FMDQ Group

What FMDQ Group does

FMDQ Group PLC is Africa's first vertically integrated financial market infrastructure (FMI) group, structured as a Securities and Exchange Commission (SEC)-registered Capital Market Holding Company operating exclusively in Nigeria. The group warehouses five wholly-owned subsidiaries — FMDQ Securities Exchange Limited (Nigeria's largest exchange by market turnover, with a c. ₦203.80 trillion average annual turnover over 11 years), FMDQ Clear Limited (Nigeria's foremost Central Counterparty, with c. $67 billion in derivatives contracts cleared), FMDQ Depository Limited (an integrated securities depository), FMDQ Private Markets Limited (a private capital information repository), and iQx Consult Limited (an IT services company). It serves four primary customer segments: corporate issuers (bond and commercial paper listings), financial institutions (banks and non-bank financial institutions acting as exchange/clearing/depository members), institutional and retail investors, and Federal and State Government entities.

The group's technology stack consists of proprietary integrated trading and post-trade systems: the Q-ex Trading System for fixed income, FX, and derivatives; the Q-ex Clearing System for CCP operations; PenDealer for institutional fixed-income trading with licensed market makers; FFTRS for OTC FX Futures with the CBN; Q-Deal for non-bank market makers; the Bloomberg E-Bond Trading System for global distribution of Nigerian Fixed Income; the FMDQ Exchange Securities Admission Portal; the PCS Portal for private markets; and FMDQ e-Markets for data subscription. It also administers three IOSCO-compliant benchmarks (NAFEX, NIBOR, NITTY).

FMDQ monetizes through six revenue streams: transaction-based fees (listings/quotations, CCP clearing and settlement, depository services, private markets noting) and recurring subscription fees (annual memberships across exchange/clearing/depository categories, plus data subscriptions via FMDQ e-Markets and third-party redistribution). Distribution is membership-based and direct enterprise sales to banks, broker-dealers, and corporates, supplemented by self-serve data portal access. Pricing is not publicly disclosed; specific fee tiers are negotiated with members and issuers.

Name

FMDQ Group

Legal name

FMDQ Group PLC

Website

https://fmdqgroup.com

Company type

Public

Founded year

2015

Operating status

Operating

Headcount range

51–100 employees

Short description

FMDQ Group PLC is Africa's first vertically integrated financial market infrastructure group, operating a SEC-registered Capital Market Holding Company in Nigeria. It serves corporate issuers, banks, broker-dealers, and government entities through five wholly-owned subsidiaries spanning exchange, CCP clearing, depository, private markets, and IT services.

Ownership category

akta.pro rank

Headquarters

HQ city

Lagos

HQ country

Nigeria

HQ region

Africa

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Infrastructure, Marketing or Sales

Revenue model

1. Listing and Quotation Fees: Revenue from issuers paying fees for securities listings and quotations on the exchange, including bonds, commercial papers, and other debt securities.
2. Membership Fees: Annual and onboarding fees from Exchange members, Depository participants, and Clearing members who access the trading, clearing, and settlement infrastructure.
3. Data Subscription Services: Revenue from data subscriptions through FMDQ e-Markets providing real-time, delayed, and historical market data feeds, as well as data redistribution through third-party vendors.
4. CCP Clearing and Settlement Fees: Fees charged for clearing, risk management, collateral management, and settlement processing of transactions through FMDQ Clear.
5. Depository Services: Fees for securities lodgment, asset safekeeping, and collateral services provided by FMDQ Depository.
6. Private Markets Noting Fees: Fees for securities noting services for private companies through FMDQ Private Markets.

Go-to-market motion1 record

Distribution channels6 records

Marketing channels8 records

Core offering

FMDQ Group PLC operates Africa's first vertically integrated financial market infrastructure group, providing securities exchange, central counterparty (CCP) clearing, integrated depository, and private markets services through five wholly-owned subsidiaries. The group facilitates the registration, listing, quotation, trading, clearing, settlement, and safekeeping of debt securities (bonds, treasury bills, commercial papers), FX, derivatives, and equities in the Nigerian financial markets, alongside market data, benchmark administration, and digital portals for private companies.

