Building Strategic Alliances: FMDQ Visits the Thai Bond Market Association. In line with FMDQ OTC PLC (FMDQ)’s agenda to be globally competitive and upgrade the Nigerian financial markets to international standards, the securities exchange identified international model financial markets with a view to understudying their operations and processes in order to develop and strengthen FMDQ’s market operations and franchise as a whole.
The Thai Bond Market Association (ThaiBMA), a securities business-related association licenced by the Securities and Exchange Commission (SEC), Thailand, to be a self-regulatory organisation (SRO) promoting fair and efficient operation of the Thai bond market, was identified as one of the model markets. ThaiBMA also functions as an information center and pricing agency for the Thai bond market. It takes leading roles in setting market convention, promoting education and market development, and provides vehicles for policy dialogue among the industry and other related parties on issues concerning market development.
On July 6 – 9, 2015, five (5) FMDQ delegates, including Board and Management representatives, embarked on a study tour to ThaiBMA, Bangkok, Thailand. The aim of this mission was to initiate a relationship with ThaiBMA and other key regulators in the Thai bond market; and to conduct a strategic, high-level assessment of their market organising and self-regulatory functions ahead of a more diverse stakeholder (regulators, Members, media and Management) study tour.
During the tour, the ThaiBMA executives made presentations to the FMDQ delegates on various functional areas of their organisation including business model, SRO, product and market innovation, market data and research, market education, risk management, compliance and other franchise development initiatives. The FMDQ delegates also visited and engaged the key regulators in the Thai bond market – the Securities and Exchange Commission (SEC), Thailand and the Bank of Thailand (BoT) as well as other market participants such as the Stock Exchange of Thailand (SET), Thailand Securities Depository (TSD) and a Primary Dealer, HSBC Bank.
This enlightening study tour provided FMDQ with several opportunities to engage the regulators, SROs and other participants on the development of the Thai bond market as well as identify prospects for the growth of the Nigerian financial markets as a whole.
The FMDQ Board and Management delegates on the study tour included the following:
▪ Dr. (Mrs.) Sarah O. Alade, OON – Chairman, FMDQ Board of Directors; and Deputy Governor (Economic Policy), Central Bank of Nigeria
▪ Mr. Jibril Aku – Vice-Chairman, FMDQ Board of Directors; and CEO, Ecobank Nigeria Limited
▪ Mr. Oscar N. Onyema, OON – Chair, FMDQ Board Regulation and Supervision Committee; and CEO, The Nigerian Stock Exchange
▪ Mr. Bola Onadele. Koko – Managing Director/Chief Executive Officer, FMDQ
▪ Ms. Kaodi Ugoji – Head, Strategy & Corporate Communications Group, FMDQ