The PD/MM System

The Primary Dealer/Market Maker system was institutionalized to revive the hitherto moribund bonds market in Nigeria.

FBNQuest Merchant Bank (formerly known as Kakawa Discount House) and fourteen other players were licensed to take up bonds at the primary market and actively trade these bonds at the secondary market. The bonds market has experienced huge success thus far and the regulators rely on FBNQuest Merchant Bank and other players to extend the frontiers of bonds trading in Nigeria.

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