The Financial Market Dealer Quotation, FMDQ, Over the Counter, OTC, Securities has revealed plans to set up a single settlement bank.
Chief Executive Officer of the Nigerian Stock Exchange, NSE, Mr Oscar Onyema, revealed this last week.
Onyema, who spoke last week at the end of the Capital Market Committee (CMC) held in Lagos, 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.
