LCFE signs a Memorandum of Understanding with the Chartered Institute of Stockbrokers (CIS) to onboard no fewer than 2,000 chartered stockbrokers for Commodities Trading.
With the MoU, the two organisations shall collaborate in the onboarding 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).
The forthcoming onboarding of chartered stockbrokers to trade on the LCFE followed the Memorandum of Understanding (MoU) between the Chartered Institute of Stockbrokers ( CIS) and the LCFE. According to the agreement, CIS shall use its platform and contacts to mobilise its members and other operators in the financial services industry to attend Training programs and any certificate courses organised by CIS and LCFE.
This partnership with CIS will promote an easy transition for the stockbrokers to start commodities trading after a seamless onboarding/registration process with the Commodities Exchange as Floor Brokers.
The MD of LCFE noted that this registration gives the floor traders the opportunities to trade commodities for themselves as commodity brokers to enable them to participate in the One Trillion Dollar Economy. He noted that this onboarding limits the traders to physical floor trading at the headquarters of the Exchange and does not grant remote trading privileges. He noted that for floor traders to access the full trading status on LCFE, they must upgrade to full dealing member status which is also an easy transition.
LC FE plans to trade on four broad ranges of assets that promise to open up enormous wealth across the country. These include agricultural commodities, currencies, solid minerals and oil and gas.
The LCFE is being promoted by the Lagos State Government and Association of Securities Dealing Houses of Nigeria (ASHON) among others.