Modupe Gbadeyanka
By Modupe Gbadeyanka
FMDQ OTC Securities Exchange has accepted the pioneer listing of an Exchange Traded Fund (ETF) on its platform.
Last Monday, FMDQ listed the ETF of Vetiva S&P Nigerian Sovereign Bond validating the platform’s goal of bringing the Nigerian fixed income market operations under a single governance structure.
This further created the opportunity for issuers and investors to tap into and utilise the mass benefits availed by the FMDQ in the Nigerian debt capital market, which is focused on transforming and aligning with global standards.
In line with the tradition of FMDQ, the Fund Manager, Vetiva Fund Managers Ltd., represented by its Managing Director, Mr Damilola Ajayi; alongside the Registration Member (Listings) and sponsor of the Fund on FMDQ’s platform, Vetiva Securities Ltd., represented by Mr Abiodun Oliyide, Group Head Fixed Income Sales & Trading, amongst others, were hosted to a unique ceremony.
Highlights of the ceremony included the signing of the FMDQ Funds Listing Register by the Fund Manager, sponsor of the Fund and FMDQ; the presentation of the FMDQ Funds Listing Certificate to the Fund Manager, the unveiling of the Funds Listing plaque and scroll, and the special autograph impression, all in favour of the Fund Manager.
The Registration Member (Listings) and sponsor of the Fund on the OTC Exchange was also presented with a tombstone.
Welcoming the guests to the ceremony, Ms Tumi Sekoni, Vice President & Divisional Head, Marketing & Business Development at FMDQ, congratulated the Fund Manager for recognising the efficiency and reliability of the FMDQ platform and its subsequent decision to list the its ETF on same.
According to Ms Sekoni, the FMDQ Listings and Quotations service has been tailored to provide Fund Managers and other issuers, an avenue to improve the credibility of their issues and in turn benefit from the information transparency which such a listing on FMDQ guarantees.
Mr Damilola Ajayi, in his special address, remarked that, “The Vetiva S&P Nigerian Sovereign Bond ETF, provides access to a basket of Federal Government long-dated securities and creates a mechanism for retail investors to trade these securities freely.”
He further commented that the ability to save and invest is crucial to individual and collective prosperity and, as a nation, any effort geared toward developing a platform to enhance this culture is an effort in the right direction.
The Vetiva S&P ETF was developed to track the S&P Nigeria Sovereign Bond Index.
The Index was launched in December 2013 and tracks the performance of local currency denominated sovereign long-dated debt publicly issued by the Federal Government of Nigeria.
The Index level is available through S&P Dow Jones Indices’ website with a ticker symbol of SPFINGU.
