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As a self-regulatory organisation with a mandate to uphold market integrity, improve credibility and confidence in the Nigerian fixed income, currencies and derivatives markets, FMDQ Exchange is committed to upholding professional principles of trade and best business practices, through the Exchange’s rule making, examination and enforcement responsibilities.

FMDQ Exchange Market Oversight performs its regulatory function with respect to monitoring market activities; examining the conduct of Members, their Authorised Representatives and other market participants; investigation of possible breaches of FMDQ Exchange Rules, post-listings/quotations compliance and enforcement of sanctions on defaulting Members; to maintain an open, fair, transparent and efficient market, in accordance with international standards and best practices.

These regulatory activities are carried out via Market Surveillance & Enforcement, Members Examination & Investigations Group & Quotations Compliance.

Rules and Regulation serve an important purpose to foster transparency, consistency, and fairness (component factors of regulation) in the financial markets. As a self-regulatory organisation, FMDQ Exchange aims to strike a seamless balance between the aforementioned factors through robust documentation and enforcement of its regulation.

FMDQ Exchange works closely with the relevant regulatory authorities, including the Securities and Exchange Commission, Central Bank of Nigeria and the Debt Management Office to develop and enforce Rules and Regulation, with a view to building an enduring marketplace. The Rules provide the regulatory framework for FMDQ’s Members and their activities within the FMDQ markets. These include Rules and Regulation governing trading of products within the FMDQ markets, registration, listing and quotation of securities, as well as the conduct of Members on FMDQ Exchange. The Rules may be subject to periodic review and amendments from to time to time, to keep in line with global best practices.

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FMDQ-Sukuk-Rules-SEC-Approved 934.26 KB DownloadPreview
FMDQ-Short-Term-Bonds-Registration-Process-and-Listing-Rules 676.38 KB DownloadPreview
FMDQ-Bond-Listing-and-Quotation-Rules 808.57 KB DownloadPreview
Extract-from-FMDQ-Bond-Listing-and-Quotation-Rules-Exchange-Traded-Funds 439.62 KB DownloadPreview
Commercial Paper Registration and Quotation Rules 590.71 KB DownloadPreview

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Notice-of-Appeal-against-Penalties-on-Trading-Infractions 524.91 KB DownloadPreview
FMDQ Members Compliance Infractions & Penalties Guide 332.12 KB DownloadPreview
FMDQ-Trading-and-Reporting-Infractions-Penalties-Guide 344.02 KB DownloadPreview
FMDQ-OTC-FX-Futures-Market-Infractions-Penalties-Guide 385.23 KB DownloadPreview
FMDQ-General-Market-Rules-SEC-Approved 267.86 KB DownloadPreview
FMDQ-Fixed-Income-Securities-Investment-Clients-Services 439.38 KB DownloadPreview
FMDQ-E-Bond-Trading-Rules 334.68 KB DownloadPreview
FMDQ-Disciplinary-Process 793.76 KB DownloadPreview
FMDQ-Complaints-Management-Framework 411.04 KB DownloadPreview
Commercial Paper Registration and Quotation Infractions & Penalties Guide 427.52 KB DownloadPreview
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Whistleblowing Policy
Note: Whilst your contact details are not compulsory, we require them to further engage you and provide necessary update on the investigation

The FMDQ Complaints Management Solution is designed to ensure that complaints received by FMDQ are managed in a fair, impartial, transparent and timely manner. It also seeks to support the primary objectives of securities regulation in any capital market, as provided by the International Organisation of Securities Commissions, which is aimed at achieving ultimate protection for investors and reducing systemic risk in the markets.

Should you have a complaint regarding the conduct of any FMDQ Member as it relates to their activities on the FMDQ platform, kindly log your complaint on the Complaints Management Solution, providing as much detail as possible with regards to the Member, and upload copies of relevant supporting documents.

For clarification and guidance on the Complaints Management Solution, kindly send all enquiries to the Members Examination & Investigations Group (eig@fmdqgroup.com).

In line with the solution, FMDQ shall endeavour to ensure the full resolution of your Complaint within twenty (20) business days of receipt. However, where we anticipate that the Complaint may take longer to resolve, for instance, due to a request for further information from other parties, we shall provide an update on the progress of the Complaint pending the eventual resolution. Where a complainant is dissatisfied with FMDQ’s decision, any further appeal shall lie with the Securities and Exchange Commission, Nigeria.

Please note that FMDQ cannot adjudicate upon Complaints which fall outside the purview of FMDQ and the Securities and Exchange Commission. However, where we believe that the Complaint should be handled by another regulatory authority or dispute resolution body, we may suggest the appropriate body or forward the Complaint to the appropriate body with your consent.

Dispute Resolution

Arbitration and mediation are two distinct ways of resolving disputes between Members in an efficient and expeditious manner. Members can file an arbitration claim or request mediation through FMDQ when a dispute arises with another Member with respect to their respective activities conducted on the FMDQ platform. To be considered, the alleged act resulting in a claim must have taken place within the past six years. Members shall be notified upon the establishment of the FMDQ Dispute Resolution Framework.

Complaints Management Solution
Click to access
Related Link: FMDQ Complaints Management Framework – March 2016
The Market Oversight Report provides a summary of the Exchange’s past market oversight activities.
  • Rukes & Regulations
  • Market Conduct
  • FMDQ Rules
Market Surveillance and Enforcement

This involves the monitoring of Members’ trading activities to ensure transparency, credibility, and integrity in the FMDQ Exchange markets. The key thrust of the market surveillance function is preventing fraudulent, manipulative, and abusive trading practices.

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Post Listing and Quotation Compliance

Securities listed/quoted on FMDQ Exchange are monitored, with the aim of ensuring that the securities comply with rules guiding the admission of securities to the Exchange, as well as post-listing/quotation disclosure obligations, as may be prescribed from time to time. The obligations of Issuers and Sponsors with respect to FMDQ Exchange’s post-listing/quotation requirements are categorised into two major types:

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Members Examination & Investigations Group

The focus here is on Members’ compliance with FMDQ market standards relating to the market activities. It is designed to initiate effective supervisory action when compliance management system is deficient and/or when violations are found. Members’ Examination & Investigation covers Members’ business conduct and Dealing Members’ trading practices.

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