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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).
Submit an expression of interest.
Complete an application form and provide relevant documents (evidencing its ability to fulfil all clearing membership requirements).
Pay the respective application fees.
Applicants are required under FMDQ Clear Clearing Member Rules to meet certain membership criteria at the time of application and on an ongoing basis thereafter. The membership criteria requires that all Clearing Members:
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:
These are Members authorised to clear:
These are Members that have the right to clear:
If you have any questions regarding becoming an FMDQ Clear Member, please contact the Member Management Group via email at firstname.lastname@example.org or call – 234-1-7008555 or 234-1-7008551.
Become a Clearing Member