FMDQ OTC Plc recorded market turnover of N11.020 trillion as at January 31, 2015 driven by deals in foreign exchange (FX); treasury bills (T-Bills), and repurchase agreements (repo)/buy-backs. Foreign exchange, FX derivatives, T-Bills, bonds (FGN bonds, Eurobonds and other bonds), money market (repurchase agreements, buy-backs and unsecured placements/takings) and money market derivatives are the OTC traded products. In the review period, the foreign exchange turnover by FMDQ dealing members was valued at N3.328 trillion: foreign exchange derivatives, N773.49 billion; treasury bills, N2.588 trillion; FGN bonds, N715.929 billion; Eurobonds, N334 million; repurchase agreements (repo)/ buy-backs, N2.830 trillion; unsecured placements/takings, N752.043 billion; and money market derivatives, N32 billion.
Ten leading dealing members in the value of securities traded at FMDQ OTC Plc in the review period are Access Bank Plc, Stanbic IBTC Bank Plc, United Bank for Africa Plc, Diamond Bank Plc, First Bank of Nigeria Limited, Ecobank Nigeria Limited, Mainstreet Bank Limited, Skye Bank Plc, Union Bank of Nigeria Plc, and Standard Chartered Bank Nigeria Limited. The OTC securities exchange has committed to providing its registration members (the issuing houses) and issuers of debt securities with a remarkable opportunity to raise the profile of their issues, access a deep pool of capital and participate in an efficient and well regulated market. In its capacity as a market organiser and self-regulatory organisation, FMDQ has significantly impacted on the development of its markets (products and infrastructure) since its launch onto the Nigerian financial markets landscape in November 2013.
Recently, FMDQ reviewed downward its listings and quotations services fees, in the hope that this would aid a reduction in issuing and listings/quotations costs in Nigerian debt capital market, thus improving the issuing of debt securities. As part of its strategic plans for the Nigerian debt capital market, the securities exchange embarked on some value-adding initiatives which include amongst others FMDQ e-Markets, FMDQ fixed income specialists, FMDQ education plan and improving transparency and global visibility. According to FMDQ, its ‘e-Markets’ designed to suit the needs of different users in varying capacities will be beneficial to market participants, whether trading, investing, raising debt capital or seeking participation in the market as a stakeholder of FMDQ and the financial market.
The ‘e-Markets’ portal consists of: e-Discovery; eRegistration; e-Subscription; e-MarketData; and e-Broker. At the first-quarter 2015 luncheon of the Association of Issuing Houses of Nigeria (AIHN), FMDQ disclosed its value-adding initiatives for issuers of debt securities on its platform and the sponsors of the issuers (FMDQ registration members).
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