The International Securities Services Association (ISSA) has admitted FMDQ Depository Limited, a wholly-owned subsidiary of FMDQ Group Plc, as a member of the association.
The membership approval of the Central Securities Depository (CSD) registered by the Securities and Exchange Commission was contained in a press statement made available to Nairametrics.
Benefits of memberships: Speaking on the membership acceptance, Mr Bola Onadele, Chief Executive Officer said the group considers the approval beneficiary to the execution of its mandate to provide a safe depository for financial markets assets, a platform for collateral services and transfer agency, as well as facilitate effective settlement of capital market transactions thereby reducing operational risk and improving efficiency. Onadele said:
- “FMDQ Depository is excited to become a Member of ISSA, the leading global securities services industry association that connects members, such as CSDs and other firms that are involved in all aspects of the securities value chain, for the purpose of effecting positive change that impacts the industry. Our acceptance as a member of this well-established and innovative association is a testament to our commitment to being a foremost and diversified depository in Africa by 2025”.
Back story: ISSA, founded over forty (40) years ago, is a global industry association that facilitates collaboration with its members and provides the leadership necessary to drive changes in the securities services industry.
As a member of ISSA, FMDQ Depository will be entitled to the association’s membership benefits such as access to learning and education, best practices and principles in the global securities services industry, networking opportunities and provision of support for FMDQ Depository’s service development, risk reduction strategies and operational efficiencies, with the ultimate aim of positioning the Company to provide cutting edge solutions to clients and engage optimally with stakeholders.