FMDQ OTC to list Islamic bonds in 2016

FMDQ OTC Securities Exchange Plc, said it planned to list Islamic bonds  in 2016 to deepen the nation’s Debt Capital Market (DCM).

In a 2016 outlook released on Monday, the company said it would offer a more diversified products portfolio, including ‘Sukuk’ bonds to enhance the development of the DCM.

According to the company, it will ensure the quotation of bonds of private companies in 2016 as well as the integration of the FMDQ markets.

These, it said, included securities dealing and investment banking firms in the fixed income securities markets.

The statement added that the company would continue to work collaboratively with its stakeholders to establish initiatives that would enhance market growth.

The statement listed other areas the company would focus on in 2016 to include capacity building and financial markets education for all FMDQ markets stakeholders.

A total of N130.01 trillion worth of transactions were recorded on the platform in the first 11 months of 2015.

Statistics from the company indicated that the figure was an increase compared to the N104 trillion worth of transactions recorded in 2014.

The total value for this year included transactions in over-the-counter market in foreign exchange comprising Treasury Bills (TBs), bonds and money market derivatives.

TBs were the most active, accounting for N46.29 trillion worth of transactions and were followed by repurchase agreements/buy-backs with N29.69 trillion worth of transactions.

Foreign exchange came third with N25.50 trillion worth, while unsecured placements/takings accounted for N11.62 trillion.

It was trailed by Federal Government’s bonds which had N10.07 trillion worth of transactions.

FMDQ said it was committed to promoting an efficient, transparent and well regulated market to attract and retain domestic investors.

NAN reports that FMDQ, a securities exchange and self-regulatory organisation registered by the Securities and Exchange Commission (SEC), provides a platform for listing, quoting and trading of fixed income and currency products.