From a modest share capital of N50 million when it commenced operations, the Central Securities Clearing System (CSCS), the clearing house of the Nigerian Stock Exchange, has attained N1 billion share capital. Besides, the company, according to its Chairman, Apostle Hayford Alile, is working very hard to commence a T+1 transaction cycle, which would boost early delivery of transactions done in the secondary market segment.

Speaking at the 10th anniversary celebration of the company in Lagos, Alile said the company has achieved a lot in the areas of technological advancement in the market, a feat which was not attained by its counterparts even in developed countries. "The CSCS has lived up to its expectations and even much more. It has comfortably attained heights that are otherwise unattainable within the same ten years even by the older companies and in the so-called developed countries.

"The achievements of CSCS are plethora and include, but not limited to the reduction of transaction cycle from an average of six months to four days (T+3) Cycle. CSCS has entrenched transparency, accountability and confidence in the stock market. This has led to an astronomically high volume of transactions as well as capital appreciation from which the investors have benefited. CSCS has the capacity and is gearing up to commencing the Transaction + 1 Day Cycle.

"The CSCS has settled stocks worth well over N1.7 trillion as well as dematerialised certificates well over six million sheets without any hitch in its 10-year existence. This great company is also celebrating because it has opened up back-up offices at Ikeja and Abuja as well as appointed 21 Settlement Banks to, financially, settle stocks traded on the floors of The Nigerian Stock Exchange.

"The company has attained a N1 billion share capital from an initial N50 million share capital. The Board composition of 13 devoted and committed members, the over 120 hardworking members of staff and management, as well their maintenance are achievements that are worth celebrating." Amplifying further on the company's achievements, Alile said "One of the greatest achievements of the CSCS thus far is the establishment of the Digital Storage & Retrieval Centre sometime in 2004 which was formally declared opened on December 01, 2005. The purpose of this project was, and still is, to put CSCS at the cutting edge of modern technology in its bid to expand and modernise its clearing, settlement and custodial services and other CSD functions. It is the first Data Bank in the West African sub-region, which operates services pertaining to data storage and retrieval of information in its electronic format and much more.

"It is most pleasurable because of the fact that the idea to establish this Data Bank was and still is to provide, amongst other things, an efficient operations of the CSCS stock settlement system, digital storage services to governments at all levels - including their establishments and parastatals as well as corporate and individuals. This is well received and is now yielding fruits as many corporate bodies and individuals are faithfully subscribing to its services. This is because of the fact that security of clients' documents is guaranteed as measures are put in place to avoid any kind of fund or loss of the archived documents."

"The centre provides services such as Conversion of Paper Documents to Electronic Format, Offsite Back-up and Retrieval, Application Hosting, Disaster Recovery & Business continuity, etc. The technology deployed has excess capacity to accommodate data measuring well over 300 terabytes in volume and so can take-up the CSCS operations and many other organisations that generate large volumes of data that need effective and safe storage".