MD. FMDQ OTC Plc, Mr. Bola Onadele
The Managing Director/Chief Executive Officer, FMDQ OTC Plc, Mr. Bola Onadele, Tuesday said the company would promote an over-the-counter (OTC) financial market that is credible and would support the growth of the Nigerian economy.
Speaking in Lagos at a press conference preparatory to the formal launch of company’s operation next week, Onadele said the vision was to make the platform the most liquid, efficient, secure and technology-driven OTC market in Africa by 2018.
The FMDQ OTC is licensed by the Securities and Exchange Commission (SEC) to provide an OTC market for the trading of fixed income instruments in the Nigerian financial market.
According to Onadele, through its operations, the company would provide a centralised platform where the interests of issuers of securities, sellers, trading members and other end-users will integrate.
He explained the platform would ensure financial security in the OTC market as various measures had been put in place to ensure that the market is transparent and fully regulated.
"Transparency is a major issue in the OTC market. It is going to be our prime objective to improve transparency in the market and we are looking at technology options to achieve that."
Onadele added FMDQ OTC would not only promote the listing of fixed income securities, but would also develop credible benchmarks, indices and forewarning system of market risks.
“The company will also develop a framework for the real sector and small and medium enterprises (SME) to collectively borrow from the fixed income market to grant access to pension funds. FMDQ will equally integrate the Nigerian market with international markets,” he said.
Onadele disclosed the immediate focus of the company was the Nigeria inter-bank markets – money, repo, foreign exchange, treasury bills and bonds.
He stated the FMDQ OTC would address the needs of stakeholders in the OTC market through its GOLD, explaining that GOLD stood for global competitiveness, operational excellence, liquidity and diversity.
Meanwhile, trading at the stock market closed on bullish note and the Nigerian Stock Exchange (NSE) All-Share Index appreciated by 0.63 per cent to close at 37,514.55.