SUNBIZ

SPX Signs MoU With PNGX, Strengthens Regional Collaboration

South Pacific Stock Exchange (SPX) and Papua New Guinea’s (PNG) National Stock Exchange, PNG Markets Limited (PNGX) signed a Memorandum of Understanding (MoU) in Suva, yesterday.
10 Dec 2019 18:19
SPX Signs MoU With PNGX, Strengthens Regional Collaboration
PNGX chairperson David Lawrence (left) with SPX chairperson Nur Bano Ali during the MoU signing at the SPX head office in Suva on December 9, 2019. Photo: Laiseana Nasiga

South Pacific Stock Exchange (SPX) and Papua New Guinea’s (PNG) National Stock Exchange, PNG Markets Limited (PNGX) signed a Memorandum of Understanding (MoU) in Suva, yesterday

The signing was done by PNGX Chairperson, David Lawrence and SPX Chairperson, Nur Bano Ali to enhance regional cooperation.

About the MoU

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.
  • generally facilitating a broader range of investment opportunities for domestic and international investors in the Pacific region.

Regional Collaboration

Ms Ali said: “The collaboration and regional expansion has been in our agenda for a while and that is one of our strategic goals.

“The signing of the MoU with PNGX seals that objective for us in the sense that we have taken that big major step towards regional expansion.

“We have also signed partnerships with New Zealand Stock Exchange and Colombo Exchange.

“Not only is the region being our strategic goal, we are also planning on becoming a global player.”

Share Capital Expansion

SPX chief executive officer Krishika Narayan said the MoU was also part of their approach of regional expansion and collaborative approach that they had embarked on from last year.

“We have entered into particular MoU’s with a lot of global markets that included the Colombo stock exchange, New Zealand stock exchange and we thought to finish off this year with yet another MoU and this time it is with the PNG market,” Ms Narayan said.

Mr Lawrence said it was an exciting opportunity to sign an agreement to work closely with the SPX going forward.

“It’s quite exciting to enter into an MoU with the South Pacific Exchange, there have been on-going discussions over the past few years and to finally be able to sign an agreement is a significant step forward.

“I think the South Pacific capital markets in the region are quite small in a global context.

“We all are competing for capital and I think co-operation between exchanges in the region can only serve all of this to a mutual benefit to a greater scale in the global space,” he said.

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