FMDQ OTC transitions to securities exchange

FMDQ OTC Securities Exchange on Monday announced transition to a full-fledged securities exchange to be known as FMDQ Securities Exchange Plc.

The company in a statement said that the name had been approved by the Securities and Exchange Commission (SEC).

“Our company has transitioned from ‘an OTC Market’ to a full-fledged ‘Securities Exchange’.

“Consequent upon this, 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),’’ the statement said.

Our correspondent reports that the name change was ratified at the company’s 7th Annual General Meeting (AGM) held in Lagos on July 26.

The statement also said that the exchange had activated and operationalised two wholly-owned subsidiaries – FMDQ Clear Limited and FMDQ Depository Limited.

It said that the subsidiaries would provide efficient post-trade services, among others making FMDQ a one-stop Financial Market Infrastructure (FMI) Group and an integrated platform to execute, clear and settle financial market transactions.

According to the statement, a new logo has been unveiled for FMDQ Clear and FMDQ Depository to replace each of the individual identities.