Membership

MEMBERSHIP

Membership in FMDQ Clear includes pre-selected institutions – Banks – who present and assume full responsibility for the financial performance of all transactions executed and/or cleared through them on FMDQ Exchange. Members are fully governed by the rules and guidelines of FMDQ Clear. An institution seeking to become a Member of FMDQ Clear is required to:

Apply: Complete an application form and provide relevant documents (evidencing ability to fulfil all clearing membership requirements).

Indicate Interest

Submit an expression of interest.

Apply

Complete an application form and provide relevant documents (evidencing its ability to fulfil all clearing membership requirements).

Make Payment​

Pay the respective application fees.​

Membership Criteria

Applicants are required under FMDQ Clear Clearing Member Rules to meet certain membership criteria at the time of application and and on an ongoing basis thereafter. The membership criteria requires that all Clearing Members:

  • Must be a Deposit Money Bank licensed by the Central Bank of Nigeria
  • Hold sufficient capital as defined per membership category
  • Be party to a Clearing Membership Agreement with FMDQ Clear
  • Hold all necessary regulatory authorisations, licences, permissions and approvals to undertake the functions of a Clearing Member
  • Have fit and proper staff and directors
  • Have appropriate technical and operational systems and controls
  • Have appropriate business continuity procedures
  • Be able to meet margin requirements
  • Contribute to the Clearing House Default Fund, an amount to be prescribed by FMDQ Clear from time to time, and
  • Not be insolvent or subject to any other event of default

Membership Categories

At FMDQ Clear, we provide effective and credible platforms for clearing, settlement and other related services in the post-trade value chain for our market participants, who are mainly Deposit Money Banks. Therefore, our membership categories address the varied needs of these stakeholders in the Nigerian financial markets. FMDQ Clear currently operates three (3) clearing membership categories as detailed below:

General Clearing Members (GCMs)

These are Members authorised to clear:

  • Spot, Repo and Derivatives products
  • Proprietary Transactions
  • Client Transactions
  • Transactions by Non-Clearing Members (This includes Non-Clearing Members’ proprietary transaction and Non-Clearing Members’ clients’ transactions)

Application Fee
GCM – 25,000,000.00
Frequency: One- Off

Membership Fee
GCM – 3,000,000.00
Frequency: Annually

Direct Clearing Members (DCMs)

These are Members that have the right to clear:

  • Spot, Repo and Derivatives products
  • Proprietary Transactions
  • Client Transactions

Application Fee
DCM – 25,000,000.00
Frequency: One- Off

Membership Fee
DCM – 2,000,000.00
Frequency: Annually

Ordinary Clearing Members (OCMs)

These are Members that have the right to clear:

  • Spot and Repo products
  • Proprietary Transactions
  • Client Transactions

Membership Application Fee
GCM – 25,000,000.00
Frequency: One- Off

Membership Fee
GCM – 3,000,000.00
Frequency: Annually

If you have any questions regarding becoming an FMDQ Clear Member, please contact the Member Management Group via email at fmdqclear@fmdqgroup.com or call – 234-1-7008555 or 234-1-7008551.

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