FMDQ Clear Limited, Nigeria’s Premier Central Counterparty and a wholly-owned subsidiary of FMDQ Holdings Plc , has been admitted to the Global Association of Central Counterparties , representing 41 members who operate more than 60 individual CCPs globally as an observer member.
FMDQ Clear, was registered as a CCP by the Securities and Exchange Commission , to provide post-trade services that will enhance the integrity of the financial market and eliminate the inherent counterparty risks therein while facilitating settlement finality, delivering capital and cost efficiencies, and de-risking the Nigerian financial market.
CCP12 promotes effective, practical, and appropriate risk management and operational standards for CCPs to ensure the safety and efficiency of the financial markets it represents. Reacting to the development, the Chairman, CCP12, Kevin McClear and Chief Executive Officer, CCP12, Teo Floor, stated: “We are delighted to welcome FMDQ Clear to our global community. Their ongoing development signals the value of central counterparty clearing across a variety of markets, and we look forward to a successful collaboration”.
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