By Agency Reporter

Friday, 11 Feb 2011

Access Bank Plc has said it has been admitted as a primary member of the International Swaps and Derivatives Association.

ISDA is a global trade association for participants in privately negotiated derivatives.

The bank’s Managing Director, Mr. Aigboje Aig-Imoukhuede, said in a statement on Thursday that the admission was in recognition of the bank’s long-standing contribution to the development of the financial market across Africa.

Aig-Imoukhuede said that the bank intended to leverage on opportunities presented by the ISDA platform to showcase the attractiveness of the Nigerian financial system to the international financial community.

He said, “We consider our membership of ISDA to be a strong reflection of Access Bank’s leadership in the financial markets.

“Our admittance to primary membership of ISDA reflects our ongoing presence in the domestic market and complements the efforts of the Central Bank of Nigeria in developing the foreign exchange markets in the country.

The News Agency of Nigeria recalled that the CBN, had in January, 2011, said that primary membership of the association could only be extended to eligible institutions dealing in derivatives for purposes other than ‘risk hedging or asset or liability management.

ISDA primary members include big swap and derivative dealers such as JP Morgan Chase, Deutsche Bank and Goldman Sachs.

 

Source: Punch