The management of FMDQ OTC PLC has announced that it has transited from an OTC Market to a full-fledged Securities Exchange, having received the necessary approvals from the apex regulator of the Nigerian capital market, the Securities and Exchange Commission (SEC or the Commission).

A recent statement from the company reads: “We are pleased to inform you of our Company’s transition from an OTC Market to a full-fledged Securities Exchange, having received the necessary approvals from the apex regulator of the Nigerian capital market, the Securities and Exchange Commission (SEC or the Commission). Consequently, the erstwhile FMDQ OTC PLC, also previously known as FMDQ OTC Securities Exchange, has now changed its name to FMDQ Securities Exchange PLC (FMDQ Exchange or the Exchange).”

It added that the Exchange, following due process, had activated and operationalised two (2) wholly-owned subsidiaries – FMDQ Clear Limited (FMDQ Clear) and FMDQ Depository Limited (FMDQ Depository), 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.

In view of the above, a new Logo was unveiled on August 5, 2019, for the FMDQ entities – FMDQ Exchange, FMDQ Clear and FMDQ Depository – replacing each of their individual identities. The new FMDQ Logo, whilst maintaining 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”.

“As a stakeholder of FMDQ and the Nigerian financial markets, this update is for your information. Kindly update all records accordingly. We are excited about the opportunities ahead, and with your continued collaboration, remain committed to our transformation agenda and quest to align the Nigerian financial markets with global standards and best practices,” the statement added.

Source: Proshare

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