Coronavirus: FMDQ Group joins NSE to activate remote market activities for stakeholders


By Kayode Tokede

FMDQ Group on Thursday activated remote working for all its employees to manage coronavirus pandemic to keep employees and families safe.

The Nigerian Stock Exchange (NSE) had announced that it has activated its remote access for trading activities over increased cases of coronavirus in the country.

According to the NSE, all its trading floors will be temporarily closed from Wednesday March 25, while remote trading will continue.

However, the Group Chief Executive Officer, FMDQ ,Mr.  Bola Onadele made this known in a message to all its stakeholders titled “COVID-19 Update- A message from our Chief Executive Officer’’.

“Upon careful consideration of the situation, and in a bid to do our part to manage the pandemic, keep employees and their families safe, FMDQ Group, effective March 26, has activated remote working for all its employees.

“To ensure that business operations continue to run seamlessly, all employees have been equipped with adequate business communications and efficiency tools to enable them work effectively from home.

“We are fully aware that as a financial market infrastructure group in Nigeria, providing listing, trading, clearing, settlement, data and information services, our role and mandate remain critical to the functioning of the Nigerian financial markets.

“In view of this, FMDQ Group has taken deliberate steps to implement measures that will uphold the sanctity of our markets and ensure continued operational excellence.

“We have fully activated our Business Continuity Management Plan which supports all our business services and operations, allowing our members, clients and other stakeholders to conduct their business on our platforms as normal.

“All our trading platforms, operated by FMDQ Exchange – FMDQ-Bloomberg E-bond Trading System (E-bond), Thomson Reuters Foreign Exchange Trading (TRFXT) System, FMDQ Clients’ Trading, Reporting & Surveillance System (PenDealer), FMDQ Trading, Reporting and Surveillance System for FMDQ Dealing Members (Specialists), among others are web-based and can fully support remote trading by our members,’’ Onadele said.

According to him, “its proprietary clearing and settlement system, FMDQ Q-ex System also web-based, can be accessed remotely, thereby ensuring that all related services are seamlessly conducted by its clearing and settlement subsidiaries, FMDQ Clear and FMDQ Depository, respectively.

“While we are exercising all best efforts to ensure business continuity for the market operations, we expect that all our relevant stakeholders have also actively implemented contingency and business continuity plans as necessary to ensure we minimise any disruptions to the Nigerian financial market.’’


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