FMDQ OTC Plc has said it will, in collaboration with the Financial Markets Dealers Association, present licences to the first batch of its dealing members on Wednesday.
The firm said in a statement made available to our correspondent on Monday that the dealing members comprised banks and discount houses operational in the Nigerian financial market.
The event is taking place seven months after the FMDQ OTC was inaugurated and had commenced operations.
The FMDQ said the activation of other membership categories (dealing members – non-banks and associate members – clients and brokers) would commence subsequently.
According to the statement, the Securities and Exchange Commission, through the FMDQ as a market organiser and a self-regulatory organisation, is coordinating the registration of the FMDQ dealing members to streamline trading operations in the capital market with relevance to best practices.
“This event represents the formal activation of the capital market presence of the FMDQ dealing members, vis-à-vis the collaboration with key regulators to further develop the over-the-counter market,” the statement said.
The Managing Director and Chief Executive Officer, FMDQ OTC, Mr. Bola Onadele, was quoted as saying the FMDQ as a self-regulatory organisation had embarked on a mission to strengthen the Nigerian OTC market through improved governance and capacity enhancement.
This, he added, would power the FMDQ’s mission to empower the OTC financial markets to be innovative and credible in support of the Nigerian economy.
The Executive Secretary and CEO, FMDA, Mr. Wale Abe, said, “The FMDA is delighted to see one of the short-term goals of the idea behind the establishment of the FMDQ OTC come into early fruition with the licencing of its dealing members ahead of their registration with the Securities and Exchange Commission.”
He expressed the belief that the step would help to promote transparency and enhance ethical and professional practice in the market.
The Chairman of the FMDQ Board of Directors, Mr. Aigboje Aig-Imoukhuede, is expected to host the event, while representatives of SEC, the Central Bank of Nigeria, Debt Management Office are also to attend.
Source: Punch
