FMDQ OTC: Stanbic IBTC Bank, UBA, Access Bank lead 7 others in N61.50trn overall turnover

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Stanbic IBTC Bank Plc, United Bank for Africa (UBA) Plc and Access Bank Plc top seven other banks in N61.50 trillion overall turnover trading on FMDQ OTC securities market between January and April 2019.

The monthly report by FMDQ OTC stated that “top 10 Banks accounted for 77.25 per cent or N61.50trillion of the overall turnover in the market, with the top three accounting for 43.09per cent or N34.31trillion of this sub-section of the market. Stanbic IBTC Bank, United Bank for Africa and Access Bank remained leaders in the value traded for the overall over-the-counter (OTC) market, ranking 1st, 2nd and 3rd respectively.”

The other banks include Standard Chartered Bank Nigeria Limited, Ecobank Nigeria Limited, First Bank Of Nigeria Limited, Citibank Nigeria Limited, Coronation Merchant Bank Limited, Zenith Bank Plc and Wema Bank Plc.

The report explained that total turnover for January – April 2019 amounted to N79.61trillion.

The report disclosed that total turnover at the treasury bill was N29.9 trillion while foreign exchange was N20.1 trillion. The report further said, a total turnover at the repurchase agreement/Buy-backs was N15 trillion and foreign exchange derivates total turnover trade was N10.2 trillion between January and April of this year.

On average daily, the FMDQ OTC reported N970.9 billion in the four months under review.

“Trading activities in FX (Spot FX and FX Derivatives) contributed the largest to overall turnover, accounting for 37.99per cent of the market. T-Bills transactions accounted for 37.60per cent, whilst Repurchase Agreements (Repos)/Buy-Backs product categories accounted for 18.85per cent, and Bonds, Unsecured Placements & Takings and Money Market Derivatives representing 5.06per cent, 0.48per cent and 0.01per cent respectively, of overall market turnover.”

US$24 billion OTC FX Futures Contract Traded as 35th OTC FX Futures Contract Matured on FMDQ

Towards the end of May,  the 35th OTC FX Futures contract, NGUS MAY 29 2019, with value of $938.89 million, matured on FMDQ.

According to the Exchange, “This maturity brings the total value of matured Naira-settled OTC FX Futures contracts on FMDQ, since the inception of the market in June 2016, to circa $16.21 billion; with a total of about $24.43 billion worth of OTC FX Futures contracts traded so far.

“The matured contract was valued for settlement against the NAFEX – the Nigerian Autonomous Foreign Exchange Fixing – the FMDQ reference Spot FX rate published same day. The associated clearing/settlement activities were effected accordingly.

“A new contract, NGUS MAY 27 2020, for $1.00 billion at $/N362.28, was introduced by the Central Bank of Nigeria (CBN) to replace the matured contract. In addition, the apex bank refreshed its quotes on the existing 1- to 11-month contracts.”

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