Printer Friendly

Nigeria : FMDQ OTC Plc keen to COLLABORATE with SMEDAN.

Financial Market Dealers Association Quotation, FMDQ OTC Plc, is keen to collaborate with Small and Medium Enterprises Development Agency of Nigeria, SMEDAN, to accelerate collective borrowing from fixed income market for Small and Medium Scale Enterprises, SMEs, in Nigeria. The Managing Director/ CEO, Mr. Bola Onadele, said that FMDQ OTC Plc, which is being launched, would design SMEs friendly products which would make it easy for SMEs to access fixed income market for their funding requirements.

"One of our core responsibilities is to develop framework for the real sector and SMEs collective borrowing from the fixed income market to grant access to pension funds," he said. It would also seek affiliation with international agencies/associations that operate the same model with it to borrow from their experience in SME financing. He cited organisations such as International Organisation of Securities Commission, IOSCO, Federation of Exchanges and NAFI as an example.

His says, "If hopefully we achieve our goal of liquid market as anticipated, we may be looking at affiliation with some international organisations. We have a long list, but top on the list is NAFI, a Chinese association that mirrors our model. We want to see how it is supporting the Chinese economy."

He said that the platform would seek the integration of Nigerian market with other international markets. The investors can monitor trading figure on-line real time after launch.

FMDQ was licensed on November 6, 2012 by the Securities and Exchange Commission, SEC, to carry out the function of Over-the Counter market in the Nigerian capital market. It is a securities exchange for listing and trading of fixed income products and plain-vanilla interest rate and currency derivatives to offer financial security. Its shareholders are the Central bank of Nigeria, Financial Market Dealers Association, FMDA, the Nigerian Stock Exchange through NSE Consult Limited and the 25 commercial banks and three discount houses.

I21 banks and three discount houses comprise its trading member and money market instruments listing members and top SEC-registered capital market issuing Houses make up the bond listing members.

Onadele said that FMDQ will focus on achieving market transparency in the remaining part of this year; and the focus will be shifted to increasing its trading intensity and product diversification in 2014 and 2015 respectively. In 2016, they would concentrate on integrating the platform with external financial markets and in the fifth year -2017/2018- it will occupy in strategic unbundling for greater impact.

2013 Al Bawaba (Albawaba.com)

Provided by Syndigate.info an Albawaba.com company
COPYRIGHT 2013 Al Bawaba (Middle East) Ltd.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2013 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Mena Report
Geographic Code:6NIGR
Date:Nov 8, 2013
Words:418
Previous Article:Nigeria : Jonathan appoints Ayo Oke as DG NIA.
Next Article:Nigeria : TRANSCORP NIGERIA to boost capacity of UGHELLI POWER PLANT.
Topics:

Terms of use | Privacy policy | Copyright © 2019 Farlex, Inc. | Feedback | For webmasters