In what became a much-talked about market event, the Nigerian financial market regulators, architects and founding treasurers, subject-matter experts and indeed, a host of other domestic and international stakeholders gathered to witness the launch of a game-changing market infrastructure, FMDQ OTC Securities Exchange (“FMDQ or the OTC Exchange”), onto the Nigerian financial markets landscape, on November 7, 2013. This marked the beginning of a unique and much-needed revolution for the Nigerian financial markets, particularly the fixed income, currencies and derivative markets space, which market analysts believe have witnessed an unprecedented and favourable change – increase in operational efficiency, reduction in transaction costs, product innovation, market development, and increased opportunity for creation of diversified market activities, amongst others.

The OTC Exchange, having sustained its commitment through the years to transform and make the Nigerian financial markets “GOLD” – Globally Competitive, Operationally Excellent, Liquid and Diverse, with the invaluable support of market regulators including the Securities and Exchange Commission and the Central Bank of Nigeria, among others, and stakeholders including the Financial Markets Dealers Association, will on Wednesday, November 7, 2018, turn five (5)! To commemorate five (5) years of innovation, resilience, value- adding and most importantly, immeasurable collaboration with its varied stakeholder groups, FMDQ has announced that it will be embarking on a modest week-long series of commemoration activities, culminating with the Inaugural FMDQ GOLD Awards on November 9, 2018, a first of its kind in the Nigerian fixed income, currencies and derivatives markets, geared at recognising the commitments and invaluable contributions of FMDQ’s market participants and stakeholders who have contributed towards the growth and development of the markets.

According to the Associate Executive Director, Corporate Development, Ms. Kaodi Ugoji, “It has been an extremely challenging but exciting run-up to five (5) years, from inception in November 2013 to date, for the OTC Exchange. From the activation of the FMDQ Listings and Quotations Franchise which saw the eventual listing of pioneer debt securities, including but not limited to the sovereign Eurobonds (first on a domestic securities exchange), Green Bonds & Sukuk on the platform of the OTC Exchange; to product and market development with the introduction of Short-Term Bonds, rejuvenation of the Commercial Papers market and the establishment of FMDQ Clear, the first Central Clearing House in Nigeria, providing efficient post-trade workflows to ensure settlement finality; and the launch of the FMDQ Academy to support the OTC Exchange’s financial markets education drive for its stakeholders as well as FMDQ Next Generation Financial Market Empowerment Programme (FMDQ-Next) – a learning and development initiative targeted at students across all levels (primary, secondary and tertiary), as well as fresh graduates, within the country; and finally, the recent hosting of the British Prime Minister, Theresa May, which followed the move to our new business complex, Exchange Place, FMDQ has steadily continued to impact development of the markets and by extension, the Nigerian economy.

She further stated that “in all of this, however, we recognise that the achievements over these past years could not have happened without the immense support and commitment shown by our world of stakeholders – from the regulators to our esteemed Members and other players in the Nigerian capital market – and during this week as we reflect on all that has brought us this far, we are desirous of acknowledging the collective feats achieved by us all within this period. Looking forward to our next five (5) years, we remain unyielding in our commitment to continue to accelerate in our innovative capabilities to provide unrivalled solutions that will aid the development of the Nigerian financial market in order to transcend it to international standards.”

Launched as an over-the-counter (OTC) market and self-regulatory organisation, FMDQ has steadily deployed product innovation and market development initiatives as well as provided the requisite market connectivity and architecture needed to transform the markets within its purview. The OTC Exchange is swiftly evolving from a market organiser – driving market development and promoting transparency in the fixed income, currencies and derivatives markets – to fully integrated and diversified exchange, impacting not only the financial markets landscape, but also fostering economic through its four (4) strategic roles as a market organiser; an adviser to financial services regulators; a financial markets diplomat promoting the positive tenets of Nigeria; and very important, a catalyst for unlocking the much-needed infrastructure capital in Nigeria.

Determined not to rest on its laurels, FMDQ will continue to challenge the norm and explore new frontiers in fulfilment of its mission to empower the financial markets to be innovative and credible, in support of the Nigerian economy.