Friday, April 28, 2017 6.oopm/Proshare WebTV
The FMDQ OTC Nigeria’s now preferred Debt Securities Exchange, recorded a total value of $5bl in OTC FX Futures worth of contracts for the financial year 2016.
This was disclosed by the outgoing Chairman Dr. (Mrs.) Sarah Alade, OON at the 5th Annual General Meeting of FMDQ in Lagos.
Dr. Alade also noted that in terms of listings, the FMDQ OTC experienced a remarkable 2016, with 27 debt securities, 18 Commercial Papers (N123.54bn value), 7 Bonds (N107.80bn value) 2 Funds (N2.64bn value).
Speaking further on the operations of the previous year, Alade said “The successful launch of the Debt Capital Markets Development Project, with the support of the Securities and Exchange Commission (SEC), consolidated the company’s efforts at establishing its position as the foremost debt capital market (DCM) securities exchange”.
As Chairman and a key player in the development of the FMDQ since inception, Dr. Alade was happy to intimate shareholders of the transformation of FMDQ into the foremost debt capital and currencies OTC Exchange in the Nigerian market, with a set of diversified product range and market infrastructure.
Identifying the key drivers of the growth for 2016, she listed regulatory support, stakeholder collaboration and technology, and was equally proud of the strides of the FMDQ in the Nigerian capital market.
Giving the outlook for 2017, the MD/CEO Mr Bola Onadele Koko in his statement highlighted the key focus areas to include; diversification of product offerings to include consolidation of OTC FX futures, introduction of new derivative products such as fixed income, interest rate and currency derivatives, establishment of a central clearing house (CCH) to enhance the credit risk management standards and introduce post trade services to the OTC cash markets, launch of FMDQ’s proprietary market system which will drive transparency and efficiency in the markets, improvement on the capacity of FMDQ Academy to position it as a consolidated learning centre and activation of FMDQ Foundation, the Company’s Sustainability Agenda, and to provide financial markets literacy to students across all levels within the country
For the financial report, the representative of the external auditors KPMG affirmed that the financial statement and records of FMDQ were in order. Also the Chairman of the Audit Committee Mr Herbert Wigwe said the 2016 financials aligned with the ethics and provisions of the law.
The highlights of the event was the announcement of Dr Joseph Nnanna Deputy Governor, Financial Systems and Stability as the new Chairman to take over Dr(Mrs) Sarah Alade, OON.
Directors, Shareholders, Staff and Partners of the FMDQ paid tribute to the sterling leadership qualities of Dr Alade since she led the board in 2014, commending her for her sacrifice, commitment, selfless service and dedication to the progressive growth of the exchange.