FMDQ and Bloomberg Launch Trading System for Nigerian Bonds. FMDQ OTC PLC (FMDQ) and Bloomberg announce the launch of the Bloomberg E-Bond trading and market surveillance system, a new electronic trading system for Nigerian government bonds that commenced operation under FMDQ’s over-the-counter (OTC) market securities exchange platform on March 17, 2014.
Jointly developed by Bloomberg, FMDQ and the local market-maker community, as an innovative trading system for fixed income securities, the Bloomberg E-Bond platform provides electronic trading and market surveillance tools for participants in Nigeria’s N12 trillion ($75.09 billion) fixed income market, including primary dealers, regional investors, market authorities and inter-dealer brokers (IDB).
The Bloomberg E-Bond system provides a complete, consolidated marketplace for Nigerian government bonds, offering market participants a robust and flexible set of tools supporting the full trade workflow. This includes pre-trade price discovery and analytical tools, the ability to handle both multi-dealer request-for-quote (RFQ) and order trading, straight-through processing (STP) functionality and integrated trade capture and reporting tools. In addition, global investors and market oversight entities, such as FMDQ, Central Bank of Nigeria (CBN), Securities and Exchange Commission (SEC) and Debt Management Office (DMO) can review market activity in real time with access to live pricing data and the ability to audit transactions as they occur.
“As a newly established OTC market securities exchange, our goal is to empower the Nigerian OTC financial markets to be efficient, credible and globally competitive. With its potential to drive transparency and liquidity, we believe the introduction of the Bloomberg E-Bond system will help us to achieve those aims and we are pleased to work with Bloomberg to bring it to the Nigerian fixed income market”
according to Dipo Odeyemi, Divisional Head, Operations and Technology, FMDQ OTC PLC.