FMDQ records N32.76trn in Q1’15 OTC market turnover

In the first-quarter (Q1) of 2015, the turnover on the FMDQ Over-The-Counter platform stood at N32.76 trillion with Repurchase Agreements/Buy-Backs accounting for large chunk of N9.032 trillion.

Products traded on the FMDQ platform are FX, FX Derivatives, T.Bills, Bonds (FGN Bonds, Eurobonds and other bonds), Money Market (Repurchase Agreements, Buy-Backs and Unsecured Placements/Takings), and Money Market Derivatives.

Details of the January to March turnover show: Foreign Exchange (N8.420trn); Foreign Exchange Derivatives (N2.199trn); Treasury Bills (N8.439trn); FGN Bonds (N1.959trn); other bonds (N8.256bn); Eurobonds (N334m); Unsecured Placements/Takings (N2.669trn);, and Money Market Derivatives (N32.485bn).

In the 60 business days of the review Q1, FMDQ recorded an average daily turnover of N546.023 billion.

Stanbic IBTC Bank plc led the dealing members in the Q1 transactions on the FMDQ OTC platform, followed by First Bank of Nigeria Limited and Access Bank plc, respectively.

First Bank Nigeria Limited was said to have moved to second position due to increase in Repos/Buy-Back transactions.

Other dealing members in the top 10 category are: Diamond Bank plc, United Bank for Africa plc, Ecobank Nigeria Limited, Skye Bank plc, Mainstreet Bank Limited, Standard Chartered Bank Nigeria Limited, and Citibank Nigeria Limited.

Every other Dealing Member maintained their positions on the league table except Mainstreet Bank Limited and Standard Chartered Bank Nigeria Limited who swapped positions at eighth and ninth due to increase in Repos/Buy-Back and Unsecured Placement/Taking transactions by Mainstreet Bank Limited.