FMDQ resolves to promote price stability, transparency

Posts N1.75b revenue in 2014

FMDQ OTC Plc has reiterated its commitment to focus on product and market development initiatives that would promote price discovery on the platform and enhance transparency in the market.

The Chairman of the company, Dr Sarah Alade,while addressing shareholders during the third yearly general meeting of the company, in Lagos yesterday, assured investors that the company was poised to reposition the Nigerian fixed income and currency market to become more globally competitive and support the nation’s economy.

Reviewing the company’s 2014 performance, Alade explained that the company posted a revenue of N1.75 billion , against N155.65 million achieved in 2013 while profit before tax rose from N133.4 million to N708.5 million during the period under review.

She explained that transaction fee during the period was charged for the full year, adding that it accounted for 91.29 per cent of the total revenue.

Alade noted that the company focused on activating and developing its functions in the areas of market and business development, Legal, Regulatory, operations and technology in 2014.

During the year, FMDQ, according to her, achieved unprecedented transparency in the OTC fixed income and currency markets and positioned itself to offer value added services to the listing of bonds in Nigeria by achieving the approival of its bond listings and quotation rules by the Securities and Exchange Commission.

To consolidate on the performance, Alade said the company would focus on developing innovative products and market infrastructure, promoting price discovery and transparency, providing quality and reliable research.

Other key areas of focus in 2015, according to her include; Facilitating education and capacity building for all stakeholders, fostering integration of the Nigerian financial market with international market and increasing investors confidence.

According to her, the roll out of products such as currency derivatives, repos and syndicate underwritten commercial papers issuance facility will go a long way to add value to stakeholders and deepen the market.

She added that the development of credible and reliable fixings and indices, in partnership with an international index company that would promote transparency and accountability in the portfolio management industry and enhance the development of a global investment performance standards in the market would be achieved.