FMDQ OTC posts N10.84t turnover for January

The FMDQ OTC Securities Exchange posted transactions worth N10.84 trillion in January 2017 in fixed income and currency market.
A market report from the company, obtained by the News Agency of Nigeria in Lagos, indicated that the exchange recorded a turnover of N7.35 trillion in January 2016.
A breakdown of the January 2017 transactions showed that trading activities in Treasury Bills contributed the largest to overall turnover, accounting for 48.51 per cent.
Secured market transactions (Repos/Buy-backs) accounted for 24.53 per cent, while foreign exchange market transactions accounted for 14.90 per cent.
The report said that TBs accounted for N5.26 trillion, followed by repurchase agreements, which traded N2.66 trillion.
Federal Government Bonds trailed with a turnover of N1.26 trillion and FX derivatives transacted N1.19 trillion.
NAN reports that 10 dealing member-banks dominated activities in FMDQ market during the period under review.
Ecobank Nigeria Ltd. led in the activities while Access bank came second, followed by UBA, Stanbic IBTC, FBN Merchant Bank, Standard Chartered Bank Nigeria and First bank.
The others are: Union bank, Sterling bank and Diamond bank.
According to the report, the top 10 dealing-member banks accounted for 70.45 per cent or N7.64 trillion of the overall turnover in the market, with the top three accounting for 29.70 per cent or N3.22 trillion of this sub-section of the market.
The report showed that Ecobank, Access bank and UBA began the year as the first, second and third respectively in the value traded for the overall OTC market.
FMDQ was registered by the Securities and Exchange as an over-the counter market in 2012, and launched on to the Nigerian financial landscape in November 2013.
It brings together Nigeria’s fixed income and currency operations under a single market governance structure.