The FMDQ OTC Securities Exchange and S&P Dow Jones Indices, a global provider of financial market indices have commenced co-branding of indices.
Both organizations had in 2017 signed a cooperation agreement to create and launch co-branded fixed income indices. The activation of that co-branding indices began last Friday with branding of S&P/FMDQ Nigeria Sovereign Bond Index.
According to the exchange, the S&P/FMDQ Nigeria Sovereign Bond Index, formerly branded as S&P Nigeria Sovereign Bond Index, tracks the performance of local currency denominated sovereign debt publicly issued by the government of Nigeria in its domestic market.
The Chief Executive Officer of S&P Dow Jones Indices, Alex Matturri said, “We are pleased to collaborate with FMDQ to create benchmarks for Nigeria’s domestic fixed income markets. This is S&P Dow Jones Indices’ first-ever agreement with an Africa-based securities exchange to offer fixed income indices. The successful transition of the S&P/FMDQ Nigeria Sovereign Bond Index marks the beginning of our joint efforts to establish a more transparent environment for market participants to gain insights into the Nigerian capital markets.”
Also speaking, the Managing Director/CEO, FMDQ OTC Securities Exchange, Mr. Bola Onadele. Koko said, “FMDQ, as part of its Global Competitiveness, Operational Excellence, Liquid & Diverse (GOLD) agenda for the Nigerian financial markets, is committed to developing and increasing the market accessibility for all stakeholders including the investors.
“We are delighted to collaborate with S&P Dow Jones Indices to further deepen the markets through these index-based solutions and measures. As we see more domestic and global demand, for diverse and innovative investment products, the S&P/FMDQ index family will critically serve to raise the global exposure of the Nigeria fixed income assets and represent an opportunity to increase trading flows to the Nigerian financial markets.”
Credit: This Day