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Islamabad Stock Exchange (ISE) has opposed the idea of integration of the Lahore Stock Exchange (LSE) and ISE, as the integration of all three exchanges would be a comparatively better option.
Responding to the proposal of Securities and Exchange Commission of Pakistan (SECP) on merger of Islamabad Stock Exchange (ISE) and Lahore Stock Exchange (LSE) to have strategic investor for the demutualised stock exchanges, the ISE do not favour the integration of two exchanges, said Mian Ayaz Afzal Managing Director of ISE here on Monday.
MD ISE said that that therefore in light of the Corporatisation, Demutualisation & Integration Act 2012 which has been approved by the president of the country, the process of integration has been made easier for the integration of two or more stock exchanges. He said that the Demutualisation has brought world-wide integration of all the stock exchanges in the countries. The Australian and European stock exchanges and recently the economies have grown fast with the integration for Demutualisation.
In this regard, the integration of all three exchanges would be better option in view of the peculiar circumstances and small scale of the economy of the country. The securities market would flourish with rapid pace if this mode is adopted in Pakistan therefore ISE forces the integration of all the three exchanges of the country to form a National Market System (MNS) instead of integration with a single bourse. It will support enhance governance and transparency at the stock exchanges and enhance the competition among the brokerage houses which ultimately improve the performance of the stock market, Mian Ayaz Afzal added.

Copyright Business Recorder, 2012

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