T-Bills Contributes 40.40% to FDMQ N99.5tr Turnover in 7 months

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By Modupe Gbadeyanka

The FMDQ OTC Market Turnover Report has revealed that the total turnover on the platform for the January to July 2018 period amounted to N99.49 trillion.

During the period under review, products traded on the FMDQ secondary market were Foreign  Exchange (FX), Treasury Bills  (T-bills), Bonds (FGN Bonds, other Bonds (Agency, Sub-national, Corporate & Supranational) & Eurobonds)) Commercial Papers and Money Market (Repurchase Agreements (Repos)/Buy-Backs and Unsecured Placements/Takings).

The report, obtained by Business Post, disclosed that trading activities in T-bills contributed the largest to overall turnover, accounting for 40.40 percent of the market.

FX market transactions (Spot FX and FX Derivatives) accounted for 37 percent whilst the Repos/Buy-Backs product category accounted for 15.39 percent of overall market turnover.

Furthermore, bonds and Unsecured Placements & Takings contributed the least to overall market turnover, accounting for 6.65 percent and 0.54 percent respectively.

The FMDQ report stated that these figures exclude primary market auctions in T-bills and bonds, while the data, collated from the weekly trade data submissions by FMDQ Dealing Member (Banks), represents trades executed amongst the Dealing Member (Banks), Dealing Member (Banks) & Clients, and Dealing Member (Banks) and the Central Bank of Nigeria (CBN).

It was revealed that the top 10 Dealing Member (Banks) accounted for 76.23 percent (N75.85 trillion) of the overall turnover in the market, with the top three accounting for 58.13 percent (N44.90 trillion) of this sub-section of the market.

Stanbic IBTC Bank PLC, Access Bank PLC and United Bank for Africa PLC were the leaders in the value traded for the overall over-the-counter (OTC) market, ranking 1st, 2nd and 3rd respectively.

Business Post gathered from the data released by FMDQ that T-bills accounted for N40.2 trillion of the total turnover in the period under review, with forex accounting for N23.8 trillion.

Repurchase Agreements/Buy-Backs recorded N15.3 trillion worth of transactions in the first seven months of this year, while Forex Derivatives recorded N13 trillion.

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