. Renamed FMDQ Group PLC
FMDQ Group has been admitted as a full Member of the prestigious World Federation of Exchanges (WFE) after four years of being an Affiliate.
The WFE is the global industry group for exchanges and clearing houses, representing over 250 market-infrastructures ranging from those that operate the largest financial centres to those that run frontier markets.
Becoming one of the over 70 members of WFE is believed to indicate the recognition of quality and reliable services offered by FMDQ across its FMI value chain – Exchange, Central Counterparty, Depository, as one of the criteria for admission, which plays an active role in the development of the local economy.
The WFE admission follows the Exchange’s change of name from FMDQ Holdings PLC to FMDQ Group PLC, effective February 2, 2022.
It explained that the change of name is intended to better position the Group to consolidate on its vision: “To be the leading African builder of ecosystems of financial infrastructure and services for markets.”
FMDQ added that the name change does not affect its business operations, governance structure, corporate structure or any other aspect of its business.
FMDQ recognises the importance of forging alliances with key financial market associations both domestic and international to enhance market development and better equip the Group to foster growth and development in the Nigerian financial markets.
The WFE works with standard-setters, policy makers, regulators, and government organisations around the world to support and promote the development of fair, transparent, stable and efficient markets.
IN a statement yesterday, FMDQ disclosed that the journey to be accepted as an Affiliate of WFE began in 2017.
This saw the Group successfully scale through the rigorous membership application process. These include an onsite inspection at FMDQ’s business complex, Exchange Place, in 2019, and physical interviews with the Securities and Exchange Commission (SEC), Nigeria, the Central Bank of Nigeria (CBN), FMDQ’s members and other key market stakeholders by a delegation of WFE led by its Chief Executive Officer (CEO), Ms. Nandini Sukumar.
Speaking on this development, CEO, FMDQ Group, Bola Onadele, was quoted as saying: “FMDQ recognises the importance of forging alliances with key financial market associations both domestic and international to enhance market development and better equip the Group to foster growth and development in the Nigerian financial markets.
“We are excited to be admitted as a member of the WFE, as this not only validates the strides FMDQ has made in the Nigerian financial markets and beyond, but also provides an important and all-encompassing platform for advocacy, research, peer review and reference for international standards.”
He explained that this is required in the actualisation of FMDQ’s mandate “to make the Nigerian financial markets GOLD – Globally Competitive, Operationally Excellent, Liquid and Diverse.”
The Group further said: “Becoming a member will add credence to FMDQ Securities Exchange’s registration, listing and quotation services, as well as give market stakeholders additional confidence in FMDQ Clear’s central counterparty services, as the membership reflects a stamp of confirmation of FMDQ Group’s commitment to promoting international best practices.”
FMDQ Group is Africa’s first vertically integrated financial market infrastructure group, strategically positioned to provide registration, listing, quotation and other integrated services.