FMDQ OTC Securities Exchange has reinforced its support for the development of the Nigerian debt capital markets as it has registeredÂ Â Â Rand Merchant Bank Nigeria Limitedâ€™s N80 billion Commercial PaperÂ (CP)Â programmeÂ .Â
â€œIn addition to the commendable and considerably efficient registration process, the quotation, on FMDQ, of the future CP issues from the registered Rand Merchant Bank CPÂ Programme, will provide stakeholders with continuous provision of invaluable information as part of the exchangeâ€™s commitment toÂ organise, govern and enforce transparency in the fixed incomeÂ market space, thus, serving to further boost confidence in the possibilities of the Nigerian financial market,â€ the exchange said.
The platform said in line with its strategic objectives to support institutional growth and stimulate the continuous development of the economy at large, itÂ has shown its steadfastness inÂ realisingÂ these objectives through the promotion of product innovation and the championing of key market development initiatives, in order to ensure that opportunities abound for the markets under its purview.
The platform last year set up set up the Debt Capital Market Development (DCMD) Project to ensure the effective implementation of the recommendations drawn from debt capital market (DCM) workshopÂ Â Â in 2015.
The sole aim of the workshop was to harness the capacity and potential of the domestic DCM, and facilitate the exchange of ideas for enhancing and deepening the Nigerian financial market. The workshop, which was attended by domestic and international financial market experts and regulators, considered various challenges limiting the growth of the Nigerian DCM and arrived at key decisions that wouldÂ galvaniseÂ the Nigerian DCM to enable it reach desirable heights within the African and global financial markets.
According to the FMDQ, the resolutions from the workshop have been translated into the Nigerian DCM Transformation Roadmap to be executed through the DCMD Project.
â€œThe DCMD Project, having received the unrivalled support of the apex regulator, Securities and Exchange Commission (SEC), was officially launched during the Commissionâ€™s third Quarter Capital Market Committee Meeting, on November 24, 2016. Its focus on identifying and implementing quick-win strategies thatÂ would transform the Nigerian DCM into a world-class, properly functioning DCM by 2020 drawing strongly from SECâ€™s 10-year Nigerian Capital Market Master Plan (NCMMP), with the DCMD Project seeking to fast-track theÂ realisationÂ of the DCM initiatives in the NCMMP,â€ FMDQ said.