Following on the heels of a challenging but productive year
in 2021, the year 2022 has commenced with its own share of developments in the
Nigerian financial markets, with FMDQ (formerly FMDQ Holdings plc)
transitioning into FMDQ Group plc.
Further to the Group Board’s approval of the change of name
from ‘FMDQ Holdings PLC’ to ‘FMDQ Group PLC’, and the subsequent approval by
the shareholders at the Annual General Meeting (subject to regulatory
approvals), both in 2020, “we are pleased to inform you that we have now
received regulatory clearance for the name change”.
Over the years, FMDQ has evolved from an OTC Market to a
full-fledged Securities Exchange, to a budding financial market infrastructure
(FMI) Group, now structured as a Securities and Exchange Commission
(SEC)-registered Capital Market Holding Company, warehousing five wholly-owned
subsidiaries, including FMDQ Securities Exchange Limited (Nigeria’s largest
Exchange by Market Turnover – with an annual average of c. N166trn), FMDQ Clear
Limited (Nigeria’s only operating Central Counterparty – with over c. $60bn
derivatives contracts cleared), FMDQ Depository Limited (Nigeria’s integrated
Securities Depository), FMDQ Private Markets Limited (Nigeria’s Private Capital
Marketplace Organiser) and iQx Consult Limited (an Information Technology
Services Company).
This change of name is intended to better position the Group
to consolidate on its Vision “To be the leading African builder of ecosystems
of financial infrastructure and services for markets, and there are no changes
to the business operations, governance structure, corporate structure or any
other aspect of the business, as a result of this name change.
Furthermore, in an equally exciting development, FMDQ Group
has been admitted as a full member of the prestigious World Federation of
Exchanges (WFE) after four years of being an Affiliate. The WFE is the global
industry group for exchanges and clearing-houses, representing over 250 market
infrastructures ranging from those that operate the largest financial centers
to those that run frontier markets.
The WFE works with standard-setters, policy makers,
regulators, and government organisations around the world to support and
promote the development of fair, transparent, stable, and efficient markets.
The achievement to become one of the over 70 members of WFE indicates the
recognition of quality and reliable services offered by FMDQ across its FMI
value chain – Exchange, Central Counterparty, Depository, as one of the criteria
for WFE membership is that the FMI plays an active role in the development of
their local economy.
The journey, beginning in 2017, with FMDQ’s acceptance as an
Affiliate of WFE, saw the Group successfully scale through the rigorous
membership application process, including an onsite inspection at FMDQ’s
business complex, Exchange Place, in 2019 and physical interviews with the
Securities and Exchange Commission, Nigeria, the Central Bank of Nigeria,
FMDQ’s Members and other key market stakeholders, by a delegation of WFE
Members, led by Nandini Sukumar, the CEO of WFE.
Speaking on this development, Bola Onadele. Koko, CEO, FMDQ
Group, said “FMDQ recognises the importance of forging alliances with key
financial market Associations, both domestic and international, to enhance
market development and better equip the Group to foster growth and development
in the Nigerian financial markets. We are excited to be admitted as a member of
the WFE as this not only validates the strides FMDQ has made in the Nigerian
financial markets and beyond, but also provides an important and
all-encompassing platform for advocacy, research, peer review, and reference
for international standards, which is required in the actualisation of our
mandate to make the Nigerian financial markets GOLD – Globally Competitive,
Operationally Excellent, Liquid and Diverse.”
This admission bears many progressive implications for FMDQ
Group’s market development agenda, particularly for its Exchange and Central
Counterparty businesses. Becoming a Member will add credence to FMDQ Securities
Exchange’s registration, listing, and quotation services, as well as give
market stakeholders additional confidence in FMDQ Clear’s central counterparty
services, as the membership reflects a stamp of confirmation of FMDQ Group’s
commitment to promoting international best practices.
FMDQ Group is Africa’s first vertically integrated financial
market infrastructure group, strategically positioned to provide registration,
listing, quotation and noting services; integrated trading, clearing and
central counterparty, settlement, and risk management for financial market
transactions; depository of securities, as well as data and information
services, across the debt capital, foreign exchange, derivatives and equity
markets, through its wholly-owned subsidiaries – FMDQ Exchange, FMDQ Clear
Limited, FMDQ Depository Limited and FMDQ Private Markets Limited.
As a sustainability-focused FMI group, FMDQ Group, through
FMDQ Exchange, operates Africa’s premier Green Exchange – FMDQ Green Exchange –
positioned to lead the transition towards a sustainable future.
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