FMDQ OTC Securities Exchange came off a difficult 2014 to grow market turnover from N103.60 trillion to N137.40 trillion in 2015, a growth rate of 33 percent year-on-year and quickly announced plans to integrate its markets to include securities dealing and investment banking firms in the fixed income secondary markets as Dealing Member (specialists), in addition to the existing Dealing Member (banks) in 2016.
Chairman of the company, Sarah Alade, said 2015 was a busy year for FMDQ, the year in which they channelled significant efforts towards the execution of their strategy, with a focus on establishing FMDQ as the Nigerian Debt Capital Market Securities Exchange.
“The company enjoyed tremendous support from board members, shareholders, regulators, members, clients, employees, and other stakeholders, contributing significantly to the successes recorded during the year,” Alade said.
Speaking with stakeholders at the fourth annual general meeting of FMDQ OTC plc in Lagos, Alade disclosed planned initiatives for 2016, which includes discussions on integrating of FMDQ E-bond Trading System and CBN Scripless Securities Settlement System (S4) to ensure straight-through-processing of transactions.
Among other ordinary and special businesses at the meeting, stakeholders received and approved the audited annual financial statement and other information of FMDQ OTC for the year ended December 31, 2015, together with the reports of the directors, the auditors and the audit committee.
Bola Onadele.Koko, managing director/CEO, FMDQ OTC Securities Exchange, said: “Having developed the company’s five-year strategic plan for 2015-2019, FMDQ commenced work on the implementation of identified strategic initiatives and projects towards the achievement of the set strategic objectives for the year.”
He added: “Our strong focus on adding value to our stakeholders saw us responding to emerging stakeholder needs in product and service areas, thereby facilitating the FMDQ market development and corporate agenda.”
The company say it is optimistic about the year 2016 and remains committed to initiating and engaging in initiatives that will develop and make Nigerian debt capital market globally competitive.
Alade says they remain dedicated to improving market liquidity, transparency, governance and efficiency, noting that the vision of FMDQ is to become number one in Africa in the fixed income and currency (FIC) market by 2019.
Among other strategic initiative is a Pilot run for FMDQ Academy to provide capacity building and financial markets education for FMDQ stakeholders as well as provision of a more diversified products portfolio including short-term and Islamic (Sukuk) bonds; quotation of private companies bonds, implementation of FMDQ’s Nigeria Debt Capital Market Transformation Agenda, and feasibility study and implementation plan for the introduction of OTC Derivatives.
