KARACHI: Pakistan Mercantile Exchange (PMEX) launched first ever PMEX Brokers Award to celebrate the achievements of the brokerage industry and recognize its contribution to the futures market. The top performing brokerage firms were given awards in nine different categories.
Speaking on this occasion, Asif Iqbal, Director and Head of Policy Regulations and Development Department, Securities and Exchange Commission of Pakistan (SECP) congratulated the leadership at PMEX and applauds the efforts of its team for the launch of PMEX Broker Awards.
“This event serves as a great motivator and a source of inspiration for our market intermediaries to uphold the highest standards of professionalism, integrity, and customer service,” he said.
Asif Iqbal said that the commodities exchange is an integral part of Pakistan’s capital markets and trading of commodities at PMEX not only provides greater liquidity but also facilitates transparent and efficient price discovery for commodities and financial instruments.
“SECP has always believed in the potential of our commodities market to achieve further growth and success and for this purpose, increasing the investor base is the most critical objective,” he said adding that the advancement in technology offers opportunities that did not exist before.
By effectively utilizing online account opening facility and efficient marketing, the brokers now have the potential to increase their cliental and increase the depth of the market. The recent launch of Central Gateway Portal is a significant development and if utilized efficiently has the potential to become the game changer, he said.
It is also important to ensure fair treatment and transparency when dealing with investors to maintain and promote investor confidence, he said adding that brokers, PMEX as frontline regulator and SECP must continue playing their role for implementing and encouraging a culture of compliance and discipline.
It is also important to ensure strong interconnectedness between the commodities exchange and the local agricultural commodities markets, Asif Iqbal said.
He suggested that focus on core operations and robust internal governance is critical to the success of any large organization, especially where public interest is involved. “We are confident that PMEX under the leadership of its excellent board of directors will continue pursuing the best governance practices, based on international standards, to achieve yet greater heights,” he added.
He congratulated PMEX on its sound financial performance in the previous year. “The operational viability of PMEX and the market participants is significant for the fulfilment of our goals and future plans for the commodities market.”
He said SECP shall continue to work closely with PMEX and other stakeholders to create an environment that fosters innovation while ensuring the adherence to highest standards for investor protection.
Chairman, Board of Pakistan Mercantile Exchange, Abdul Qadir Memon, in his welcome speech said that PMEX has turned into one of the excellent commodity trading platforms due to unwavering support of brokerage industry and hard work of professional PMEX team. He said brokerage industry is strong pillar of the financial market, providing invaluable services to clients and ensuring the smooth functioning of the Exchange.
He said that the brokers and market makers not only contributed immensely to increase trading activity, market participation and reputation but turned PMEX from a loss making entity into a one of the successful ventures for the country.
He said SECP being the apex regulator, is continuously playing its important role in regulating and overseeing financial markets in Pakistan in general and PMEX is particular.
Copyright Business Recorder, 2023