The board of directors of Pakistan Stock Exchange (PSX) has approved the execution of contract with Shenzhen Stock Exchange (SZSE) for acquisition of 'IT Trading and Surveillance System' at an approximate cost of $2.88 million payable to SZSE excluding related taxes and other expenses.
The PSX board of directors took this decision in a meeting held here Thursday.
The SZSE is one of the largest stock exchanges in the world and also holds 5 percent equity stake in PSX.
Yu Huali, a non-executive director on the board of PSX representing SZSE, who is also Chief Engineer/CTO of SZSE, is interested in the transaction and has accordingly complied with applicable requirements in this regard, a PSX notice issued here said.
In view of the above decision of the Board, the PSX will be able to put in place state-of-the-art technology, upgrade the functionalities of its trading platform and deploy robust surveillance mechanism to perform automated and intelligent surveillance functions, the notice said.
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