FMDQ OTC PLC. Summary of E-Bond Trading Rules. August 20, Global Competitiveness Operational Excellence Liquidity Diversity
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1 Q OTC PLC Summary of E-Bond Trading Rules August 20, 2014 Global Competitiveness Operational Excellence Liquidity Diversity
2 Trading Rules List of Tradable Instruments 1. Nigeria T-Bills (NIGTB) Yes 2. Federal Government of Nigeria Bonds (NIGB) Yes General Trading Characteristics Two-way-quote 1. Quote Convention 2. Bid/Ask Spread 3. Default Order Size (standard volumes) Bonds Price T.bills Discounts Bonds: 15bps for bonds with a term to maturity (TTM) of 3 years or less 30bps for bonds with TTM over 3 years T.bills: 25bps N50mm for bonds between N30bn and N75bn in issue N100mm for bonds N75bn or higher volume in issue. This should be entered as 100,000 (M) on E-Bond N250mm for T-bills. This should be entered as 250,000 (M) on E-Bond 4. Entering of 2-way live quotes into the trading platform For Dealing Members only 5. Market hours 10am - 2pm 1
3 Trading Rules../2 Request For Quote Max number of dealers requested in RFQ This is the number of dealers a price taker can send request to Max number of dealers accepted in RFQ This is the number of dealers a price taker can accept or drive through Dealer response time (quote time) The time the price maker has before quoting. Dealer response time (wire time) The time the price taker has to deal on quote Total request quote time Total time of the RFQ in which the price taker must act. RFQ is sent simultaneously 6. Participants 7. Default Size (institutional investors only) Five (5) for Institutional Investors One (1) for Inter-member dealers Two (2) for Institutional Investors One (1) for Inter-member dealers One (1) Minute 15secs after quote is received. Note: quotes may be given in less than 15secs 1min 15secs 8. Size Increment N1mm increment All Dealing Members Two-way or one-way quote RFQ (for benchmark securities) Approved institutional investors One-way-quote RFQ Guaranteed size - N500mm Above guaranteed Optional for market maker 9. Request method Requester must specify intent whether to BUY or SELL (for 1WQ) or 2WQ 10. Non-benchmark securities RFQ request must be 2WQ for standard sizes 11. Termination of quote Price makers can terminate quote before it is taken. This should however be used with strong justification 12 Non-standard volumes Quotes for non-standard volumes are optional 2
4 Trading Rules../3 Firm Anonymous Orders 1. Quoting obligation 2. Default order size 3. Firm quote replenishment 4. Participants Dealing Members only Benchmark Securities: 2WQ for standard sizes and condition should be All or None Non-Benchmark Securities: Optional To be multiples of two-way quote standard volumes Same volume should be specified for bid and offer 3mins from when a quote is hit/lifted 1 way quote to replace the one taken or 2WQ if the bid and offer were taken. Maximum spreads must be maintained 5. Trending of quotes Both bid and offer should be changed separately within approved spread Voice Trade or External Trades Reporting (VTR) 1. Trades done outside the E-Bond trading platform (voice trades). All trades (electronic or voice) must be entered on to the E-Bond using VTR 2. Time lag for reporting voice trades 30mins after execution 3. Date/Time of trade Actual date and time of trade must be entered during VTR 4. Confirmation of trades Only concluded trades must be entered in the VTR Enter address of non E-Bond counterparty in the Cpty field of VTR and dealer code for E-Bond Dealing Members Non E-Bond counterparties must affirm trade via reply mail, E-Bond Dealing Member must affirm trades electronically 3
5 Trading Rules../4 Other Trading Rules 1. Two-way quote market participation 80% of weekly total trading hours 2. Notification for market absence 24hours 3. Absence due to technical fault before start of trading 1hour 4. Out of market duration Not more than two (2) consecutive days 5. Permissible absence due to non-technical issues 3 times per quarter 6. Counterparty limit 7. Indicative Quotes 8. Date convention MM/DD/YYYY for now 9. Market Trading hours 10.00am to 2.00pm for now 10. Trading Setup Q must be advised 24hours before making changes on the system. However, for an emergency change to the counterparty limits, Members can advise 24hours after Setting of counterparty limit is required. However, where it is not set, the default is Unlimited Members are expected to update their indicative quotes throughout the trading hours Intra-day indicative price should not be more than 5% or more from the same member s anonymous firm quotes or quotes to Associate Members Dealer code must not be visible in anonymous quotes Activate auto-suspend all order on logoff under Setup>>User Defaults>>Anonymous 4
6 Global Competitiveness Operational Excellence Liquidity Diversity
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