S&P agrees index tie-up with Nigerian exchange

Index compiler S&P Dow Jones Indices has signed a deal with an exchange in Nigeria to produce co-branded bond indices. The first product to follow the agreement with the FMDQ OTC Securities Exchange is an index of Nigerian local currency sovereign bonds. “As the Nigerian financial market develops and FMDQ establishes its position as the foremost debt capital securities exchange, we’re pleased to be able to bring greater index-based solutions, research and analysis to the Nigerian market,” said Alex Matturri, chief executive of S&P Dow Jones Indices. The S&P/FMDQ Nigeria Sovereign Bond Index is a rebranded version of an existing index that makes up part of the S&P Africa Sovereign Bond Index, which lists local currency sovereign bonds from 13 African countries. The index maker says it will develop more co-branded bond indices with its new partner once further agreements are signed. The FMDQ OTC Securities Exchange handles over-the-counter (OTC) bond and currency transactions in Nigeria. ©2017 funds global mena

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