FMDQ, S&P Dow Jones Indices To Co-Brand Nigeria’s Sovereign Bond Index

Culled—Proshare

February 7, 2017/Proshare WedTV

The prospects for the deepening of the Nigerian debt capital market, received a boost today with the official signing of the memorandum of understanding between the FMDQ OTC securities exchange and the S&P Dow Jones Indices.

Apart  the MOU the FMDQ also launched the Sovereign Nigeria Bond Index, which will create value for the fixed income market amongst other markets in the country.

At the official signing ceremony, the representative of the Director-General of the Securities and Exchange Commission (SEC), Mr Stephen Falomo lauded the FMDQ on the partnership, and asserted that the alliance will advance innovation and transparency in the Nigerian financial market.

Giving his remarks the MD/CEO of the FMDQ Mr Bola Onadele Koko, described the agreement as a milestone for the financial market and a promising partnership that will transform the debt capital market landscape in Nigeria.

According to him “The two institutions are interested in deepening the Nigerian debt market, and both of them share the same values and are worthy partners”.

Mr Onadele listed the benefits of the partnership to include; market transparency and governance, positioning FMDQ in high standards, product & market diversification, investor awareness/education and global visibility.

The FMDQ boss was excited about the launch of the S&P Sovereign Nigerian Bond Index, which he believed will enable the FMDQ to achieve global competitiveness for the financial market.

Speaking further on the MOU, the MD and Global Head Exchange Relationships for S&P Dow Jones Indices Mr. Kurt Zyla said the alliance with FMDQ, was a positive development for the Nigerian market

As a global leader in the Exchange Traded Funds(ETF), with a 29% share of the total global market Mr Zyla said the S&P Dow Jones was focused on creating new indices that define the Nigerian market.

Mr Zyla also informed stakeholders that S&P Dow Jones, was the driver of leading financial indicators like the S&P 500 and the Dow Industrial Average.

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