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THE ROLE OF STOCK BROKERS IN THE ECONOMIC DEVELOPMENT OF NIGERIA

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INTRODUCTION

In any economy there is a financial system that is responsible for regulating the financial environment of the society determining the types and use of funds to be issued, source of funds to be put. The financial system is really made up of two major markets, namely money and capital stock market. The many market is the market for short term funds and securities including treasury bills, treasury certificate negligence of deposits, commercial paper and other funds of which are less than a year duration.

Thus the aim of the regulating bodies composed of Nigerian stock exchange commission (SEC) is to promote development of orderly capital market to have authority over its members (stock broking firms) to whom it set rules of ethics are made to guide their professional behaviour in the course of carrying out its functions and create awareness of the general public. Stocks exist to enable companies in need of long term financing to sell pieces of the business stock equity securities in exchange for cash. This is the principal method of raising business capital other than issuing bonds. When the stocks of these corporations, which all which corporations must issue, are owned by the public at large, including both private investors and institutions, they are said to be publicly held. These publicly held shares can be easily traded (sold) to other investors in the stock market and are thus said to be liquid, or readily conversed to cash. Stock breakage firms usually, serve as intermediaries in the transactions, buying the new securities at wholesale prices from the issuer and then reselling them to the investing public at retail prices

1.1 HISTORICAL DEVELOPMENT OF CASE STUDY IN NIGERIA STOCK EXCHANGE

The dealing members of the Nigeria stock exchange are institutions who are licensed by the exchange as stockbrokers to buy and sell securities quoted on the exchange on behalf of the investing public. In 1960, Nigeria stock Exchange was established with branch in Kaduna in 1978. Prior to the establishment of the Nigeria stock exchange the were not equipped enough with the information of stock broking and its importance to an individual, groups, organizations and global economic development.

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THE ROLE OF STOCK BROKERS IN THE ECONOMIC DEVELOPMENT OF NIGERIA
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