Islamabad, Dec 21: A high-level delegation representing Pakistan’s capital markets, led by Akif Saeed, Chairman of the Securities and Exchange Commission of Pakistan (SECP), recently concluded a visit to China.
The delegation included Dr. Shamshad Akhtar, Chairperson of the Pakistan Stock Exchange (PSX), Farrukh H. Sabzwari, CEO of PSX, Muneer Kamal, Chairman of the National Clearing Company of Pakistan Limited (NCCPL), and other senior SECP officials.
During the week-long visit, the delegation engaged with prominent Chinese financial entities such as the China Securities Regulatory Commission (CSRC), China Securities Depository and Clearing Corporation (CSDC), Securities Association of China (SAC), Asset Management Association of China (AMAC), China Financial Futures Exchange (CFFEX), Shanghai Stock Exchange (SSE), Shenzhen Stock Exchange (SZSE), Shanghai Futures Exchange (SHFE), and CITIC Securities Co. Ltd.
The visit aimed to strengthen ties between the capital markets of Pakistan and China, explore avenues for cross-border investment products, and enhance market access and investor participation for both nations.
PSX announced that its CEO, Farrukh H. Sabzwari, signed Memorandums of Understanding (MoUs) with SSE, SZSE, and CFFEX during the visit. These agreements signify an important milestone in fostering cooperation and enhancing relationships between PSX and these major Chinese exchanges.
The MoUs aim to promote bilateral collaboration in capacity building, identify mutual growth opportunities, and establish a framework for future cooperation. Key initiatives under the MoUs include launching new financial products like Exchange Traded Funds (ETFs), encouraging the listing of joint venture companies, and organizing collaborative conferences and events to engage market stakeholders.
Akif Saeed, SECP Chairman, praised the signing of the MoUs, describing them as a significant step toward strengthening Pakistan-China financial ties. He noted that these agreements would foster capacity building and align Pakistan’s capital market with global standards, contributing to the country’s economic growth.
Dr. Shamshad Akhtar highlighted that the agreements build on the foundation laid in 2016 when a 40% stake in PSX was divested to a Chinese consortium. She emphasized that these MoUs symbolize the deepening financial and economic relationship between the two nations.
Farrukh H. Sabzwari expressed gratitude to the leadership teams of PSX and the Chinese exchanges, stating that these agreements would strengthen bilateral partnerships and advance Pakistan’s capital market development. He added that the MoUs pave the way for the joint launch of cross-border ETFs.
