FMDQ Releases Commercial Paper Quotation Process and Rules. Desirous of entrenching governance and transparency in the Nigerian OTC market, FMDQ OTC PLC (“FMDQ”) identified the need for a robust structure around the issuance and quotation of Commercial Papers (“CPs”). This, it seeks to achieve, through its market development initiative that provides price/value data and detailed issuers’ information to stakeholders – investors, issuers and regulators. Consequently, as a debt capital-focused securities exchange, FMDQ has developed the Commercial Paper Quotation Process (CPQP) to revitalise the Nigerian money market and further enhance transparency at the short end of the corporate yield curve.
In support of this process, FMDQ also releases its Commercial Paper Quotation Rules (CPQR) to govern the quotation of CPs on its platform. These Rules have been adopted from the Central Bank of Nigeria (CBN) Guidelines on the Issuance and Treatment of Bankers’ Acceptances and Commercial Papers (November 18, 2009) and enhanced through wide consultations with stakeholders.