History

The Financial Markets Dealers Association of Nigeria (FMDA) formerly known as Money Market Association of Nigeria (MMAN) is a self regulatory body in Nigeria; initially registered in 1989 under land (Perpetual succession) Act of 1962 and registered later under the Incorporated Trustees on 11th March 2010 as FMDA; to develop financial market infrastructure, human capital and promote professional and ethical standards in treasury activities in Nigeria.

OBJECTIVES OF THE ASSOCIATION


  • To provide a meeting forum for all members in the financial institutions or Financial related dealing/trading occupations.

  • To provide a meeting forum for members dealing in Money, Securities, Bonds, Equity & Proprietary Trading and Foreign Exchange market institutions.

  • To create public awareness, thereby promoting the demand for Financial Market instruments.

  • To provide a forum for presenting the views of members on any matters/issue that may affect Money, Bonds, Equity Proprietary, Foreign Exchange Market Dealings, Swaps and Derivatives.

  • To contribute to the development of the Financial Markets through education, market practices, technical advice and networking events.

  • To increase awareness of the Money, Bonds, Equity Proprietary, Foreign Exchange Market dealing/trading activities and other related issues through seminars, lectures and other fora.

  • To collaborate as appropriate with government and other regulatory bodies in formulating policies on monetary issues and in carrying out Money, Bonds, Equity Proprietary, Foreign Exchange Market functions and the likes.

HOW WE STARTED


We informally started in 1979 and strictly populated by the commercial and merchant banks, that majorly carried out treasury dealing and trading securities. Its membership was extended to the discount houses, when in 1991 the guidelines establishing Discount house was published, in the spirit of deregulation and enhancement of monetary policy effectiveness.

TIME TO CHANGE


At the 18th Annual General Meeting of the Association held on the 23rd of May 2009, a name change was approved and the present Governing Council structure was formally adopted to  ensure a good governance and administration of the Association.

That change of name was necessitated by the global quest for reforms in financial markets and particularly the need to deepen the Nigerian financial market and position it for global competitiveness through enhanced efficiency. This was to be achieved by promoting initiatives for market infrastructure development, building capacity, strengthening professional practice and motivating strong ethics.

FMDA WORKGROUPS


The Association is presently governed through 5 operational workgroup structures; namely,

  1. Bond,

  2. Foreign Exchange,

  3. Money Market,

  4. Swaps & Derivatives and

  5. Treasury Support Workgroup.

The Treasury Support Workgroup was recently added to enable the back office support staff in the treasury functions be organized into a Workgroup. This is aimed at improving market efficiency along the treasury value-chain process.

EMERGENCE OF FMDQ AND THE TRANSFER OF MARKET RELATED ACTIVITIES AND RESEARCH FUNCTIONS OF THE ASSOCIATION


In 2013, the Association transferred all its market related and research activities through which it provides daily markets information for its dealing members as well as the entire market to FMDQ OTC PLC following its establishment, which now has the sole responsibility for providing all relevant market information to all stakeholders.

FMDA’S PAST PRESIDENTS


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