Product overview

FMDQ Group is Africa's first vertically integrated financial market infrastructure (FMI) group structured as a SEC-registered Capital Market Holding Company with five wholly owned subsidiaries. The group operates a platform-plus-modules architecture providing end-to-end financial market services: FMDQ Securities Exchange Limited serves as Nigeria's largest exchange by market turnover for listings, quotations, and trading of debt securities, currencies, and derivatives; FMDQ Clear Limited provides CCP clearing, risk management, and collateral management services; FMDQ Depository Limited offers securities custody, asset safekeeping, and settlement services; FMDQ Private Markets Limited operates the Private Companies' Securities (PCS) Portal for private company capital access; and iQx Consult Limited delivers IT services. Supporting platforms include FMDQ e-Marks for market data and indices, FMDQ Green Exchange for sustainable finance, and various trading systems (PenDealer, FFTRS, Q-Deal, Q-ex System) that connect market participants for fixed income, FX futures, and derivatives trading. The group also provides financial literacy through FMDQ-Next and FMDQ Academy, and hosts annual FMDQ GOLD Awards.

Differentiator

Problem solved

Functional benefit

Products and services

• FMDQ Securities Exchange Limited Nigeria's largest Exchange by market turnover (c. ₦203.80 trillion average annual over eleven years), providing registration, listing, quotation, and trading services for debt securities (bonds, treasury bills, commercial papers, funds, notes), currencies, and derivatives. Serves corporate issuers, financial institutions, government, and institutional investors.
• FMDQ Clear Limited (Central Counterparty) Nigeria's foremost Central Counterparty (CCP) providing clearing, risk management, collateral management, and settlement services for on-exchange and OTC transactions in cash, repos, and derivatives markets. Has cleared c. $67 billion in derivatives contracts and maintains a robust risk waterfall with a Default Resolution Reserve (c. $20mm currently, target over $30mm) and member contributions (over $12mm).
• FMDQ Depository Limited

Quantifiable outcome

• Nigeria's largest Exchange by Market Turnover with c. ₦203.80 trillion average annual turnover over 11 years
• +4 more outcomes

Named customers18 records

Segments5 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature10 records

Partnerships

15 partnerships are on record, tiered core, major, strategic and minor.

• Securities and Exchange Commission (SEC)coreOthers · 12 July 2023Regulatory partner providing oversight and approval for FMDQ Exchange and FMDQ Clear operations. SEC registered FMDQ Clear as Central Counterparty in 2021 and approved ETD market rules and products.
• Central Bank of Nigeria (CBN)coreOthers · 12 July 2023Regulatory partner supporting ETD market launch. CBN collaborated with FMDQ on Naira-Settled OTC FX Futures in 2016 and FX Futures Trading and Reporting System (FFTRS) for OTC FX Futures contracts.
• Debt Management Office (DMO)coreOthers · 12 July 2023Government partner supporting ETD market launch for Nigerian government securities including FGN Bond Futures.
• BloombergmajorTechnology or IntegrationBloomberg E-Bond Trading System provides consolidated marketplace for Nigerian Fixed Income market integrated with Bloomberg's data, analytics and communications tools. Supports RFQ, order trading, straight-through processing.
• Oxford Foundry GlobalstrategicStrategic or Co-development PartnerFMDQ Group and Oxford Foundry launched a pioneering global partnership to drive innovation in financial markets. Partnership aims to create new value network and redefine cost structure for financial services access.
• FC4S Lagos (Financial Centre for Sustainability)strategicStrategic or Co-development PartnerCollaboration to strengthen Nigeria's environmental sustainability agenda and deepen sustainable finance market through the Financial Centre for Sustainability Lagos.
• FSD AfricastrategicStrategic or Co-development PartnerPartnership for sustainable finance development in Africa, supporting Nigeria's sustainability agenda and green finance market development.
• Chapel Hill DenhamstrategicStrategic or Co-development PartnerCollaboration on sustainable finance initiatives including green bond issuance support and market development.
• KaltaniminorStrategic or Co-development PartnerPartnership in sustainable finance collaboration focused on environmental sustainability initiatives.
• Access Bank PLCcoreOthersPioneer General Clearing Member (GCM) for FMDQ ETD market launch. One of three GCMs with full licenses, capable of clearing proprietary positions and those of other DTMs and clients.
• Zenith Bank PLCcoreOthersPioneer General Clearing Member (GCM) for FMDQ ETD market launch with full license.
• Stanbic IBTC Bank PLCcoreOthersPioneer General Clearing Member (GCM) for FMDQ ETD market launch with full license.
• First City Monument Bank LimitedmajorOthersGCM with Approval-in-Principle pending SEC registration for ETD market participation.
• United Bank for Africa PLCmajorOthersGCM with Approval-in-Principle pending SEC registration for ETD market participation.
• Fidelity Bank PLCmajorOthersDirect Clearing Member (DCM) with Approval-in-Principle pending SEC registration for ETD market participation.

