Bloomberg and FMDQ OTC PLC have launched a new electronic trading system for Nigerian government bonds. The Bloomberg E-Bond trading and market surveillance system commenced operation Monday under FMDQ’s over-the-counter (OTC) market securities exchange.
Jointly developed by Bloomberg, FMDQ and the local market-maker community, the system provides electronic trading and market surveillance tools for participants in Nigeria’s N12 trillion (US$73 billion) fixed income market.
“As a newly established OTC market securities exchange, our goal is to empower the Nigerian OTC financial markets to be efficient, credible and globally competitive. With its potential to drive transparency and liquidity, we believe the introduction of the Bloomberg E-Bond system will help us to achieve those aims and we are pleased to work with Bloomberg to bring it to the Nigerian fixed income market,” said Dipo Odeyemi, divisional head, operations and technology, FMDQ OTC.
The Bloomberg E-Bond system provides a complete, consolidated marketplace for Nigerian government bonds, offering market participants a set of tools supporting the full trade workflow. This includes pre-trade price discovery and analytical tools, the ability to handle both multi-dealer request-for-quote (RFQ) and order trading, straight-through processing (STP) functionality and integrated trade capture and reporting tools. In addition, market oversight entities and regulators can use the system to review market activity and audit transactions.
Available to subscribers of the Bloomberg Professional service at EBND, the trading system is fully integrated with Bloomberg’s data, news, analytics and communications tools.
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