Who We Are
FMDQ Securities Exchange PLC (FMDQ Exchange) was registered by the Securities and Exchange Commission, Nigeria (SEC), as an OTC Market (2012), and subsequently, as a Securities Exchange (2019), with a mandate to : (i) organise and deepen the Nigerian financial markets and (ii) create an efficient platform for the registration, listing, quotation, noting, trading and reporting of securities and financial products.
FMDQ Exchange has championed the introduction of several innovations and market development initiatives to the financial markets, including the introduction of the Naira-settled OTC FX Futures product (in collaboration with the Central Bank of Nigeria); the launch of its prestigious Listings & Quotations Service; the reform of the Nigerian Inter-bank Offered Rate (NIBOR) in line with the International Organisation of Securities Commissions (IOSCO) Principles for Financial Benchmarks; and the launch of its e-Markets Portal, a knowledge and information portal, amongst many others. The Exchange earned the BusinessDay 2017 Award for ‘Most Innovative in Financial Markets’ in recognition of these and other reformations in the Nigerian financial markets and also received the Capital Markets Correspondents Association of Nigeria (CAMCAN) 2018 Award for the Development and Transformation of the Nigerian Debt Capital Markets.
FMDQ Exchange operates an Investor Protection Fund (IPF), in line with Part XIV of the Investments and Securities Act (ISA), 2007, for the purpose of compensating investors who suffer pecuniary losses arising from the the insolvency, bankruptcy or negligence of its dealing members or defalcation committed by a dealing member or any of its representatives. The Fund is managed by the Board of Trustees and the IPF Rules, which provide guidance with respect to the monies to constitute the Fund, the conditions for pay-outs, and procedures for making claims against the Fund, have been approved by the SEC.
FMDQ Exchange has, over the years, consolidated its service offerings by extending from just the provision of a trading venue for execution, to the clearing and settlement spectrum of the securities transaction cycle, implementing robust linkages between hitherto fragmented spheres of the markets, with the incorporation and registration of two (2) wholly owned subsidiaries, FMDQ Clear Limited and FMDQ Depository Limited; thereby becoming an integrated financial market group.
- *FMDQ Clear Limited is a wholly-owned central clearing house subsidiary of FMDQ Exchange, registered by the SEC in November 2017, to function as a clearing and settlement company in the Nigerian financial market, and is positioned to deliver central counterparty services
- *FMDQ Depository Limited is a wholly-owned central securities depository subsidiary of FMDQ Exchange, registered by SEC in June 2019, and is positioned to function as a central infrastructure for providing collateral caching, custody and settlement services in the Nigerian financial markets