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GBOT, First Exchange in Africa, to Successfully CFDs

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Global Board of Trade, the first international multi-asset bourse from Mauritius has successfully launched Contracts for Difference (CFDs).
The launch of CFDs on GBOT makes it the 1st exchange in Africa and 2nd in the world to introduce CFDs.
GBOT CFDs will replicate the spot price performance of underlying assets and give traders and investors easy and seamless exposure to USD denominated currencies, commodities, equities and indices.
The introductory CFD contracts on GBOT will include GOLD (1 Troy Ounce), WTI Crude Oil (10 Barrels), EUR/USD (1000 Euro) and GBP/USD (1000 GBP).
The small sized products are launched with the objective of taking markets to the masses by allowing the investor to trade with as low as USD 20. 
As the market matures, GBOT will scale up its operations along with its CFD product portfolio to suit the preferences of its members and aid their business expansion.
By definition, Contract for Difference (CFD) means a standardized derivative traded on GBOT where a buyer and a seller agree to exchange the difference in value of a particular underlying between the time when the Contract is opened and when it is closed.
CFDs are leveraged instruments that allow traders to hold large positions on commodities, currencies, equities and indices with a small margin deposit. Traders can take advantage of both rising and falling markets. The standardized GBOT CFD contracts will offer enhanced transparency, no counterparty risk, high return potential, low entry threshold and no levy of overnight rollover and open interest charges.
Ms. Clairette Ah-Hen, Chief Executive of Financial Services Commission, Mauritius said: “The launching of CFDs represents yet another milestone in our financial services landscape as it will enable both local and overseas investors, be it individual or institutional, to diversify further their investments.
CFDs may bring more value-addition by enabling investors to take advantage of both rising and falling share prices. Small investors too will be able to trade on CFDs, given the low capital entry requirement. The overall result will be enhanced liquidity and buoyancy in the market, thereby attracting more international buyers and improving the visibility of our jurisdiction.”
Mr. Jignesh Shah, chairman & managing director of Financial Technologies Group, India and Vice-Chairman of Global Board of Trade, said: “The launch of CFDs on GBOT reinstates our vision of taking Wall Street to the Man on Street. We have been successfully implementing our model of organized markets for masses from Asia to Middle-East and are committed to lead the development of African Financial Markets with GBOT.”
Commenting on the launch of CFDs, Mr. Rinsy Ansalam, MD & CEO of GBOT, said: “A key ingredient towards a vibrant capital is product innovation and the launch of CFDs is yet another initiative of GBOT that will democratize markets and allow the smallest investor to participate.
The target market range of this segment includes fund houses, traders, students, house wives and people with no finance background. As a CFD pre-launch initiative, GBOT has conducted over 50 workshops to educate over 500 participants on its features and advantages. Through education, we are simplifying financial markets for masses.”


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E-Financial

FG Makes u-Turn on Bank Account Re-Registration

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Federal government on Friday apologised for asking all account holders in financial institutions in the country to re-register their personal details.

FG makes u-Turn on Bank Account Re-Registration

Recall that the federal government had on Thursday ‎ordered that all persons holding accounts across financial institutions and insurance firms should complete and submit self-certification forms to their respective financial institutions.

The notice issued by the government to that effect read, ‎“This is to notify the general public that all account holders in Financial Institutions (Banks, Insurance Companies, etc.) are required to obtain, complete, and submit Self – Certification Forms to their respective Financial Institutions.

“Persons holding accounts in different financial institutions are required to complete and submit the form to each one of the institutions. The forms are required by the relevant financial institutions to carry out due diligence procedures, in line with the Income Tax Regulations 2019.‎”

The directive raised eyebrows, as account holders already possessed Bank Verification Numbers.

Following widespread condemnation that trailed the directive, the Federal Government backtracked on Friday, saying the fresh guidelin‎e was not for all Nigerians.

The government attributed the development to misinformation.

