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As a Member of FMDQ Exchange, you gain access to one of Africa’s leading and largest securities exchanges for fixed income, currency and derivatives markets. Our Members make up a network of over 200 participants from diverse firms and interest groups, ranging from the dealers, market regulators, market makers, investors, brokers and other interested participants.
Having instituted innovative financial market infrastructures to make our markets “Globally Competitive, Operationally Excellent, Liquid and Diverse” (our “GOLD” Agenda), our Members can therefore, benefit from the improved transparency, governance, credibility and market liquidity availed by FMDQ Exchange.
At FMDQ Exchange, we provide a credible platform for the effective integration of market participants. From market regulators to market makers, issuers, investors, brokers and other participants in the financial markets, our membership categories address the needs of varied stakeholders in the Nigerian financial markets.
The four (4) broad membership categories are as follows:
These institutions are Central Bank of Nigeria (CBN)-licensed banks that make market on all products traded in the FMDQ markets – fixed income, money market, currencies, and derivatives. The Dealing Member (Banks) provide almost 100% of the overall liquidity in the FMDQ Exchange markets.
These institutions (i.e., Domestic and Foreign) are Non-Bank Financial Institutions (“NBFIs”) such as securities dealing firms, investment banks and any other financial services firm, with the relevant ‘Dealer’ license from the Securities and Exchange Commission (“SEC”) of Nigeria. These institutions are eligible to make market on all products traded in the FMDQ Exchange Market.
These are institutions that improve price formation and liquidity in fixed income products admitted for trading on FMDQ Exchange. These institutions are typically non-bank financial institutions (NBFIs), (i.e., investment banking firms and securities dealing/stockbroking firms).
These institutions are Securities and Exchange Commission (SEC)-licensed inter-dealer brokers that are authorised to execute transactions on FMDQ Exchange. These Members facilitate liquidity by offering brokerage services amongst FMDQ Exchange’s Members and other financial institutions e.g., Pension Fund Administrators, Fund Managers, and Insurance Companies.
This membership subcategory includes institutions that are SEC-registered as brokers and authorised to provide their services on FMDQ Exchange. These institutions expediate liquidity in the FMDQ fixed income and money markets, through offering brokerage services between FMDQ Exchange’s Members and Clients (i.e., end-users of the products).
These are end-users of products traded on FMDQ Exchange i.e., fixed income, money market, currency, and derivatives products. This sub-category includes institutional investors (asset/fund managers, pension fund administrators, insurance companies, and other corporates (non-bank) etc.) that participate in the FMDQ markets in various capacities.
This membership category is ideal for institutions and individuals with an association with the financial markets and an intense interest in the FMDQ Exchange markets, willing to take advantage of the Exchange’s commitment to develop the Nigerian financial markets through knowledge, information and appropriate connectivity. FMDQ Affiliate Members are however, not conferred with any participatory or voting rights on the Exchange as either Dealing, Associate or Registration Members.
This sub-category is made up of Securities and Exchange Commission-licensed issuing houses, authorised to function as sponsors of publicly offered/privately placed fixed income securities including, but not limited to bonds (sovereign, sub-national, supra-national, agency, corporates, short-term and Sukuk), asset-backed securities, mortgage-backed securities, and funds (mutual and exchange traded) for listing on FMDQ Exchange platform.
This membership category consists of financial institutions and professional services firms who provide specialised services on financial market-related transactions duly registered by/with their relevant regulators/professional bodies and authorised by FMDQ Exchange to act as sponsors of issuers of commercial papers and short-term debt securities (where applicable) for quotation on the Exchange.
This sub-category avails on FMDQ Exchange’s mandate of consistently adding long-term value to a vast range of stakeholders and are consequently provided with an information repository for the Nigerian fixed income, currency and derivatives markets. This sub-category was established to meet the increasing need for data, information and analytics, whilst providing accurate, transparent and insightful comprehensive financial market data, and information services, among others, for the benefit and use of its varied stakeholders via the FMDQ e-Knowledge module within the FMDQ e-Markets Portal. Institutions and individuals registered in this sub-category have a deep desire to build capacity and financial markets know-how by taking advantage of FMDQ’s commitment to facilitate same.
This sub-category consists of financial market regulators who seek visibility and market data access rights over the market activities of their respective supervisees in FMDQ markets. FMDQ Exchange provides this service through the provision of relevant FMDQ’s proprietary Trading, Reporting and Surveillance Systems as relevant.
This sub-category constitute of small- to medium-sized institutional investors in the fixed income market who seek regulatory oversight and access to the FMDQ Exchange fixed income markets, to execute transactions with FMDQ-licenced Dealing Members and Brokers.
This sub-category is specific for corporate institutions desirous of executing FX trades with CBN-Authorised FX Dealers (i.e., FMDQ DMBs) through relevant FMDQ-advised FX Trading and Surveillance System(s). Institutions under this sub-category are authorised to trade FX with DMBs and are entitled to the additional benefits granted the Affiliate Members under the “Standard” sub-category.
This membership category, an off-shoot of the Affiliate Member (FX Trading) category, is ideal for institutions that require access to trade on the FMDQ-Advised FX Trading System(s) strictly for engaging in FX-related transactions with FMDQ Dealing Member (Banks), without the additional benefits availed institutions in the Affiliate Member (Standard) category.
To facilitate professionalism and integrity in the Nigerian Foreign Exchange market, the Central Bank of Nigeria via a circular – Onboarding Corporates on FMDQ-Advised FX Trading and Surveillance Systems– – directed that FX-related trades executed by Authorised Dealers (i.e. Banks) and corporate institutions be executed through the FMDQ-advised FX Trading and Surveillance System, the Refinitiv Foreign Exchange Trading System