman, Association of Stockboroking Houses of Nigeria, Mr. Emeka Madubuike, said the service would enhance the speed of doing business, transparency and link the Nigerian brokerage community to the outside world.
“The whole market has changed and given where we are in the information communication technology space, the product has come at the right time and the benefits are numerous for us to take advantage of,” he said.
Commenting also, the General Manager, Operations, Central Securities Clearing System Plc, Dr. Joe Mekiluwa, said the application was a robust one that would afford the brokerage community the straight through process to interact with the Nigerian Stock Exchange and other participants.
He said with this system, brokers would be able to relate with the CSCS better with more accurate data.
Explaining how the service works, the Chief Executive Officer of InfoTech Financial Technologies Limited, Mr. Amir Raza khan, said it would enable brokers to concentrate on their core business strategies and processes, while leaving it (Info Tech) to handle the technological front.
He said Marlin automates the entire business process and workflows of brokerage firms.
“It offers numerous business advantages such as increased efficiency, better risk management, low cost and ability to manage trade cycle from order to settlement through one system,” he said.
Khan listed some of the features of Marlin to include: adherence to know-your-customer policy for improved compliance; browser based geographically independent access which is user friendly; support to manage multiple branches and with privileged access capability for respective branch to do local distributed processing; support of multiple asset classes, integration with Central Depositary for quick reconciliation; and multiple settlement types at instrument level smooth data migration.