PSX to install trading & surveillance system to connect with international stock exchanges
PSX officials are hopeful that Pakistan will likely attract major Chinese investors through the equity market.
After the installation of the new system, SZSE will provide technical assistance to PSX.
The new system will help the local bourse connect with the stock markets in Shanghai and Hong Kong.
Business opportunities and other markets will open for Pakistan after installation of the system- PSX Chairman Suleiman S. Mehdi
On Tuesday, an agreement was signed between the Pakistan Stock Exchange (PSX) and the Chinese Stock Market in Shenzhen to acquire trading and surveillance system. The system is worth $2.85 million.
According to PSX officials, this will help the local bourse connect with the stock markets in Shanghai and Hong Kong.
“The trading and surveillance system offered by the Shenzhen Stock Exchange [SZSE] is both advanced and robust. The system can be useful to control risk management, data dissemination, and market control purposes,” PSX Chairman Suleiman S. Mehdi.
According to Mehdi, it will give Pakistan access to the other exchanges that are linked with SZSE. After this system, business opportunities and other markets will open for Pakistan.
An essential requisite:
Mehdi firmly believes that in today’s technological world, a robust and state-of-the-art system is an essential requisite. He further shows his trust in the system by saying that SZSE is currently using the same system itself without any lapses.
Work on Islamic Future Index is also in process, says Mehdi.
However, in 2016, Pakistan had sold 40% stakes of its local bourse to Chinese investors.
After the installation of the new system, SZSE will provide technical assistance to PSX. In 12 to 14 months, the new system will slowly phase out the existing system. PSX officials are hopeful that Pakistan is likely to attract major Chinese investors through the equity market.
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