Photo L-R: Adeolu Bajomo, NSE Executive Director, Market Operations Technology; Oscar Onyema, NSE CEO; Haruna Jalo-Waziri, NSE Executive Director, Business Development; and Sonnie Ayere, CEO, ESS/Dunnloren Merrifield –at the Unveiling of Fixed Income Market Makers (FIMMs) on The Nigerian Stock Exchange.
In preparation for the forthcoming launch of Retail Bonds trading in the Nigerian Capital Market, the Nigerian Bourse announced the names of the selected Fixed Income Market Makers (FIMMs) on the trading floor of The Nigerian Stock Exchange (NSE) today.
The six Dealing Members selected were: Capital Bancorp; Cordros Capital; ESS/Dunn Loren Merrifield; FSDH Securities; Greenwich Securities and GTB Securities.
The unveiling of the six companies selected was described by the Executive Director, Business Development of The Exchange, Mr. Haruna Jalo-Waziri, as a major step towards making fixed income securities accessible to the investing public.
According to him, “This is a great milestone and a major step in turning the market around as this will make the market more liquid in the retail side as well as promote portfolio diversification.”
The Executive Director said further that the companies selected went through a very rigorous process and met the additional net capital requirement of ₦500 million. “We also examined their compliance history and looked into their operational capabilities, technology and processes. The selected firms were taken through exercises, debated the appropriate market structure to be used and The Exchange further went through the approval of the Securities and Exchange Commission (SEC) in the selection process,” Mr. Waziri added.