Their new offices look like a well-built hospital. The branding of white and blue gives you the feeling of a well-built teaching hospital.
If you, however rush therbest human hair wigs for black females yeezy store near me custom maple leafs jersey fsu football jersey real hair wigs iowa state football jersey custom hockey jerseys custom paintball jerseys air nike sneakers air max 95 sale personalized celtics jersey custom youth hockey jerseys kansas state football jerseys air max 270 women college football jerseyse with an ailment, you just might be in a hurry to meet your maker cos. What you would find there are trading boards, systems, and infrastructure where billions of trade instruments are being traded daily.
The FMDQ is promoted and run by a trendy individual with a funny nickname he seems to have institutionalized – koko has gained so much relevance in the markets that you will only ignore them at your peril.
With a large share of the debt market and a voracious appetite for large debt transactions, FMDQ seems to have built a near monopoly in that stead.
This has led to an expected expansionist move towards all sectors of the markets. I hear they have built a depository, which was meant to compete with the premier Jallo lead CSCS, which is very profitable and relevant.
However, unlike their debt operations, their depository business seems to suffer from epilepsy as it has not been able to live up to its founders’ expectations.
So what next? The CSCS. Like a militant canoe in the Niger Delta circling the big oil tankers, the FMDQ sets its sights on the CSCS and, like a piranha fish of the Amazon jungle, takes a hefty swipe at the CSCS with its recent announcement of taking 2b shares of the depository in a transaction that should see it gunning for the maximum 33% anyone can hold
In mock derision, it offers its sickly depository to willing buyers in a feeble attempt at playing to the gallery regulatory-wise.
The question in my mind this morning is, where exactly is the FMDQ going? Will this expansionist move end with the CSCS, or is it eyeing the equities market?
My opinion on the equity market is obvious. We see Nigerians, rather than come to a much more structured market, fall prey to Ponzi schemes . We see vibrant tech firms rush to the foreign VC and PE firms to sell their souls rather than come to the Bourse to raise more than needed capital.
So, competition in that space should more than provide the needed efficiency and fluidity to grow the depth of the market.
But with the regulatory environment we presently see, any hope for that would be an expedition into utopia.
FMDQ, in my mind, eye and I could be wrong, is growing phenomenally on the back of very loose regulation and huge influence as could be gleaned from a cursory search for its backers and other such types.
For now, we are not seeing any major infractions or breaking of the rules, but at this pace, we may not be too far away from that road
With an almost 90% hold on the debt market, a significant stake in the major depository and a possible push into the Equity market, we may suddenly wake up and be looking at a huge pseudo- monopolistic monster that woukd have buried the NGX .
There have been murmurings of unfair advantage to FMDQ by the regulators in their operations, but like everything in that capital market, operators are speaking in hushed tones
They will call me and beg not to have their names mentioned and drop clangers that I can not use cos I had been sworn to secrecy and, as such, can not verify, hence the uselessness of such information.
But from what I have heard so far, let us just say that the FMDQ is the favored son while the much more prestigious NGX is the poor cousin in the scheme of things
A small example, the FMDQ, has almost all the licenses you will need in this market as against NGX who always always have their applications for other type licenses rejected.
FMDQ can trade on any financial instrument while the NGX is in this war with one hand tied to its back
Why this is so, only the SEC can answer. Why there is no seeming level playing ground at this level in the market only our lords in Abuja can answer
My plea to the SEC is that for all its worth, let’s even try to have a level playing field in the market for this is the only way we can grow the market beyond what it is right now.
For now o everybody is fighting for a cake which keeps reducing in size instead of growing it.
Very lazy way to run a market. Very lazy, I tell you.
Thanks
Duke of Shomolu
