FMDQ OTC Securities Exchange
FMDQ OTC Securities Exchange the foremost debt capital, foreign exchange and derivatives over-the-counter securities exchange in Nigeria, has announced that signing of a cooperation agreement to create and launch co-branded fixed income indices with S&P Dow Jones Indices (“S&P DJI”), the world’s leading provider of financial market indices, had created Nigeria Sovereign Bond Index
According to a statement by the company, “FMDQ OTC Securities Exchange and S&P Dow Jones Indices had in 2017 announced the signing of a cooperation agreement to create and launch co-branded fixed income indices.
“Today, the successful transition of the S&P/FMDQ Nigeria Sovereign Bond Index marks the activation of the inaugural co-branded index under the agreement.
A range of other S&P/FMDQ Fixed Income indices will be developed under the agreement.
“The S&P/FMDQ Nigeria Sovereign Bond Index, formerly branded as S&P Nigeria Sovereign Bond Index, tracks the performance of local currency denominated sovereign debt publicly issued by the government of Nigeria in its domestic market.”
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The Chief Executive Officer of S&P Dow Jones Indices, Alex Matturri said: “We are pleased to collaborate with FMDQ to create benchmarks for Nigeria’s domestic fixed income markets.
He said the successful transition of the S&P/FMDQ Nigeria Sovereign Bond Index marks the beginning of the joint efforts to establish a more transparent environment for market participants to gain insights into the Nigerian capital markets.
He added that the indices is S&P Dow Jones Indices’ first- ever agreement with an Africa-based securities exchange to offer fixed income indices.
The Managing Director/CEO, FMDQ OTC Securities Exchange, Bola Onadele explained that as part of its ‘GOLD ‘ (Global Competitiveness, Operational Excellence, Liquid & Diverse) agenda for the Nigerian financial markets, the exchange is committed to developing and increasing the market accessibility for all stakeholders including the investors.
“We are delighted to collaborate with S&P Dow Jones Indices to further deepen the markets through these index-based solutions and measures.
As we see more domestic and global demand, for diverse and innovative investment products.
“The S&P/FMDQ index family will critically serve to raise the global exposure of the Nigeria fixed income assets and represent an opportunity to increase trading flows to the Nigerian financial markets.”
Source: G Business
