February 06, (THEWILL) – Africa’s first vertically integrated financial market infrastructure group, FMDQ Holdings, has changed its name to FMDQ Group Plc. In a statement made available to THEWILL, the firm said the change, which took effect from February 2, 2022, marked its successful and progressive evolution over the years from an OTC Market in 2013 to a full-fledged Securities Exchange.
The firm also disclosed that it has become a full member of World Federation of Exchanges as part of its success story in Nigeria’s robust financial markets, after four years of being an Affiliate.
The statement reads in part, “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 (4) 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 centres 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 seventy (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.”
Speaking on the development, Mr Bola Onadele Koko, Chief Executive Officer, 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.
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
