Bloomberg and FMDQ Introduce Electronic Trading System For Government Bonds

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Bloomberg and FMDQ OTC PLC announce the launch of the Bloomberg E-Bond trading and market surveillance system, a new electronic trading system for Nigerian government bonds that today commenced operation under FMDQ’s over-the-counter (OTC) market securities exchange.

Jointly developed by Bloomberg, FMDQ and the local market-maker community, the Bloomberg E-Bond 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,” says Dipo Odeyemi, Divisional Head, Operations and Technology, FMDQ OTC PLC.

The Bloomberg E-Bond system provides a complete, consolidated marketplace for Nigerian government bonds, offering market participants a robust and flexible 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.

“A well-functioning debt market needs an efficient technical infrastructure, bespoke trading rules, market surveillance and straight-through processing,” says David Tamburelli, Bloomberg’s Head of Emerging Markets Product. “Bloomberg’s E-Bond system responds to those needs and we are delighted to collaborate with FMDQ to build a more transparent, liquid and efficient bond market in Nigeria.”

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 to provide clients active in the Nigerian debt market with a single, comprehensive solution. For more information about Bloomberg’s E-Bond system, please click here.