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HISTORY OF FMDQ OTC IN NIGERIA

#BANKING
 
 
        The FMDQ concept was promoted by the Financial Markets Dealers Association (FMDA) in 2009 and sponsored in 2010 by the Bankers’ Committee. The Bankers’ Committee is chaired by the Central Bank of Nigeria (CBN), with the Nigeria Deposit Insurance Corporation (NDIC) and all the banks and discount houses operating in Nigeria as its members. The Committee resolved to operate all the over-the-counter (OTC) inter-bank market activities in fixed income and currencies under a Securities and Exchange Commission (SEC)-registered self-regulatory organisation, and be governed by this authorised body.
 
        In order to fulfil this purpose, FMDQ OTC Securities Exchange was incorporated on January 6, 2011 following a ₦100million contribution by the CBN and equal contribution of ₦15million by each of the 25 banks and 5 discount houses (operational as at December 2010) to the company’s initial capital. Having met all required stipulations, FMDQ was on November 6, 2012 registered by SEC as an OTC securities exchange and self-regulatory organization.
The company was formally launched unto the Nigerian financial market landscape on November 7, 2013.




Overview of FMDQ OTC

FMDQ OTC Securities Exchange (“FMDQ”) is an organisation with the strategic intent of bringing about revolutionary changes and fostering the development of the Nigerian over-the-counter (OTC) financial markets. It is a Securities and Exchange Commission (SEC) registered OTC securities exchange and self-regulatory organisation. The company brings together Nigeria’s fixed income and currency operations under a single market governance structure.
FMDQ promotes market development in the Nigerian OTC financial markets, with a primary focus on the OTC markets – fixed income (money, repos, commercial papers, treasury bills, and bonds), currencies and derivatives.

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