Local Firm Develops Software for Stockbrokers
By Okechukwu Kanu
Progenics has developed locally a software which tackles daily operational problems encountered by stockbrokers. Symbols, this new stockbroking and Investment Management software, will offer modules to cover stock broking, portfolio management, customer accounting and a full accounting system in one package. Symbols will also have on-line stock trading and web based customer service delivery in its design so that capital market operators have the best return on their IT investment. It will reduce the accompanying interface problems associated with mixing solutions from multiple vendors.
Symbols is developed on the recently released Oracle 10G, which also run the trading engine of the (Nigerian Stock Exchange ) NSE. It allows the stockbroker to handle his own internal accounts efficiently.
There is an instant audit of transactions and it is easy for the Securities and Exchange Commission to view reports that are meant to be rendered.
Symbols has a multi currency application system that allows a stockbroker in Nigeria to invest in a stock exchange outside Nigeria. Using the same application to manage his operations, he is able to see the effect of those operations in his local currency in naira.
Symbol can also track information about dividends and bonuses so that any customer can check how much dividend or bonus he is expecting. Customers can also see instantly the worth of their portfolio.
The system allows s
Stockbroking firms can use symbols to track all investors for a particular IPO in a particular stockbroking firm. It allows them to easily print reports which they can then send to the issuing house along with the investors' cheques. Symbols takes away the need to type endless reports.
The Symbols system as it is currently implemented has interfaces to the Nigerian Stock Exchange Automated Trading System for upload & download, C.S.C.S for trade settlements, Registrars for verification & validation and Securities & Exchange Commission for statutory reporting.
Progenics has had experience developing, implementing and supporting extensive applications in the banking and financial service sectors. It has also a consulted for the NSE, a factor which influenced Symbols' successful development process.
Managing Director of Progenics, Tony Udoh, describes Symbols as, "the most efficient stock broking and investment management software available for the Nigerian market today."
Symbols was showcased at the just-concluded NSE 2004 Bi - Annual Conference/Exhibitions which held at the Nicon Hilton Hotel, Abuja from June 30th July 2nd, 2004.
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