Further to the Group Board’s approval of the change of name from ‘FMDQ Holdings PLC’ to ‘FMDQ Group PLC’, and the subsequent approval by the shareholders at the Annual General Meeting (subject to regulatory approvals), both in 2020, we are pleased to inform you that we have now received regulatory clearance for the name change. This change of name is intended to better position the Group to consolidate on its Vision “To be the leading African builder of ecosystems of financial infrastructure and services for markets, and there are no changes to the business operations, governance structure, corporate structure or any other aspect of the business, as a result of this name change.
Furthermore, we are excited to inform you that after over four (4) years of engaging the prestigious World Federation of Exchanges (WFE) as an Affiliate, FMDQ Group has been approved by the WFE Board of Directors as a full WFE Member. The WFE is the global industry group for exchanges and clearing houses, representing over 250 market-infrastructures ranging from those that operate the largest financial centres to those that run frontier markets. The WFE works with standard-setters, policy makers, regulators, and government organisations around the world to support and promote the development of fair, transparent, stable and efficient markets. The achievement to become one of the over seventy (70) members of WFE indicates the recognition of quality and reliable services offered by FMDQ across its FMI value chain – Exchange, Central Counterparty, Depository, as one of the criteria for WFE membership is that the FMI plays an active role in the development of their local economy.
The journey, beginning in 2017, with FMDQ’s acceptance as an Affiliate of WFE, saw the Group successfully scale through the rigorous membership application process, including an onsite inspection at FMDQ’s business complex, Exchange Place, in 2019 and physical interviews with the Securities and Exchange Commission, Nigeria, the Central Bank of Nigeria, FMDQ’s Members and other key market stakeholders, by a delegation of WFE Members, led by Ms. Nandini Sukumar, the Chief Executive Officer of WFE. Our admission not only validates the strides FMDQ has made in the Nigerian financial markets and beyond, but also provides an important and all-encompassing platform for advocacy, research, peer review and reference for international standards, which is required in the actualisation of our mandate to make the Nigerian financial markets GOLD – Globally Competitive, Operationally Excellent, Liquid and Diverse”.
For more information about the WFE, please click here.