PNG stock exchange inks deal with South Pacific exchange
PNGX Markets Limited (PNGX), Papua New Guinea’s national stock exchange, and the South Pacific Stock Exchange (SPX) signed a Memorandum of Understanding (MoU) to cooperate on the development of their capital markets.
The milestone signing of the MoU this week was undertaken in a ceremony in Suva by PNGX Chairperson, David Lawrence and SPX Chairperson, Dr. Nur Bano Ali.
The areas of cooperation which PNGX and SPX have identified regarding the development of their respective capital markets include:
Dual listing of securities
Cross-border trading arrangements
Mutual recognition and access of stockbrokers to each other’s markets
Collaboration regarding mutually beneficial trading
Clearing, settlement and registration technology infrastructure platforms
Investor and corporate education
Rules frameworks and general market development and
To generally facilitate a broader range of investment opportunities for domestic and international investors in the Pacific region.
SPX Chairperson, Dr. Nur Bano Ali, said: “This signing of the MoU is a major development achievement for SPX, in particular with regards to its strategic objective focused on regional expansion as an avenue for further growth.
“This alliance between the two Exchanges within the South Pacific region will certainly establish a framework for collaboration inaugurating a pathway towards the success of both institutions. SPX is a progressive organisation and our intention is to optimise our operational capacity which we believe can be significantly enhanced through fostering professional relationships with institutions with similar intent.”
Dr. Ali concluded by adding that this MoU signing with PNGX is the third engagement by SPX with another stock exchange as similar MoU’s have been signed with Colombo Stock Exchange (CSE) and New Zealand Stock Exchange (NZX) earlier in 2019. SPX will continue to work in tandem with these institutions to capitalise on the opportunities available and certainly looks forward to a long and mutually beneficial relationship with these institutions.
PNGX Chairperson, David Lawrence, said: “The opportunities for harmonisation presented by PNGX and SPX working together are substantial for both organisations and their capital markets. The value generated by both organisations cooperating to mobilise capital in the region can exceed the value of each working individually.
“We are looking forward to the prospects this MoU presents for PNGX and SPX to work together.”