At its 7th Annual General Meeting, FMDQ shareholders took some decisions that would alter the way the company operates going forward.
FMDQ Securities Exchange Plc on Monday formally launched its new status and corporate identity as a full-fledge securities exchange with registration to trade in all securities including fixed income, equities, derivatives, commodities and foreign exchange.
Formerly known as FMDQ OTC Securities Exchange, the transition of FMDQ from an over-the-counter (OTC) platform to a full-blown securities exchange represents a paradigm shift in the Nigerian capital market. It ends the unwritten mono-stock exchange policy and opens up the capital market to intense competition.
In a statement released by its management which says, “We are pleased to inform you of our Company’s transition from an OTC Market to a full-fledged Securities Exchange, having received the necessary approvals from the apex regulator of the Nigerian capital market, the Securities and Exchange Commission (SEC or the Commission). Consequently, the erstwhile FMDQ OTC PLC, also previously known as FMDQ OTC Securities Exchange, has now changed its name to FMDQ Securities Exchange PLC (FMDQ Exchange or the Exchange).”
The Exchange, following due process, has activated and operationalised two (2) wholly-owned subsidiaries – FMDQ Clear Limited (FMDQ Clear) and FMDQ Depository Limited (FMDQ Depository), positioned to provide efficient post-trade services, amongst others, for the Nigerian financial market, thus making FMDQ a one-stop Financial Market Infrastructure (FMI) Group and an integrated platform to execute, clear and settle financial market transactions.
In view of the above, a new Logo has been unveiled, on August 5, 2019, for the FMDQ entities – FMDQ Exchange, FMDQ Clear and FMDQ Depository – replacing each of their individual identities. The new FMDQ Logo, whilst maintaining its vibrant colours – deep blue, depicting trust, confidence, depth and stability; bright gold, showing off passion, value, prestige, quality and prosperity; and a touch of cool grey, representing conservativeness, professionalism and sophistication, communicates FMDQ’s drive to “consistently move forward”.
As a stakeholder of FMDQ and the Nigerian financial markets, this update is for your information. Kindly update all records accordingly. We are excited about the opportunities ahead, and with your continued collaboration, remain committed to our transformation agenda and quest to align the Nigerian financial markets with global standards and best practices.