FMDQ Depository Limited (FMDQ Depository), a wholly owned subsidiary of FMDQ Group PLC (FMDQ Group), yesterday, announced its approval as a member of the International Securities Services Association (ISSA).
This, it said in a statement, is “In furtherance of the advancement of its business development agenda through strategic alignment with relevant international professional bodies.”
FMDQ Depository, a Central Securities Depository (CSD) registered by the Securities and Exchange Commission (SEC) Nigeria, said it considers this approval beneficiary to the execution of its mandate to provide a safe depository for financial markets assets.
This also allows it to provide a robust platform for collateral services and transfer agency, as well as facilitate effective settlement of capital market transactions, thereby reducing operational risk and improving efficiency, it added.
This also allows it to provide a robust platform for collateral services and transfer agency, as well as facilitate effective settlement of capital market transactions, thereby reducing operational risk and improving efficiency.
ISSA, founded over 40 years ago, is a global industry association that facilitates collaboration with its members and provides the leadership necessary to drive changes in the securities services industry.
Speaking on the membership acceptance, the Chief Executive Officer, FMDQ Group, Bola Onadele, was quoted as saying: “FMDQ Depository is excited to become a Member of ISSA, the leading global securities services industry association that connects members, such as CSDs and other firms that are involved in all aspects of the securities value chain, for the purpose of effecting positive change that impacts the industry.
“Our acceptance as a member of this well-established and innovative association is a testament to our commitment to being a foremost and diversified depository in Africa by 2025.”
FMDQ Depository added that as a member of ISSA, it will be entitled to the Association’s membership benefits such as access to learning and education, best practices and principles in the global securities services industry.
Other benefits include networking opportunities and provision of support for FMDQ Depository’s service development, risk reduction strategies and operational efficiencies, with the ultimate aim of positioning the Company to provide cutting edge solutions to clients, and engage optimally with stakeholders.
