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UPDATED: FMDQ to Launch Single Settlement Bank

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By Modupe Gbadeyanka

Financial Market Dealer Quotation (FMDQ) Over the Counter (OTC) Securities has expressed its intention to set up a single settlement bank.

This information was revealed last week by the agency.

Speaking on Wednesday at the end of the Capital Market Committee (CMC) held in Lagos, representative of FMDQ said the new bank would be launched in October this year.

A communiqué issued after the meeting specifically said, “FMDQ announced its intention to launch a Single Settlement Bank sometime in October 2017.”

FMDQ is a SEC licenced over-the-counter (OTC) market securities exchange and self-regulatory organisation.

It is owned by the Central Bank of Nigeria (CBN), all of the Nigerian banks, discount houses and the NSE, through its subsidiary NSE Consult Ltd.

FMDQ focuses on market governance and compliance, market development and data services to ensure high market integrity.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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