Thomson Reuters has launched its foreign exchange trade reporting solution for the Central Bank of Nigeria (CBN) and FMDQ OTC Plc (FMDQ), a securities and exchange and self-regulatory organisation registered by the Securities and Exchange Commission (SEC), Nigeria.
A statement made available to our correspondent in Port Harcourt on Friday by the UK-based firm said the solution is enhancing the supervisory role of Nigeria’s regulators over the foreign exchange market.
According to the statement, it would also help automate the regulatory reporting requirements of market stakeholders.
Thomson Reuters which is the world’s leading source of financial professionals according to the statement, the CBN is the fifth Central Bank in Africa to use this solution.
Deputy Governor, Economic Policy Directorate, CBN, Dr. Sarah Alade, was quoted in the text as saying that the bank was delighted to announce the launch of the unique tracking service.
The CBN successfully uses several services from Thomson Reuters and these solutions will automate and enhance transparency of the entire trade life cycle.
Managing Director/CEO of FMDQ, Mr. Bola Onadele Koko, said in line with its mission, FMDQ was committed to leading the revolution in the Nigerian Fixed Income and Currency markets.
He added that in implementing the FMDQ “GOLD” (Global Competitiveness, Operational Excellence, Liquidity and Diversity) agenda for the transformation of the Nigerian markets, the agency was pleased to partner Thomson Reuters.
Also, Managing Director, Africa, Thomson Reuters, Sneha Shah said it has long been committed to the Nigerian market, having brought in first financial information and trading systems to the market in the 1980s.
“We are very pleased to build on this strong relationship with our customers and their regulators.
“This step confirms Thomson Reuter’s role in promoting transparency and enabling financial markets across Africa and several other countries on the continent,” it stated.