In furtherance of the advancement of its business development agenda through strategic alignment with relevant international professional bodies, FMDQ Depository Limited (“FMDQ Depository” or the “Company”), a wholly owned subsidiary of FMDQ Group PLC (“FMDQ Group”), Africa’s first vertically integrated financial market infrastructure group, is pleased to announce its approval as a member of the International Securities Services Association (“ISSA” or the “Association”).
FMDQ Depository, a Central Securities Depository (“CSD“) registered by the Securities and Exchange Commission, Nigeria, considers this approval beneficiary to the execution of its mandate to provide a safe depository for financial markets assets, a robust platform for collateral services and transfer agency, as well as facilitate effective settlement of capital market transactions, thereby reducing operational risk and improving efficiency. ISSA, founded over forty (40) years ago, is a global industry association that facilitates collaboration with its members and provides the leadership necessary to drive changes in the securities services industry.
Speaking on the membership acceptance, Mr. Bola Onadele. Koko, Chief Executive Officer, FMDQ Group PLC, stated “FMDQ Depository is excited to become a Member of ISSA, the leading global securities services industry association that connects members, such as CSDs and other firms that are involved in all aspects of the securities value chain, for the purpose of effecting positive change that impacts the industry. Our acceptance as a member of this well-established and innovative association is a testament to our commitment to being a foremost and diversified depository in Africa by 2025”.
As a member of ISSA, FMDQ Depository will be entitled to the association’s membership benefits such as access to learning and education, best practices and principles in the global securities services industry, networking opportunities and provision of support for FMDQ Depository’s service development, risk reduction strategies and operational efficiencies, with the ultimate aim of positioning the Company to provide cutting edge solutions to clients, and engage optimally with stakeholders.
About FMDQ Depository
FMDQ Depository is a Central Securities Depository registered by the Securities and Exchange Commission, Nigeria. FMDQ Depository is positioned to provide a safe depository for financial markets assets, a robust platform for collateral services and transfer agency, as well as facilitate effective settlement of capital market transactions, thereby reducing operational risk and improving efficiency. Clients rely on FMDQ Depository to provide quality and timely depository and related services (for both the financial and non-financial markets of the economy) through innovative and sustainable technology solutions.
About International Securities Services Association
International Securities Services Association, domiciled in Switzerland, is the leading global securities services industry association shaping the future of securities services, set up with the purpose of connecting securities services leaders, facilitating industry collaboration and effecting change that positively impacts the global securities value chain. Members include CSDs, custodians, technology companies and other firms that are actively involved in all aspects of the securities services value chain.