The FMDQ OTC Securities Exchange Board’s Listings, Markets and Technology Committee has approved the registration of the Stanbic IBTC Holdings Plc N20bn Commercial Paper Programme on its platform. Issues from this programme are to be quoted on the OTC Exchange.
FMDQ, which disclosed this in a statement on Sunday, said given the increasingly competitive market environment, corporates and commercial entities had continued to seek innovative approaches towards executing their financing strategies.
It said commercial papers had continued to present and serve as an alternative source of complementing working capital requirements, among others, for companies.
With a streamlined and efficient registration process, FMDQ said it availed a commendable quotations service which offers among others, credibility for quoted CPs and global visibility via the quotations page on the FMDQ website and the FMDQ-Bloomberg Trading and Surveillance System.
Also, FMDQ publishes the Quoted CPs Status Report which provides up to date information and the status of all the CPs quoted on FMDQ’s platform.
By playing host to several CP quotations, FMDQ said it provided the much-needed visibility, confidence and protection to issuers, investors, market regulators, among others, whose direct and indirect activities play an important role in developing the nation’s economy.
Having joined other top rated institutions that have their CP programmes registered on the OTC Exchange, the statement stressed that the timely and efficient registration of the Stanbic IBTC Holdings CP Programme was a validation of FMDQ’s mandate to be operationally excellent, towards the transformation of the Nigerian debt capital market.