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FMDQ and Bloomberg Launch Trading Platform for Nigerian Bonds

Bloomberg and FMDQ OTC PLC announce the launch of the Bloomberg E-Bond trading and market surveillance system, a new electronic trading system for Nigerian government bonds that today commenced operation under FMDQ's over-the-counter (OTC) market securities exchange.

Jointly developed by Bloomberg, FMDQ and the local market-maker community, the Bloomberg E-Bond system provides electronic trading and market surveillance tools for participants in Nigeria's N12 trillion (US $73 billion) fixed income market.

"As a newly established OTC market securities exchange, our goal is to empower the Nigerian OTC financial markets to be efficient, credible and globally competitive. With its potential to drive transparency and liquidity, we believe the introduction of the Bloomberg E-Bond system will help us to achieve those aims and we are pleased to work with Bloomberg to bring it to the Nigerian fixed income market," says Dipo Odeyemi, Divisional Head, Operations and Technology, FMDQ OTC PLC.

The Bloomberg E-Bond system provides a complete, consolidated marketplace for Nigerian government bonds, offering market participants a robust and flexible set of tools supporting the full trade workflow. This includes pre-trade price discovery and analytical tools, the ability to handle both multi-dealer request-for-quote (RFQ) and order trading, straight-through processing (STP) functionality and integrated trade capture and reporting tools. In addition, market oversight entities and regulators can use the system to review market activity and audit transactions.

"A well-functioning debt market needs an efficient technical infrastructure, bespoke trading rules, market surveillance and straight-through processing," says David Tamburelli, Bloomberg's Head of Emerging Markets Product. "Bloomberg's E-Bond system responds to those needs and we are delighted to collaborate with FMDQ to build a more transparent, liquid and efficient bond market in Nigeria."

Available to subscribers of the Bloomberg Professional service at EBND<GO>, the trading system is fully integrated with Bloomberg’s data, news, analytics and communications tools to provide clients active in the Nigerian debt market with a single, comprehensive solution. For more information about Bloomberg's E-Bond system, please click here.

About Bloomberg

Bloomberg, the global business and financial information and news leader, gives influential decision makers a critical edge by connecting them to a dynamic network of information, people and ideas. The company’s strength – delivering data, news and analytics through innovative technology, quickly and accurately – is at the core of the Bloomberg Professional service, which provides real time financial information to more than 319,000 subscribers globally. For more information visit www.Bloomberg.com/now

About FMDQ

FMDQ OTC PLC (FMDQ) is a Nigerian Securities and Exchange Commission (SEC) licenced over-the-counter (OTC) market securities exchange and self-regulatory organisation (SRO); with a vision to become the most liquid, efficient, secure and technology-driven OTC platform in Africa by 2018 through its mission of empowering the OTC financial markets to be innovative and credible, in support of the Nigerian economy. Driven by its “GOLD” agenda (Global Competitiveness, Operational Excellence, Liquidity and Diversity) for the transformation of the OTC financial markets, FMDQ is instituting requisite financial market infrastructure to drive transparency, governance, market oversight, credibility and market liquidity with a view to protecting investors’ interest. The flagship for the market transparency is the FMDQ Daily Quotations List (DQL) which provides market-traded rates in the money, repo and foreign exchange markets and market-traded yields and calculated fair values for all fixed income securities (treasury bill and bond markets). For more information, visit www.fmdqotc.com/markets/daily-quotations-list/

Through effective collaboration with key financial market regulators, FMDQ is deepening the OTC financial markets, complementing other securities exchanges and providing all local and international stakeholders with world-class market governance for capital transfers. In addition, through its function as a market organiser and self-regulatory organisation (SRO), FMDQ will also drive liquidity and efficient price discovery by disseminating information through a centralised platform which would serve the interests of market operators, investors and regulators.

The company’s primary business focus is on the trading activities in the OTC markets: money, repo, foreign exchange, treasury bills, bonds, and currency and derivatives markets. For more information, visit www.fmdqotc.com or email - [email protected]

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