The clarification issued by the government on Friday read, ‎“We apologise for the misleading tweets (now deleted) that went up yesterday, regarding the completion of self-certification forms by Reportable Persons. The message contained in the notice does not apply to everybody. ‎FIRS will clarify Nigerians on the objectives of the directive.”

Also on Friday, FIRS, in a statement posted on Twitter, explained that the guidelines were only for non-residents, as well as people paying tax in more than one country.

Parts of the FIRS statement read, “The Self Certification Form is basically to be administered on Reportable Persons, holding accounts in Financial institutions, that are regarded as “Reportable Financial Institutions” under the CRS.

“Reportable persons are often non-residents and other persons, who have residence for tax purposes in more than one jurisdiction or country.”

“The information that indicates an account holder is a resident for tax purposes in more than one jurisdiction, is expected to be available to Financial Institutions during account opening processes, for the KYC and AML purpose.”


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Stanbic IBTC Bank Disowns Lagos ATM Fraudster

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Stanbic IBTC Bank PLC has disowned Tope Olajide, 22-year-old fraudster arraigned for theft of customers deposits.

Stanbic IBTC Bank Disowns Lagos ATM Fraudster

The Bank said this in a statement on Wednesday.

The statement said: “The attention of the management of Stanbic IBTC Bank PLC has been drawn to news currently circulating in the media, about the alleged arraignment of staff of the Bank on charges bordering on the theft of customers deposits.

“The Bank would like to clarify that the defendant, a 22-year-old Tope Olajide, IS NOT, and was at no point in time an employee of Stanbic IBTC Bank PLC.

“The alleged culprit was apprehended around 7:30 am, on Thursday, 27 August 2020, by security operatives after he was exposed by CCTV footage using ATM cards he had allegedly stolen and converted, to make withdrawals from the accounts tied to the stolen ATMs.

“The CCTV footage also showed the alleged culprit pretending to assist customers at ATMs whilst also attempting to fraudulently dispossess the customers of their ATMs.

“He was subsequently arraigned before an Ikeja Magistrate Court on Monday, 14 September, for stealing the debit cards of two customers and using them to unlawfully withdraw the sum of N427,000.

“The Bank would also like to implore members of the public to be security conscious when conducting transactions at ATMs. Customers are advised to report any suspicious actions around them to security operatives who are usually stationed around the Bank’s ATMs, when carrying out transactions at any of our ATM locations.

“As an organisation, we hold dear the values of integrity, and we will continue to prioritise the safety of our customers effectively.”


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Buhari Okays Establishment of CBN-Led Infraco

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President Muhammadu  Buhari has approved the establishment of an   Infrastructure Company (Infraco) to be driven by the Central Bank of Nigeria (CBN) in partnership with the African Finance Corporation (AFC) and the Nigerian Sovereign Investment Authority (NSIA).

Buhari Okays Establishment of CBN-Led Infraco

Mr. Godwin Emefiele, CBN governor

This is coming  on the heels of the foreign reserves’ slump to $36 billion following a cocktail of monetary policy interventions by the apex bank to cushion the scathing effects of the COVID-19 pandemic on the economy.

Mr Godwin Emefiele, CBN governor, made these disclosures in Abuja at the annual conference of the Chartered Institute of Bankers of Nigeria (CIBN) with the theme: Facilitating a Sustainable Future: The role of Banking and Finance.

According to him, Infraco would enable the use of private and public capital to support infrastructure investment that will have a multiplier effect on growth across critical sectors.

“This entity would also be able to raise funds from the capital markets and mobilise long term finance to address some of our infrastructure needs, while providing reasonable returns to investors. “We believe this well-structured fund can act as a catalyst for growth in the medium and the long run. The support of the banking community will be important in achieving this objective.

“A well-built infrastructure system, comprising hard infrastructure such as roads and ports, and soft infrastructure such as broadband penetration, can have a multiplier effect on growth by enabling the expansion of business activities in the country”, he explained.

On foreign reserves, Emefiele attributed its crash to the decline in foreign exchange earnings and subsequent adjustments in the value of the naira to the dollar.


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