Scale indicators15 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Nigerian Exchange Group (NGX): NGX operates the Nigerian Stock Exchange and is the primary competing securities exchange in Nigeria. Both FMDQ and NGX compete for capital formation, listings, and trading in Nigerian financial markets, though NGX dominates equities while FMDQ dominates fixed income and FX.
• Central Securities Clearing System (CSCS) Nigeria: CSCS provides clearing and depository services for the Nigerian Stock Exchange, directly competing with FMDQ Clear and FMDQ Depository in the post-trade infrastructure stack. Both serve as central securities depositories for Nigerian financial markets.

Broad incumbents

• Johannesburg Stock Exchange (JSE): JSE is Africa's largest and most established exchange operator, offering listings, trading, clearing, and post-trade services across multiple asset classes. It represents a broader incumbent FMI model and a potential regional benchmark for FMDQ's growth trajectory.
• CME Group: CME Group is a global derivatives exchange operator with integrated clearing and benchmark administration. Its vertically integrated FMI model and benchmark business (e.g., LIBOR successors) make it a comparable reference for FMDQ's ETD market and benchmark administration strategy.
• Intercontinental Exchange (ICE): ICE operates a global network of exchanges, clearing houses, and data services, with a strong fixed income and credit derivatives franchise. Comparable to FMDQ in its integrated FMI architecture and data/benchmark monetization.
• Nasdaq Inc. Nasdaq operates global exchanges, clearing, and market technology services, with a growing fixed income and data franchise. Comparable to FMDQ's exchange-plus-market-services positioning and data subscription revenue model.
• London Stock Exchange Group (LSEG): LSEG operates the London Stock Exchange, FTSE Russell indices, and integrated clearing via LCH. Its index/benchmark administration and data services are directly comparable to FMDQ's NAFEX, NIBOR, and NITTY benchmark franchise.

Regional players

• African Securities Exchanges Association (ASEA) members — e.g., Kenya Securities Exchange, EGX, GSE: Other African exchanges (Kenya Securities Exchange, Egyptian Exchange, Ghana Stock Exchange) operate similar FMI functions in their domestic markets. They provide a regional benchmark for African exchange scale, fee structures, and product offerings across the continent.

Emerging players

• AFEX (Africa Exchange Group): AFEX operates African commodity exchanges and warehouse receipt financing, addressing similar emerging-market capital formation pain points as FMDQ Private Markets. It is a complementary emerging FMI player in Africa.

Others

• Bloomberg L.P. Bloomberg is a partner and distribution channel for FMDQ via the E-Bond Trading System, but also a competitor in market data and analytics. Its global trading infrastructure and data services offer a comparable benchmark for FMDQ's data and market connectivity layers.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/fmdqgroup
• YouTubeyoutube.com/channel/UCOeqboHTIw5WUoBRfBRAHKg
• Facebookfacebook.com/FMDQGroup
• LinkedInlinkedin.com/company/fmdq-group

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about FMDQ Group