10 Banks Top FMDQ OTC Transactions With N55.6tn Investments In 10 Months

By Nse Anthony-Uko
(Sundiata Finance) – Stanbic IBTC Bank Plc, Access Bank Plc and Ecobank Nigeria Limited, led the banks that facilitated highest trading value on the FMDQ OTC Securities Exchange between January and October 2017.
Trading data obtained from the FMDQ website showed that a total of N115.32 trillion was traded on the fixed income and currency exchange for the period of 10 months.
The top 10 dealing member, all banks, accounted for 71.51 per cent or N82.46 trillion of the overall turnover in the market. A breakdown of the banks’ performance indicated that Access Bank Plc, Stanbic Bank Limited and Ecobank Nigeria Limited accounted for 47.75 per cent or N39.38 trillion in the review period.
According to FMDQ, the three banks have topped the transaction in the value traded for the overall over-the-counter (OTC) market, maintaining their position in the league table as the top three banks for seven consecutive months.
The other dealing member banks maintained their positions on the league table with the exceptions of First Bank of Nigeria swapping positions with Standard Chartered Bank Nigeria, and both now occupying fifth and sixth places respectively and Union Bank of Nigeria swapping positions with Guaranty Trust Bank, and both now occupying ninth and tenth places respectively.
While investors traded N115.32 trillion in 10 months, there was an increase in the month of October compared to September. Investors traded N12.18 trillion in October, up from N11.34 trillion recorded in September
FMDQ said “The month-on-month (MoM) growth was primarily driven by increased trading activities experienced in the FX Derivatives and Repurchase Agreements (Repos)/Buy-Backs product categories, which respectively made up 14.75 per cent and 17.64 per cent of the overall turnover for October 2017. Other product categories, on the other hand, experienced a MoM decline.
FMDQ is Nigeria’s foremost debt capital and currencies OTC securities exchange and has, since its launch onto the Nigerian financial markets landscape in 2013, continued to challenge the norm and explore new frontiers in the fulfilment of its mission to empower the financial markets to be innovative and credible, in support of the Nigerian economy.

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