FMDQ OTC licences its first batch of Dealing Members. FMDQ OTC PLC (FMDQ) in collaboration with the Financial Markets Dealers Association (FMDA) announces the licencing of the first batch of its Dealing Members on May 21, 2014. This member category comprises banks and discount houses operational in the Nigerian financial market.
The Securities and Exchange Commission (SEC) through FMDQ as a market organiser and self-regulatory organisation is coordinating the registration of FMDQ Dealing Members in order to streamline trading operations in the capital market with relevance to best practices.
This event represents the formal activation of the capital market presence of FMDQ Dealing Members vis-à-vis the collaboration with key regulators to further develop the over-the-counter (OTC) market.
According to the MD/CEO of FMDQ OTC – Mr. Bola Onadele.Koko, FMDQ as a self-regulatory organisation has embarked on a mission to strengthen the Nigerian OTC market through improved governance and capacity enhancement in order to power FMDQ’s mission to empower the OTC financial markets to be innovative and credible in support of the Nigerian economy. Activation of other membership categories (Dealing Member – Non-Banks and Associate Members – Clients and Brokers) will commence subsequently.
Following its launch unto the Nigerian financial market landscape, FMDQ as a SEC licenced OTC market has begun delivering on its “GOLD” (Global Competitiveness, Operational Excellence, Liquidity, Diversity) agenda and strategic initiatives for the re-engineering and transformation of the OTC markets. FMDQ is highly focused on its transformation agenda and within its short existence has added unprecedented transparency to the OTC markets, implemented a trading and surveillance system, reformed the NIBOR, improved on market regulation and risk management etc.
“FMDA is delighted to see one of the short-term goals of the idea behind the establishment of FMDQ OTC come into early fruition with the licencing of its Dealing Members ahead of their registration with the Securities & Exchange Commission. This is quite obligatory given the increasing interest of global investors in our emerging economy. I strongly believe that this step will further assist to promote transparency and enhance ethical and professional practice in the market; which ultimately will espouse market efficiency and market deepening” says Mr. Wale Abe, Executive Secretary/CEO FMDA.
This landmark event will be hosted by the Chairman of FMDQ Board of Directors, Mr. Aigboje Aig-Imoukhuede, CON. The ceremony will be attended by the SEC, Central Bank of Nigeria (CBN), Debt Management Office (DMO), members of the Board of FMDQ and other stakeholders of the OTC market.
The FMDQ Dealing Members will be represented by the Executive Directors overseeing financial markets, Treasurers, Chief Dealers, Treasury Sales Officers, Compliance Officers, Market Risk Officers and Treasury Operations Heads.