FMDQ OTC Plc has launched the E-bond trading system that will lift value of transactions on its platform to N10 trillion this year.
The Securities and Exchange Commission (SEC) licenced over-the-counter (OTC) market operator for fixed income securities, developed the E-bond, in conjunction with Bloomber LP.
Speaking on the new trading system during a media briefing in Lagos, Divisional Head, Operations and Technology, FMDQ OTC, Mr. Dipo Odeyemi said given the performance of the market between when the E-bond was launched last month and last Week, a modest transaction value of N10 trillion is being targeted for this year.
He explained that the system provides an integrated solution for both trading and surveillance, which gives FMDQ supervisory view of the OTC markets.
According to Odeyemi,the introduction of the E-Bond trading system is in line FMDQ’s Global competitive, Operational excellence, Liquidity and Diversity(GOLD) agenda.
He explained that while the E-bond allows the trading of other fixed income securities, it has started with treasury bills and Federal Government of Nigeria (FGN) bonds.