By Dipo Olowookere
Data released by the FMDQ OTC Securities Exchange has shown that the total turnover on the debt capital platform from January to June 2018 hit N86.4 trillion.
In its FMDQ Spotlight Newsletter Edition 45 for July 2018 made available to Business Post, it was disclosed that these transactions were carried out in about 126 business days with an average daily turnover of N685.7 billion.
The report showed that trading activities in treasury bills contributed the largest to overall turnover, accounting for 40.86 percent of the market.
In addition, FX market transactions (Spot FX and FX Derivatives) accounted for 37.44 percent whilst Repurchase Agreements (Repos)/Buy-Backs product categories (Repos/Buy-backs) accounted for 14.90 percent, and Bonds and Unsecured Placements & Takings representing 6.62 percent and 0.58 percent respectively, of overall market turnover.
The top 10 Dealing Member (Banks) accounted for 76.32 percent (N65.94 trillion) of the overall turnover in the market, with the top three accounting for 59.30 percent (N39.10 trillion) of this sub-section of the market.
Stanbic IBTC Bank PLC, Access Bank PLC and United Bank for Africa PLC were the leaders in the value traded for the overall over-the-counter (OTC) market, ranking 1st, 2nd and 3rd respectively.