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FMDQ Market Update Report April 13, 2016

This report provides an overview of the FMDQ OTC Market sizing, project implementation updates, key next steps, and market development initiatives.

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FMDQ Market Update Report April 13, 2016

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  1. FMDQ CMC Update Report Dipo Odeyemi Senior Vice President Divisional Head, Market Operations & Technology April 13, 2016

  2. Outline

  3. FMDQ OTC Market Sizing (January – December 2015) • Other bonds include Agency, Sub-national, Corporate and Supranational Bonds • mm - million • Source: FMDQ Data Portal: Figures reported by Dealing Members on a week ending basis

  4. FMDQ OTC Market Sizing (January - February 2016) • Other bonds include Agency, Sub-national, Corporate and Supranational Bonds • mm – million • Note: Figures may be subject to change due to potential adjustments from Dealing Members • Source: FMDQ Data Portal: Figures reported by Dealing Members on a week ending basis

  5. DCMD Project Implementation Update Steering Committee (SteerCo) Highlights Transformation Committee (TransCo) PMO Advisers Project Management Office (PMO) Investor/ Issuers & Intermediaries Engagement /Education Regulation Consolidation Product and Infrastructure Market Liquidity & Enhancement Key Next Steps

  6. Bi-lateral Repo supported with Collateral Management

  7. Dealing Member (Specialist) DMS

  8. Dealing Member Specialist (DMS) Project Plan Integrated Market Full Market DMS Market Only December 2015 Q1/April 2016 Q2 2016 Q3 2016 • PLANNING • Final DMS Framework • Application Process • IMPLEMENTATION • 2-day Simulation Workshop* • Dummy DMS 2WQ Trading - one (1) month duration • Dealing System User Acceptance Tests • Payment of Membership Dues • Grant Access to Dealing System • MODIFICATIONS • Settlement Bank Sign-Ons • Dealing System Upgrade: • Real-Time MTM • Liquidity Providers (DMs) Integration • E-bond Price Discovery • CLOSING • Preparation of DMSs for SEC Registration • Licencing by FMDQ • SEC Registration • Variable Licencing • T.bills Only • T.bills + Bonds • T.bills Trading with Settlement Banks with Clearing Services • Client Services • Dealing with DMs • E-bond Price Discovery • Revised Trading Collateral Requirements • Assignment of Initial Trading Capital • T.bills Trading Only • Daily End-of-Day Position Close-Out • No Client trades *Scheduled date: March 23 – 24, 2016 Note: DMs: Dealing Members; 2WQ: Two-way quote; MTM: Mark-to-Market SEC: Securities Exchange Commission; T.bills: Treasury Bills

  9. Bond Specialist System (BSS)

  10. Short-Term Bonds (STBs)

  11. FMDQ Listings and Quotations – 2016

  12. Non- Interest Capital Market Products Development

  13. OTC Derivatives Market

  14. FMDQ Market Development Workgroup (FMDW)

  15. FMDQ Market Surveillance

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