As the formal inauguration of the Pakistan Stock Exchange Limited (PSX) draws near, the LSE’s TREC Holders were formally inducted into PSX thereby enabling them to start trading as PSX TREC Holders on the eve of the launch of PSX on January 11.
The SECP chairman, PSX chairman and Board of Directors of the former Lahore Stock Exchange distributed PSX Trading Right Entitlement Certificates (TRECs) amongst the TREC holders of the former exchange. Speaking at the occasion, the former LSE board chairman and head of former LSE Demutualisation Committee congratulated the TREC holders and wished them success in their endeavours. They also acknowledged and appreciated the SECP team’s lead role in and its commitment towards the successful establishment of the new exchange.
The ceremony was preceded by a briefing session and was later followed by full-fledged pre-production mock trading sessions, which will continue for two days. The sessions were attended by an overwhelming majority of the Lahore based TREC holders. The participants of the session lauded the efforts of the SECP and expressed satisfaction and their readiness for the formal launch of PSX.
The speakers stressed that it was the beginning of a new era for Pakistan, which will bring numerous opportunities for its capital the capital market in general and for the Lahore based members of PSX in particular.
The SECP chairman, in his address, expressed his pleasure and satisfaction over the cooperation extended by TREC holders towards the entire process and also appreciated SECP’s efforts as an institution towards the successful achievement of this landmark event.
He further stressed that the establishment of PSX is not the destination but an important milestone towards the destination i.e. the creation of a fair, efficient and competitive capital market. He expressed his desire to make Pakistan a regional hub for investors and economic activity. He highlighted that given the surge in economic activity and turnaround Pakistan is witnessing, the capital market is presented with tremendous opportunities which it must capitalise on.
He went on to express SECP’s resolve and commitment towards building a robust capital market and assured of SECP’s full support to the participants and investors of the capital market. It was mentioned that the SECP having won the confidence of TREC holders, will be focusing on winning and restoring the confidence of investors. He underscored that the TREC holders have an important responsibility to fulfil and that they too have to strive to gain confidence of investors, by promoting norms of transparent business and facilitating them.
Similar briefing and mock trading sessions are also scheduled to be held for the Islamabad based TREC holders on Sunday – January 10, 2016.
