{"id":39605,"date":"2020-04-15T19:46:30","date_gmt":"2020-04-15T18:46:30","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=39605"},"modified":"2020-04-15T19:46:30","modified_gmt":"2020-04-15T18:46:30","slug":"fmdq-provides-depository-for-lagos-dangotes-n200b-bonds","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/fmdq-provides-depository-for-lagos-dangotes-n200b-bonds\/","title":{"rendered":"FMDQ Provides Depository For Lagos, Dangote\u2019s N200b Bonds"},"content":{"rendered":"

Barely 11 months after it was registered, Nigeria\u2019s second depository, FMDQ Depository Limited, has onboarded two corporate and government bonds worth N200 billion to its platform.<\/p>\n

FMDQ Depository was appointed as sole depository to the Lagos State Government\u2019s N100 billion bond and a joint depository to the Dangote Cement\u2019s N100 billion bond. The two\u00a0 marked epochal change in the\u00a0 financial markets, which had operated with sole depository for more than 26 years.<\/p>\n

Securities and Exchange Commission (SEC) had, last June, taken the historic step of registering FMDQ Depository Limited as the second depository for the market.<\/p>\n

FMDQ Depository started operation last August, delivering on its core mandate to implement value-added products and service offerings.<\/p>\n

It is a member of FMDQ Group, a vertically integrated financial market infrastructure group, which included FMDQ Securities Exchange Limited and FMDQ Clear Limited.<\/p>\n

Chief Executive Officer, FMDQ Group, Mr. Bola Onadele-Koko, said the uploading of two of the choicest bonds on the FMDQ Depository was a major milestone for the progressive development of the market.<\/p>\n

According to him, the foresight of Lagos State Government in choosing FMDQ Depository for its most recent bond is an indication of the state\u2019s alignment with progressive market development.<\/p>\n

He noted that Dangote Cement also deserves commendation for giving investors power, for the first time in the\u00a0 capital market, to determine which depository to lodge their assets with, thereby validating the SEC\u2019s vision of diversification and healthy competition for the market.<\/p>\n

\u201cWe are excited as we embark on another phase of implementing FMDQ\u2019s GOLD Agenda \u2013 with the overarching objective of making the financial market globally competitive, operationally excellent, liquid and diverse. FMDQ Depository completes the value chain of pertinent market infrastructure for the pre-trade, trade and post-trade spectrums provided by FMDQ Group \u2013 from listing to trading, clearing, settlement, asset servicing and data and information, amongst other services,\u201d Onadele-Koko said.<\/p>

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He pointed out that with the support and collaboration of its stakeholders, FMDQ\u2019s much-sought after goal of delivering power of choice to the hands of the investors has been actualised, assuring that FMDQ Group remains committed to fostering prosperity to its stakeholders, especially the issuers and investors, through FMDQ\u2019s capital market value chain services.<\/p>\n

He however noted that as FMDQ Depository is not saddled with allocating the International Securities Identification Numbers (ISINs) and Legal Entity Identifiers (LEIs), FMDQ Depository will remain focused on building its core competencies of efficient and value-added service delivery to market stakeholders, which is the crux of the depository service.<\/p>\n

FMDQ Depository stated that in order to ensure operational efficiency and facilitate ease of implementing investor\u2019s choice of depository, it had been advocating from inception for SEC-registered central securities depositories (CSDs) in Nigeria to embrace operational collaboration towards promoting the global agenda for interoperability between their systems, thereby effectively empowering investors to deal on their Exchange of choice in Nigeria, irrespective of which depository their assets are held.<\/p>\n

FMDQ noted that with innovation at the core of its existence, the efficient and integrated linkage between FMDQ Exchange and FMDQ Depository guarantees seamless market making for all securities, including bonds and commercial papers (CPs), held on the FMDQ platform.<\/p>\n

In turn, investors are availed an unrivalled liquid market provided through the financial capacity of FMDQ Exchange\u2019s dealing members including banks and non-bank financial institutions, credible price discovery from sizable market trades executed by these members as well as world-class models, and real time refinance and repurchase opportunities provided as part of FMDQ\u2019s market development agenda.<\/p>\n

In addition, issuers and investors will also benefit from FMDQ Depository\u2019s credible asset servicing for the investments lodged with the depository; secure and resilient processes and operations; and reliable data and information. Some of the other issuers currently benefiting from the complementary and unique depository services provided by FMDQ Depository include, Citibank Nigeria Limited, Eterna, First City Monument Bank, which had issued commercial papers.<\/p>\n

FMDQ reaffirmed that it has positioned to provide end-to-end execution, clearing and settlement of financial market transactions, as well as data and information services, across the debt capital, foreign exchange, derivatives and equity markets, through its wholly owned subsidiaries including FMDQ Exchange, FMDQ Clear, FMDQ Depository and FMDQ Private Markets Limited.<\/p>\n

The Nation<\/p>\n","protected":false},"excerpt":{"rendered":"

Barely 11 months after it was registered, Nigeria\u2019s second depository, FMDQ Depository Limited, has onboarded two corporate and government bonds worth N200 billion to its platform.<\/p>\n","protected":false},"author":6,"featured_media":39606,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[17],"tags":[1189],"coauthors":[2391],"class_list":["post-39605","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-news","tag-fmdq"],"yoast_head":"\nFMDQ Provides Depository For Lagos, Dangote\u2019s N200b Bonds - National Wire<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/fmdq-provides-depository-for-lagos-dangotes-n200b-bonds\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FMDQ Provides Depository For Lagos, Dangote\u2019s N200b Bonds - 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