FMDQ Benchmark Administration

FMDQ Exchange is positioned to providing the secondary market and other financial market stakeholders with world-class market governance and market development services in support of the Exchange’s objectives of fostering global best practices in the Nigerian financial market.  As an administrator within the definition of the International Organisation of Securities Commissions (“IOSCO”) Principles for Financial Benchmarks (“PFB”), FMDQ Exchange currently administers three (3) Benchmarks in the Nigerian financial markets, namely:  1. The Nigerian Autonomous Foreign Exchange Fixing (“NAFEX”) 2. The Nigerian Inter-Bank Offered Rate (“NIBOR”) 3. The Nigerian Inter-Bank Treasury Bills’ True Yield Fixing (“NITTY”) Statement of Compliance with IOSCO PrinciplesIndependent Benchmark Audit Report
FMDQ Exchange Methodologies are a set of procedures applied by the  Exchange to derive and calculate daily Fixings and market closing rates/prices. The determination and calculation of Fixings and closing rates/prices include a validation process whereby, among other steps, FMDQ reviews data submissions and fix rates/prices pursuant to certain pre-determined tolerance checks. FMDQ Exchange has put in place internal guidelines and quality control procedures that govern the application and calculation of all Fixings and closing rates/prices. These controls are intended to provide consistency and oversight to this process. All methodologies are subject to periodic review and amendments, keeping in line with best practices. View  FMDQ Exchange Methodologies: NAFEX MethodologyNIBOR MethodologyNITTY Methodology  

As stipulated in IOSCO Principles for Financial Benchmarks for Administrators, to protect the integrity and independence of Benchmark determinations, Administrators should document, implement and enforce policies and procedures to address circumstances which may occurs over the course of the Benchmark administration process. In recognition of the importance and significance of all its Benchmarks to strengthen and stabilise the financial system, FMDQ has developed the FMDQ Benchmarks Policies in line with Principle 3, 11, 12, 13 and 16.

View the FMDQ Benchmark Policies:

Benchmark Control FrameworkComplaints PolicyError PolicyStakeholder Consultation Policy