FMDQ Gets SEC Nod, Becomes Full-fledged Securities Exchange

The management of FMDQ OTC Plc, on Wednesday, announced its transition from an Over-The-Counter to a full-fledged securities exchange, with the blessing of the Securities & Exchange Commission (SEC), the apex regulator of the Nigerian capital market.
It, therefore, announced a name change to FMDQ Securities Exchange Plc, following which it activated two wholly-owned subsidiaries- FMDQ Clear Limited (FMDQ Clear) and FMDQ Depository Limited (FMDQ Depository).
Both subsidiaries, the statement continued, are “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.”
Consequently, it said a new logo was unveiled on August 5, 2019, for the new entities, to give them individual identities, even as the new FMDQ logo continues to maintain “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”.
The management expressed pleasure at the opportunities ahead while restating its commitment to its transformation agenda and the “quest to align the Nigerian financial markets with global standards and best practices.”