LSE’s TREC holders formally inducted into PSX
ISLAMABAD: As the formal inauguration of the Pakistan Stock Exchange Limited (PSX) draws near, the Lahore Stock Exchange’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 Securities and Exchange Commission of Pakistan (SECP) chairman, PSX chairman and board of directors of the former LSE distributed Trading Right Entitlement Certificates (TRECs) of PSX among the TREC holders of the former exchange. Speaking on the occasion, the former LSE board chairman and demutualisation committee head congratulated the TREC holders and wished them success in their endeavors. They also acknowledged and appreciated the SECP team’s lead role in and its commitment towards 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 that 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 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 market 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 the 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 of 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 full support to the participants and investors of the capital market. It was mentioned that the SECP having won the confidence of TREC holders, would be focusing on winning and restoring the confidence of investors.
He underscored that the TREC holders have an important responsibility to fulfill and that they too have to strive to gain confidence of investors, by promoting norms of transparent business and facilitating them.