FMDQ Group has been admitted as a full member of the prestigious World Federation of Exchanges (WFE) after four (4) years of being an Affiliate.
The WFE is the global industry group for exchanges and clearinghouses, representing over 250 market infrastructures ranging from those that operate the largest financial centres to those that run frontier markets.
The WFE works with standard-setters, policymakers, regulators, and government organisations around the world to support and promote the development of fair, transparent, stable and efficient markets. The achievement to become one of the over seventy (70) members of WFE indicates 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 WFE membership is that the FMI plays an active role
in the development of their local economy.
The journey, beginning in 2017, with FMDQ’s acceptance as an Affiliate of WFE, saw the Group successfully scale through the rigorous membership application process, including an onsite inspection at FMDQ’s business complex, Exchange Place, in 2019 and physical interviews with the Securities and Exchange Commission, Nigeria, the Central Bank of Nigeria, FMDQ’s Members and other key market stakeholders, by a delegation of WFE Members, led by Ms. Nandini Sukumar, the Chief Executive Officer of Federation of Exchanges.
Speaking on this development, Mr. Bola Onadele. Koko, Chief Executive Officer, FMDQ Group said “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 Federation of Exchanges 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, which is required in the actualisation of our mandate to make the Nigerian financial markets GOLD – Globally Competitive, Operationally Excellent, Liquid and Diverse”.
This admission bears many progressive implications for FMDQ Group’s market development agenda, particularly for its Exchange and Central Counterparty businesses. 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 noting services; integrated trading, clearing & central counterparty, settlement, and risk management for financial market transactions; depository of securities, as well as data and information services, across the debt capital, foreign exchange, derivatives and equity markets, through its wholly-owned subsidiaries – FMDQ Exchange, FMDQ Clear Limited, FMDQ
Depository Limited and FMDQ Private Markets Limited. As a sustainability-focused FMI group, FMDQ Group, through FMDQ Exchange, operates Africa’s premier Green Exchange – FMDQ Green Exchange – positioned to lead the transition towards a sustainable future.