FMDQ Securities Exchange Limited listed 82 securities valued at N2.07 trillion on its platform last year despite the pandemic that affected businesses across the country.
At the group’s 9th annual general meeting (AGM) held in Lagos virtually, the group chairman of FMDQ Group, Dr. Kingsley Obiora, acknowledged that the year 2020 was understandably challenging, with the outbreak of COVID-19 pandemic, and the attendant turbulence in the global and domestic economic landscapes.
He stated that despite the challenges, 2020 was a landmark year for FMDQ, as it saw the company’s reorganisation into a group structure, with FMDQ Group becoming a non-operating holding company registered by the Securities and Exchange Commission (SEC) with three SEC-registered capital market subsidiaries; FMDQ Securities Exchange Limited, FMDQ Clear Limited and FMDQ Depository Limited.
Speaking on the product and market development activities of FMDQ’s capital markets subsidiaries, the chairman stated that FMDQ Exchange’s Securities Admission business saw 82 securities, with a total value of N2.07 trillion, admitted on its platform.
He added that the exchange activated its equity market development project during the year, with relevant activities commencing in earnest towards full operationalisation of the market.
Speaking on FMDQ Clear, Obiora stated that the receipt of an Approval-in-Principle from the SEC in September 2020 on its registration as Nigeria’s foremost Central Counterparty (CCP), and a full registration from the SEC in 2021, has effectively positioned FMDQ Clear for the actualisation of the company’s vision of becoming a globally accepted CCP by 2025.